Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0247%/8h= +27.0% APRpaid last 24h +0.065%

Price spread now: SoDEX against Orderly−0.023%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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. SoDEX is 0.023% cheaper against Orderly than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 7 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MORPHO_USDC	2.6411	−0.0147	get 0.0073% / 4h	1h 11m	$10K	$34K	10x
Short	SoDEX MORPHO-USD	2.6405	0.0100	get 0.0013% / 1h	11m 24s	$22K	$4K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.023%Rate

Funding earned: $51.79
Price spread: −0.023% → 0.000%: −$2.27
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $35.51
Costs to cover: 0.140%
Break-even: 2.2 days

Slippage unknown: Orderly: no order-book sample; SoDEX: 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 Orderly no order-book sample	—	—	—	—	—
Sell SoDEX no order-book sample	—	—	—	—	—

Orderly and SoDEX: 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	−0.1859%	1h	2.6402	−0.034%	$81K	$151K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1300%	1h	2.6407	−0.015%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.1168%	1h	2.6352	−0.223%	$866	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0697%	1h	2.6412	+0.004%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0574%	4h	2.6418	+0.027%	$29K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0437%	4h	2.6427	+0.061%	$8.4M	$9.3M	25x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	+0.072%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6469	+0.220%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0207%	4h	2.6438	+0.102%	$639K	$249K	20x	as long as short
Orderly PERP_MORPHO_USDClong	−0.0147%	4h	2.6411	long leg	$10K	$34K	10x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0126%	4h	2.6420	+0.034%	$767K	$533K	50x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6439	+0.106%	$43K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0062%	4h	2.6437	+0.097%	$629K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6419	+0.030%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0030%	4h	2.6412	+0.004%	$5.4M	$1.1M	100x	as long as short
Binance MORPHOUSDT	+0.0031%	4h	2.6408	−0.010%	$16.1M	$25.8M	75x	as long as short
Extended MORPHO-USD	+0.0032%	1h	2.6403	−0.030%	$103K	$301K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6458	+0.179%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6415	+0.014%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6473	+0.235%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6419	+0.031%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6424	+0.049%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6450	+0.148%	$591K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6422	+0.042%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6420	+0.034%	—	$1.5M	—	as long as short
SoDEX MORPHO-USDshort	+0.0100%	1h	2.6405	−0.023%	$22K	$4K	5x
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6438	+0.103%	$1K	—	100x	as long as short