Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0710%/8h= −77.7% APRpaid last 24h −0.071%

Price spread now: GRVT against Hyperliquid−0.337%45s7-day average −0.165% · you buy dearer than you sell

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$810.808% of the position

Long on Hyperliquid Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.412%−$41 on $10k

Price spread, last 3 days (all we have)+0.241%+$24 · spread now −0.337%, 7d avg −0.165%

Together, before fees−0.171%+ Points / potential airdropHyperliquid: Season 2 · GRVT: Active · farm board−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and GRVT is 0.172% cheaper against Hyperliquid than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.165%). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.412% in total (about -21.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MORPHO	2.6467	0.0100	pay 0.0013% / 1h	24m 43s	$6.2M	$7.0M	5x
Short	GRVT MORPHO_USDT_Perp	2.6378	−0.0610	pay 0.0305% / 4h	1h 24m	$29K	$146K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Hyperliquid. 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 HyperliquidbpFee GRVTbpOrdersPrice spread, now −0.337%Rate

Funding earned: −$149.1
Price spread: −0.337% → −0.165%: −$17.2
Slippage, 4 orders: −$62.82
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$247.12
Costs to cover: 0.808%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; GRVT: live order book, 57 min ago.

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 Hyperliquid live order book, 7 min ago	0.76 bp	13.0 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 57 min ago	1.50 bp	34.5 bp −$35	doesn't fit	doesn't fit	doesn't fit

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	−0.1862%	1h	2.6361	−0.400%	$82K	$149K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1414%	1h	2.6391	−0.287%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.1200%	1h	2.6328	−0.525%	$865	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0703%	1h	2.6394	−0.276%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perpshort	−0.0610%	4h	2.6378	−0.337%	$29K	$146K	10x
Bybit MORPHOUSDT	−0.0522%	4h	2.6420	−0.178%	$8.5M	$9.3M	25x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	−0.140%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6413	−0.204%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0207%	4h	2.6354	−0.427%	$640K	$243K	20x	as long as short
Gate MORPHO_USDT	−0.0166%	4h	2.6396	−0.268%	$767K	$533K	50x	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	−0.0149%	4h	2.6394	−0.276%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6408	−0.223%	$34K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0077%	4h	2.6372	−0.360%	$627K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6400	−0.254%	$16	—	10x	as long as short
Extended MORPHO-USD	+0.0032%	1h	2.6404	−0.239%	$102K	$301K	10x	as long as short
MEXC MORPHO_USDT	+0.0032%	4h	2.6413	−0.204%	$5.4M	$1.1M	100x	as long as short
Binance MORPHOUSDT	+0.0033%	4h	2.6407	−0.228%	$16.1M	$25.8M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6452	−0.055%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6364	−0.389%	$5K	$3	5x	as long as short
Hyperliquid MORPHOlong	+0.0100%	1h	2.6467	long leg	$6.2M	$7.0M	5x
Aster MORPHOUSDT	+0.0100%	4h	2.6417	−0.190%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6408	−0.223%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6423	−0.166%	$591K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6421	−0.174%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6422	−0.170%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6394	−0.276%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6431	−0.137%	$1K	—	100x	as long as short