Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0632%/8h= −69.2% APRpaid last 24h −0.043%

Price spread now: GRVT against Lighter−0.020%48s7-day average −0.284% · you buy dearer than you sell

Net, funding: paid 7d − costs−$126as 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−$810.812% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.445%−$44 on $10k

Price spread, last 3 days (all we have)−0.536%−$54 · spread now −0.020%, 7d avg −0.284%

Together, before fees−0.981%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board−$98 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.264% dearer against Lighter than usual: you sell high and buy low (spread −0.020% now, against its 7-day average of −0.284%): +$26 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 33 hours. At the pace of the last 7 days (−0.445% in total) that is about 4.2 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MORPHO	2.6485	0.0096	pay 0.0012% / 1h	34m 32s	$315K	$331K	5x
Short	GRVT MORPHO_USDT_Perp	2.6479	−0.0536	pay 0.0268% / 4h	34m 32s	$29K	$134K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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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 GRVTbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$132.72
Price spread: −0.020% → −0.284%: $26.4
Slippage, 4 orders: −$72.22
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$187.55
Costs to cover: 0.812%
Break-even: never at this rate

Slippage from Lighter: live order book, 35 min ago; GRVT: live order book, 42 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, 35 min ago	13.48 bp	19.3 bp −$19	175.0 bp −$1,750	doesn't fit	doesn't fit
Sell GRVT live order book, 42 min ago	1.51 bp	26.5 bp −$27	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	−0.1757%	1h	2.6460	−0.092%	$82K	$140K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0921%	1h	2.6445	−0.150%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.0896%	1h	2.6360	−0.470%	$866	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0546%	1h	2.6428	−0.214%	$26K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perpshort	−0.0536%	4h	2.6479	−0.020%	$29K	$134K	10x
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.206%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0398%	4h	2.6450	−0.131%	$8.4M	$9.2M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6508	+0.088%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0195%	4h	2.6445	−0.150%	$638K	$252K	20x	as long as short
Variational Omni MORPHO	−0.0145%	4h	2.6472	−0.048%	$629K	$1.0M	—	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	−0.0144%	4h	2.6443	−0.157%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0110%	4h	2.6472	−0.048%	$769K	$532K	50x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6522	+0.141%	$43K	$477K	5x	as long as short
Extended MORPHO-USD	−0.0008%	1h	2.6439	−0.172%	$103K	$298K	10x	as long as short
Binance MORPHOUSDT	−0.0005%	4h	2.6443	−0.157%	$16.0M	$25.9M	75x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6432	−0.197%	$16	—	10x	as long as short
MEXC MORPHO_USDT	−0.0004%	4h	2.6442	−0.161%	$5.5M	$948K	100x	as long as short
Lighter MORPHOlong	+0.0096%	1h	2.6485	long leg	$315K	$331K	5x
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6422	−0.236%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6517	+0.123%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6491	+0.024%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6437	−0.180%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6475	−0.036%	$593K	$270K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6462	−0.085%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6439	−0.172%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6445	−0.150%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0154% / S −0.2700%	1h	2.6471	−0.053%	$1K	—	100x	as long as short