Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0332%/8h= −36.4% APRpaid last 24h +0.037%

Price spread now: Coinbase International against OKX+0.509%7-day average — · you sell dearer than you buy

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

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.172%+$17 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 0.509% dearer against OKX than usual: you sell high and buy low (spread +0.509% now, against zero (this spread has no 7-day history yet)): +$51 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 5.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.172%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.172% in total (about 9.0% 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	OKX MORPHO-USDT-SWAP	2.6322	0.0100	pay 0.0050% / 4h	2h 55m	$3.2M	$4.3M	20x
Short	Coinbase International MORPHO-PERP-INTX	2.6456	−0.0232	pay 0.0029% / 1h	55m 09s	$76K	$43K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.509%Rate

Funding earned: −$69.72
Price spread: +0.509% → 0.000%: $50.91
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$38.81
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: OKX: live order book, 2 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 OKX live order book, 2 min ago	1.13 bp	18.6 bp −$19	doesn't fit	doesn't fit	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	−0.1908%	1h	2.6259	−0.241%	$80K	$126K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0928%	1h	2.6294	−0.106%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0880%	1h	2.6265	−0.217%	$863	$11K	5x	as long as short
Coinbase International MORPHO-PERP-INTXshort	−0.0232%	1h	2.6456	+0.509%	$76K	$43K	25x
BloFin MORPHO-USDT	−0.0200%	4h	2.6303	−0.072%	$641K	$231K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0149%	4h	2.6280	−0.160%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0122%	1h	2.6347	+0.095%	$31K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0098%	4h	2.6473	+0.574%	$41K	$133K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6527	+0.779%	$43K	$426K	5x	as long as short
Gate MORPHO_USDT	−0.0010%	4h	2.6301	−0.080%	$759K	$491K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0004%	1h	2.6286	−0.136%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.410%	$37	$242K	5.5x	as long as short
Variational Omni MORPHO	+0.0052%	4h	2.6316	−0.023%	$627K	$925K	—	as long as short
Lighter MORPHO	+0.0096%	1h	2.6416	+0.357%	$316K	$318K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6355	+0.126%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6396	+0.281%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6348	+0.100%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6299	−0.087%	$15.9M	$25.2M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6303	−0.072%	$8.4M	$9.0M	25x	as long as short
OKX MORPHO-USDT-SWAPlong	+0.0100%	4h	2.6322	long leg	$3.2M	$4.3M	20x
MEXC MORPHO_USDT	+0.0100%	4h	2.6284	−0.144%	$5.5M	$869K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6308	−0.053%	$594K	$259K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6287	−0.133%	$2.9M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6291	−0.118%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6278	−0.167%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6273	−0.188%	$101K	$362K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −0.4126%	1h	2.6307	−0.056%	$1K	—	100x	as long as short