Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.055%

Price spread now: Gate against Phoenix−0.116%47s7-day average −0.161% · you buy dearer than you sell

Net, funding: paid 7d − costs−$122as 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−$1191.189% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.030%−$3 on $10k

Price spread, last 3 days (all we have)−0.030%−$3 · spread now −0.116%, 7d avg −0.161%

Together, before fees−0.061%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.045% dearer against Phoenix than usual: you sell high and buy low (spread −0.116% now, against its 7-day average of −0.161%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.7 days. At the pace of the last 7 days (−0.030% in total) that is about 10 days. The two prices were read 47 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	2.6655	−0.0030	get 0.0004% / 1h	18m 30s	$34K	$493K	5x
Short	Gate MORPHO_USDT	2.6624	−0.0070	pay 0.0035% / 4h	2h 18m	$763K	$523K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.116%Rate

Funding earned: −$8.43
Price spread: −0.116% → −0.161%: $4.48
Slippage, 4 orders: −$96.9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$122.86
Costs to cover: 1.189%
Break-even: never at this rate

Slippage from Phoenix: live order book, 4 min ago; Gate: live order book, 3 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, 4 min ago	1.13 bp	12.9 bp −$13	52.2 bp −$522	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	7.33 bp	48.4 bp −$48	doesn't fit	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	−0.2051%	1h	2.6574	−0.305%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1287%	1h	2.6626	−0.109%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.6585	−0.263%	$874	$12K	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6610	−0.169%	$37	$198K	5.5x	as long as short
Polymarket Perps MORPHO-USD	−0.0383%	1h	2.6621	−0.128%	$26K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0350%	4h	2.6583	−0.271%	$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-USDT	−0.0200%	4h	2.6620	−0.131%	$645K	$223K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0170%	4h	2.6618	−0.139%	$10K	$34K	10x	as long as short
Gate MORPHO_USDTshort	−0.0070%	4h	2.6624	−0.116%	$763K	$523K	50x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit MORPHOUSDT	−0.0048%	4h	2.6630	−0.094%	$8.7M	$10.0M	25x	as long as short
Phoenix MORPHOlong	−0.0030%	1h	2.6655	long leg	$34K	$493K	5x
Reya MORPHORUSDPERP	−0.0004%	1h	2.6626	−0.108%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6659	+0.017%	$318K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6614	−0.152%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6674	+0.071%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6633	−0.084%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6614	−0.154%	$16.3M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6652	−0.011%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6607	−0.180%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6626	−0.109%	$624K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6617	−0.143%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6638	−0.064%	—	$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	2.6617	−0.143%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6606	−0.183%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6651	−0.014%	$1K	—	100x	as long as short