Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.032%

Price spread now: BingX against Phoenix+0.815%94s7-day average −0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$590.591% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.186%+$19 on $10k

Price spread, last 4 days (all we have)−0.884%−$88 · spread now +0.815%, 7d avg −0.112%

Together, before fees−0.698%−$70 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BingX is 0.927% dearer against Phoenix than usual: you sell high and buy low: +$93 more if the spread goes back to its 7-day average of −0.112%. The two prices were read 94 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MORPHO	2.6024	0	get 0.0000% / 1h	31m 54s	$43K	$370K	5x
Short	BingX MORPHO-USDT	2.6236	0.0100	get 0.0050% / 4h	31m 54s	—	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Phoenix. 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 PhoenixbpFee BingXbpOrdersPrice spread, now +0.815%Rate

Funding earned: $21
Price spread: +0.815% → −0.112%: $92.68
Slippage, 4 orders: −$42.13
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $54.55
Costs to cover: 0.591%
Break-even: from the start

Slippage from Phoenix: live order book, 25 min ago; BingX: live order book, 15 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, 25 min ago	1.14 bp	13.1 bp −$13	52.3 bp −$523	doesn't fit	doesn't fit
Sell BingX live order book, 15 min ago	2.50 bp	17.9 bp −$18	47.5 bp −$475	250.7 bp −$25.1K	602.3 bp −$301.2K

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	−0.1655%	1h	2.6185	+0.618%	$81K	$128K	20x	as long as short
01 Exchange MORPHOUSD	−0.1040%	1h	2.6167	+0.549%	$860	$9K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0703%	1h	2.6202	+0.684%	$11K	$969	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0286%	4h	2.6069	+0.173%	$34K	$140K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0239%	1h	2.6221	+0.757%	$25K	$1.7M	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6168	+0.553%	$75K	$42K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6190	+0.638%	$637K	$242K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0149%	4h	2.6191	+0.642%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6203	+0.689%	$16	—	10x	as long as short
Phoenix MORPHOlong	0.0000%	1h	2.6024	long leg	$43K	$370K	5x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	+0.0014%	4h	2.6211	+0.719%	$766K	$482K	50x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.560%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	+0.0095%	4h	2.6240	+0.830%	$8.2M	$9.0M	25x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6225	+0.773%	$315K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6176	+0.584%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6238	+0.822%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6215	+0.736%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6227	+0.779%	$15.9M	$25.2M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6235	+0.811%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6232	+0.799%	$5.9M	$813K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6220	+0.753%	$598K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6209	+0.711%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDTshort	+0.0100%	4h	2.6236	+0.815%	—	$1.4M	—
Variational Omni MORPHO	+0.0100%	4h	2.6015	−0.033%	$621K	$815K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6195	+0.657%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6201	+0.682%	$100K	$348K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6225	+0.774%	$1K	—	100x	as long as short