Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0170%/8h= +18.6% APRpaid last 24h +0.032%

Price spread now: Binance against Phoenix−0.339%7-day average −0.157% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$570.567% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.171%+$17 on $10k

Price spread, last 3 days (all we have)+0.290%+$29 · spread now −0.339%, 7d avg −0.157%

Together, before fees+0.461%+$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.182% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.339% now, against its 7-day average of −0.157%). If the spread goes back, that is −$18 on $10k: about 3.6 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.171% in total) that is about 7.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MORPHO	2.6514	−0.0090	get 0.0011% / 1h	38m 54s	$34K	$484K	5x
Short	Binance MORPHOUSDT	2.6424	0.0079	get 0.0040% / 4h	1h 38m	$16.1M	$26.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now −0.339%Rate

Funding earned: $35.67
Price spread: −0.339% → −0.157%: −$18.22
Slippage, 4 orders: −$39.72
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$39.26
Costs to cover: 0.567%
Break-even: 14.7 days

Slippage from Phoenix: live order book, 43 min ago; Binance: 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 Phoenix live order book, 43 min ago	1.13 bp	12.9 bp −$13	52.2 bp −$522	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.94 bp	14.8 bp −$15	35.9 bp −$359	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	−0.1857%	1h	2.6429	−0.322%	$82K	$150K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1261%	1h	2.6433	−0.305%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1152%	1h	2.6352	−0.611%	$866	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0639%	1h	2.6422	−0.347%	$26K	$1.7M	5x	as long as short
Bybit MORPHOUSDT	−0.0611%	4h	2.6440	−0.279%	$8.5M	$9.4M	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0576%	4h	2.6444	−0.263%	$29K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	−0.317%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6427	−0.328%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0206%	4h	2.6412	−0.385%	$640K	$244K	20x	as long as short
Gate MORPHO_USDT	−0.0162%	4h	2.6473	−0.155%	$771K	$530K	50x	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	−0.0154%	4h	2.6437	−0.290%	$10K	$34K	10x	as long as short
Phoenix MORPHOlong	−0.0090%	1h	2.6514	long leg	$34K	$484K	5x
Variational Omni MORPHO	−0.0040%	4h	2.6477	−0.140%	$629K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6430	−0.318%	$16	—	10x	as long as short
Binance MORPHOUSDTshort	+0.0079%	4h	2.6424	−0.339%	$16.1M	$26.0M	75x
Extended MORPHO-USD	+0.0080%	1h	2.6420	−0.356%	$103K	$301K	10x	as long as short
MEXC MORPHO_USDT	+0.0082%	4h	2.6425	−0.336%	$5.2M	$1.1M	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6475	−0.149%	$315K	$333K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6415	−0.375%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6491	−0.087%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6464	−0.189%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6427	−0.328%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6451	−0.238%	$618K	$263K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6432	−0.309%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6436	−0.294%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6426	−0.332%	$22K	$3K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6468	−0.172%	$1K	—	100x	as long as short