Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0258%/8h= +28.3% APRpaid last 24h +0.063%

Price spread now: Extended against Orderly−0.036%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Extended

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Funding pays, the price is against you. Extended is 0.036% cheaper against Orderly than usual: you would sell low and buy high (spread −0.036% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 11 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MORPHO_USDC	2.6125	−0.0154	get 0.0077% / 4h	54m 16s	$10K	$34K	10x
Short	Extended MORPHO-USD	2.6116	0.0104	get 0.0013% / 1h	54m 16s	$100K	$350K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Orderly. 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 OrderlybpFee ExtendedbpOrdersPrice spread, now −0.036%Rate

Funding earned: $54.23
Price spread: −0.036% → 0.000%: −$3.59
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $39.63
Costs to cover: 0.110%
Break-even: 1.9 days

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 3 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Extended live order book, 3 min ago	1.92 bp	21.2 bp −$21	252.4 bp −$2,524	doesn't fit	doesn't fit

Orderly: 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	−0.1659%	1h	2.6113	−0.047%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1202%	1h	2.6124	−0.004%	$11K	$759	10x	as long as short
01 Exchange MORPHOUSD	−0.0784%	1h	2.6104	−0.080%	$858	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0232%	4h	2.6112	−0.050%	$32K	$142K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6172	+0.180%	$75K	$42K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6126	+0.004%	$640K	$240K	20x	as long as short
Orderly PERP_MORPHO_USDClong	−0.0154%	4h	2.6125	long leg	$10K	$34K	10x
Polymarket Perps MORPHO-USD	−0.0134%	1h	2.6145	+0.077%	$25K	$1.7M	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6133	+0.031%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6074	−0.195%	$43K	$370K	5x	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	+0.0014%	4h	2.6156	+0.119%	$757K	$478K	50x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.167%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6168	+0.166%	$314K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6140	+0.058%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6183	+0.222%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6140	+0.056%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6125	0.000%	$15.8M	$25.3M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6140	+0.057%	$8.2M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6157	+0.122%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6117	−0.031%	$5.8M	$788K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6154	+0.111%	$594K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6143	+0.069%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6160	+0.134%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6166	+0.156%	$623K	$847K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6129	+0.015%	$21K	$4K	5x	as long as short
Extended MORPHO-USDshort	+0.0104%	1h	2.6116	−0.036%	$100K	$350K	10x
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6152	+0.104%	$1K	—	100x	as long as short