Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0173%/8h= −18.9% APRpaid last 24h −0.001%

Price spread now: Bybit against Phoenix−0.069%96s7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as 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−$640.640% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.120%+$12 on $10k

Price spread, last 4 days (all we have)+0.113%+$11 · spread now −0.069%, 7d avg −0.080%

Together, before fees+0.233%+$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.080%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.120%, so the current rate has only just turned against you. The two prices were read 96 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	2.6048	−0.0061	get 0.0008% / 1h	33m 54s	$43K	$337K	5x
Short	Bybit MORPHOUSDT	2.6030	−0.0234	pay 0.0117% / 4h	3h 33m	$8.1M	$8.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$36.25
Price spread: −0.069% → −0.080%: $1.13
Slippage, 4 orders: −$46
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$99.11
Costs to cover: 0.640%
Break-even: never at this rate

Slippage from Phoenix: live order book, 18 min ago; Bybit: live order book, 4 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, 18 min ago	1.15 bp	13.1 bp −$13	52.3 bp −$523	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.92 bp	18.1 bp −$18	69.7 bp −$697	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	−0.2172%	1h	2.5987	−0.234%	$81K	$124K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1362%	1h	2.6009	−0.150%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.0920%	1h	2.5983	−0.250%	$854	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0570%	4h	2.5991	−0.219%	$34K	$140K	10x	as long as short
Bybit MORPHOUSDTshort	−0.0234%	4h	2.6030	−0.069%	$8.1M	$8.5M	25x
Polymarket Perps MORPHO-USD	−0.0218%	1h	2.6045	−0.012%	$24K	$1.5M	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.6099	+0.196%	$75K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6033	−0.058%	$636K	$241K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0135%	4h	2.6042	−0.023%	$10K	$34K	10x	as long as short
Phoenix MORPHOlong	−0.0061%	1h	2.6048	long leg	$43K	$337K	5x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0005%	1h	2.6025	−0.086%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.467%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0036%	4h	2.6029	−0.073%	$763K	$470K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6048	−0.002%	$313K	$293K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6027	−0.082%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6067	+0.073%	$6.0M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6062	+0.052%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6005	−0.165%	$15.7M	$24.0M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6040	−0.031%	$3.2M	$4.0M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6010	−0.146%	$6.0M	$836K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6036	−0.046%	$599K	$248K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6016	−0.123%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6025	−0.088%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6050	+0.009%	$622K	$675K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6008	−0.154%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6008	−0.153%	$101K	$346K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6057	+0.035%	$1K	—	100x	as long as short