Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0041%/8h= −4.4% APRpaid last 24h −0.032%

Price spread now: Phoenix against Paradex+0.652%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

The price spread pays, funding is against you. Phoenix is 0.652% dearer against Paradex than usual: you sell high and buy low (spread +0.652% now, against zero (this spread has no 7-day history yet)): +$65 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 54 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex MORPHO-USD-PERP	2.6650	0.0100	pay 0.0100% / 8h	2h 57m	$5K	$3	5x
Short	Phoenix MORPHO	2.6824	0.0059	get 0.0007% / 1h	57m 16s	$34K	$470K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now +0.652%Rate

Funding earned: −$8.52
Price spread: +0.652% → 0.000%: $65.21
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $45.69
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Phoenix: live order book, 30 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 Paradex no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 30 min ago	1.11 bp	13.1 bp −$13	44.5 bp −$445	doesn't fit	doesn't fit

Paradex: 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	−0.2045%	1h	2.6661	+0.039%	$84K	$152K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1434%	1h	2.6683	+0.123%	$10K	$623	10x	as long as short
01 Exchange MORPHOUSD	−0.1176%	1h	2.6607	−0.162%	$874	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0655%	1h	2.6686	+0.134%	$25K	$2.0M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0532%	4h	2.6764	+0.427%	$41K	$151K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.7020	+1.388%	$38	$123K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0335%	4h	2.6720	+0.262%	$8.8M	$10.2M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6813	+0.611%	$77K	$46K	25x	as long as short
Gate MORPHO_USDT	−0.0228%	4h	2.6704	+0.202%	$763K	$517K	50x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6671	+0.078%	$654K	$205K	20x	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	−0.0200%	4h	2.6683	+0.123%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6697	+0.176%	$16	—	10x	as long as short
Phoenix MORPHOshort	+0.0059%	1h	2.6824	+0.652%	$34K	$470K	5x
Lighter MORPHO	+0.0096%	1h	2.6724	+0.279%	$318K	$335K	5x	as long as short
Paradex MORPHO-USD-PERPlong	+0.0100%	8h	2.6650	long leg	$5K	$3	5x
Hyperliquid MORPHO	+0.0100%	1h	2.6728	+0.292%	$6.4M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6748	+0.366%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6667	+0.063%	$16.4M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6701	+0.191%	$3.2M	$4.6M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6669	+0.071%	$5.4M	$1.1M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6755	+0.393%	$603K	$270K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6736	+0.322%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6709	+0.221%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6815	+0.620%	$651K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6678	+0.104%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6668	+0.066%	$104K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0193% / S −16.5420%	1h	2.6719	+0.258%	$1K	—	100x	as long as short