MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0302%/8h= −33.0% APRnext payment −$1.51 per $10,000 · paid last 24h −0.009%

Price spread now: Bybit against OKX−0.041%7-day average +0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$940.943% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.026%−$3 on $10k

Price spread, last 7 days+0.100%+$10 · spread now −0.041%, 7d avg +0.050%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bybit is 0.091% cheaper against OKX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.050%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.026% in total (about -1.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.51 per $10,000. 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	OKX MORPHO-USDT-SWAP	2.6524	0.0100	pay 0.0050% / 4h	2h 41m	$3.2M	$4.5M	20x
Short	Bybit MORPHOUSDT	2.6513	−0.0202	pay 0.0101% / 4h	2h 41m	$8.6M	$10.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$63.38
Price spread: −0.041% → +0.050%: −$9.14
Slippage, 4 orders: −$73.25
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$166.77
Costs to cover: 0.943%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Bybit: live order book, 2 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 OKX live order book, 1 min ago	1.13 bp	19.8 bp −$20	196.9 bp −$1,969	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	3.78 bp	25.5 bp −$26	86.3 bp −$863	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	−0.2058%	1h	2.6486	−0.144%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1143%	1h	2.6525	+0.004%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1064%	1h	2.6474	−0.189%	$870	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0568%	1h	2.6499	−0.094%	$26K	$1.9M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0550%	4h	2.6452	−0.273%	$29K	$162K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.241%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6527	+0.011%	$76K	$46K	25x	as long as short
Bybit MORPHOUSDTshort	−0.0202%	4h	2.6513	−0.041%	$8.6M	$10.1M	25x
BloFin MORPHO-USDT	−0.0200%	4h	2.6496	−0.106%	$652K	$221K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0183%	4h	2.6505	−0.072%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0148%	4h	2.6509	−0.057%	$760K	$523K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6479	−0.170%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6506	−0.066%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6572	+0.181%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6507	−0.066%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6550	+0.098%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6530	+0.023%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6494	−0.113%	$16.2M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAPlong	+0.0100%	4h	2.6524	long leg	$3.2M	$4.5M	20x
MEXC MORPHO_USDT	+0.0100%	4h	2.6494	−0.113%	$5.3M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6519	−0.019%	$622K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6524	0.000%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6526	+0.008%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6515	−0.033%	$643K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6511	−0.049%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6491	−0.124%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6526	+0.009%	$1K	—	100x	as long as short