Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0580%/8h= −63.6% APRpaid last 24h −0.009%

Price spread now: Bybit against Lighter−0.082%7-day average −0.193% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$720.721% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 4 days (all we have)−0.284%−$28 · spread now −0.082%, 7d avg −0.193%

Together, before fees−0.392%+ Points / potential airdropLighter: Season 3 · farm board−$39 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.111% dearer against Lighter than usual: you sell high and buy low (spread −0.082% now, against its 7-day average of −0.193%): +$11 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 15 hours. At the pace of the last 7 days (−0.108% in total) that is about 7.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.108% in total (about -5.6% 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	Lighter MORPHO	2.6462	0.0096	pay 0.0012% / 1h	15m 34s	$315K	$334K	5x
Short	Bybit MORPHOUSDT	2.6440	−0.0484	pay 0.0242% / 4h	1h 15m	$8.5M	$9.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$121.89
Price spread: −0.082% → −0.193%: $11.08
Slippage, 4 orders: −$61.1
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$182.9
Costs to cover: 0.721%
Break-even: never at this rate

Slippage from Lighter: live order book, 59 min ago; Bybit: live order book, 3 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 Lighter live order book, 59 min ago	14.65 bp	19.9 bp −$20	169.4 bp −$1,694	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.89 bp	16.3 bp −$16	65.6 bp −$656	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	−0.1856%	1h	2.6439	−0.088%	$81K	$151K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1374%	1h	2.6440	−0.082%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.1168%	1h	2.6366	−0.362%	$866	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0702%	1h	2.6442	−0.075%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0564%	4h	2.6426	−0.135%	$29K	$134K	10x	as long as short
Bybit MORPHOUSDTshort	−0.0484%	4h	2.6440	−0.082%	$8.5M	$9.3M	25x
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	−0.120%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6413	−0.184%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0197%	4h	2.6420	−0.158%	$638K	$247K	20x	as long as short
Gate MORPHO_USDT	−0.0146%	4h	2.6444	−0.067%	$768K	$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	−0.0146%	4h	2.6441	−0.079%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6474	+0.046%	$43K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0076%	4h	2.6437	−0.095%	$627K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6447	−0.057%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0038%	4h	2.6421	−0.154%	$5.4M	$1.1M	100x	as long as short
Binance MORPHOUSDT	+0.0038%	4h	2.6429	−0.124%	$16.1M	$25.8M	75x	as long as short
Extended MORPHO-USD	+0.0040%	1h	2.6423	−0.145%	$103K	$301K	10x	as long as short
Lighter MORPHOlong	+0.0096%	1h	2.6462	long leg	$315K	$334K	5x
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6415	−0.176%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6486	+0.092%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6437	−0.093%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6448	−0.052%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6472	+0.039%	$592K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6438	−0.090%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6439	−0.086%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6445	−0.063%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −0.3377%	1h	2.6481	+0.073%	$1K	—	100x	as long as short