Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0344%/8h= −37.7% APRpaid last 24h +0.066%

Price spread now: Coinbase International against MEXC+0.106%51s7-day average — · you sell dearer than you buy

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

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.181%+$18 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Coinbase International is 0.106% dearer against MEXC than usual: you sell high and buy low (spread +0.106% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 25 hours. Mind the row above: over the last 7 days funding on this pair paid +0.181%, so the current rate has only just turned against you. The two prices were read 51 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 0.181% in total (about 9.4% 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	MEXC MORPHO_USDT	2.6385	0.0032	pay 0.0016% / 4h	1h 23m	$5.4M	$1.1M	100x
Short	Coinbase International MORPHO-PERP-INTX	2.6413	−0.0312	pay 0.0039% / 1h	23m 27s	$76K	$43K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. 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 MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now +0.106%Rate

Funding earned: −$72.24
Price spread: +0.106% → 0.000%: $10.61
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$75.63
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 4 min ago; Coinbase International: 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 MEXC live order book, 4 min ago	0.19 bp	5.6 bp −$6	43.0 bp −$430	197.7 bp −$19.8K	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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	−0.1862%	1h	2.6364	−0.080%	$82K	$149K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1226%	1h	2.6380	−0.019%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.1192%	1h	2.6331	−0.205%	$865	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0702%	1h	2.6387	+0.008%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0600%	4h	2.6391	+0.023%	$29K	$146K	10x	as long as short
Bybit MORPHOUSDT	−0.0514%	4h	2.6400	+0.057%	$8.5M	$9.3M	25x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	+0.171%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTXshort	−0.0312%	1h	2.6413	+0.106%	$76K	$43K	25x
BloFin MORPHO-USDT	−0.0207%	4h	2.6354	−0.117%	$640K	$243K	20x	as long as short
Gate MORPHO_USDT	−0.0164%	4h	2.6386	+0.004%	$766K	$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	2.6377	−0.030%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6424	+0.148%	$34K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0077%	4h	2.6372	−0.050%	$627K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6392	+0.025%	$16	—	10x	as long as short
Extended MORPHO-USD	+0.0032%	1h	2.6363	−0.084%	$102K	$301K	10x	as long as short
MEXC MORPHO_USDTlong	+0.0032%	4h	2.6385	long leg	$5.4M	$1.1M	100x
Binance MORPHOUSDT	+0.0035%	4h	2.6377	−0.030%	$16.1M	$25.8M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6404	+0.073%	$314K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6363	−0.084%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6438	+0.201%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6399	+0.052%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6397	+0.045%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6394	+0.034%	$590K	$268K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6415	+0.114%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6390	+0.019%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6371	−0.053%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6423	+0.145%	$1K	—	100x	as long as short