Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0732%/8h= +80.2% APRpaid last 24h +0.042%

Price spread now: SoDEX against GRVT−0.522%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GRVT Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Funding pays, the price is against you. SoDEX is 0.522% cheaper against GRVT than usual: you would sell low and buy high (spread −0.522% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$52 on $10k: about 2.4 days of funding at the current rate (+$22 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MORPHO_USDT_Perp	2.6610	−0.0632	get 0.0316% / 4h	2h 48m	$30K	$162K	10x
Short	SoDEX MORPHO-USD	2.6471	0.0100	get 0.0013% / 1h	48m 24s	$22K	$3K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GRVTbpFee SoDEXbpOrdersPrice spread, now −0.522%Rate

Funding earned: $153.72
Price spread: −0.522% → 0.000%: −$52.24
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $84.48
Costs to cover: 0.170%
Break-even: 3.2 days

Slippage unknown: GRVT: live order book, 38 min ago; SoDEX: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy GRVT live order book, 38 min ago	1.49 bp	34.5 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MORPHO on 27 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_MORPHOUSD	−0.2063%	1h	2.6418	−0.723%	$82K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1333%	1h	2.6483	−0.477%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1256%	1h	2.6470	−0.526%	$870	$12K	5x	as long as short
GRVT MORPHO_USDT_Perplong	−0.0632%	4h	2.6610	long leg	$30K	$162K	10x
Polymarket Perps MORPHO-USD	−0.0618%	1h	2.6522	−0.331%	$25K	$1.9M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6670	+0.225%	$37	$142K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6445	−0.620%	$76K	$46K	25x	as long as short
Bybit MORPHOUSDT	−0.0236%	4h	2.6530	−0.301%	$8.6M	$10.1M	25x	as long as short
Gate MORPHO_USDT	−0.0212%	4h	2.6529	−0.304%	$759K	$521K	50x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6487	−0.462%	$649K	$216K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0192%	4h	2.6524	−0.323%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6664	+0.203%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6518	−0.345%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6546	−0.239%	$316K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6540	−0.265%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6562	−0.180%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6533	−0.291%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6521	−0.334%	$16.3M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6537	−0.274%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6514	−0.361%	$5.3M	$1.1M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6526	−0.316%	$598K	$272K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6517	−0.349%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6521	−0.334%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6630	+0.076%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USDshort	+0.0100%	1h	2.6471	−0.522%	$22K	$3K	5x
Extended MORPHO-USD	+0.0104%	1h	2.6515	−0.355%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6551	−0.222%	$1K	—	100x	as long as short