Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0170%/8h= −18.6% APRpaid last 24h −0.028%

Price spread now: BloFin against Phoenix−0.236%7-day average −0.133% · you buy dearer than you sell

Net, funding: paid 7d − costs+$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$570.568% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.573%+$57 on $10k

Price spread, last 3 days (all we have)+0.307%+$31 · spread now −0.236%, 7d avg −0.133%

Together, before fees+0.880%+$88 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and BloFin is 0.103% cheaper against Phoenix than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.133%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.573%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MORPHO	2.6655	−0.0030	get 0.0004% / 1h	15m 45s	$34K	$493K	5x
Short	BloFin MORPHO-USDT	2.6592	−0.0200	pay 0.0100% / 4h	2h 15m	$644K	$223K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.236%Rate

Funding earned: −$35.73
Price spread: −0.236% → −0.133%: −$10.29
Slippage, 4 orders: −$37.76
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$102.78
Costs to cover: 0.568%
Break-even: never at this rate

Slippage from Phoenix: live order book, 7 min ago; BloFin: live order book, 6 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, 7 min ago	1.13 bp	12.9 bp −$13	52.2 bp −$522	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	0.56 bp	17.4 bp −$17	35.7 bp −$357	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	−0.2050%	1h	2.6589	−0.249%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1440%	1h	2.6588	−0.251%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.6537	−0.443%	$872	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0392%	1h	2.6584	−0.266%	$26K	$1.8M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6610	−0.169%	$37	$198K	5.5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0334%	4h	2.6613	−0.158%	$30K	$154K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	−0.143%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDTshort	−0.0200%	4h	2.6592	−0.236%	$644K	$223K	20x
Orderly PERP_MORPHO_USDC	−0.0170%	4h	2.6586	−0.259%	$10K	$34K	10x	as long as short
Bybit MORPHOUSDT	−0.0102%	4h	2.6590	−0.244%	$8.6M	$9.9M	25x	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	−0.0096%	4h	2.6596	−0.221%	$771K	$528K	50x	as long as short
Phoenix MORPHOlong	−0.0030%	1h	2.6655	long leg	$34K	$493K	5x
Reya MORPHORUSDPERP	−0.0004%	1h	2.6595	−0.224%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6627	−0.105%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6575	−0.299%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6634	−0.079%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6589	−0.248%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6574	−0.306%	$16.3M	$26.7M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6590	−0.244%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6573	−0.308%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6599	−0.210%	$623K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6585	−0.263%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6611	−0.165%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6639	−0.062%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6591	−0.240%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6575	−0.299%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6615	−0.148%	$1K	—	100x	as long as short