Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0160%/8h= +17.6% APRpaid last 24h +0.031%

Price spread now: OKX against Phoenix+0.162%86s7-day average −0.116% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as 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−$650.653% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.173%+$17 on $10k

Price spread, last 3 days (all we have)−0.135%−$13 · spread now +0.162%, 7d avg −0.116%

Together, before fees+0.038%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and OKX is 0.278% dearer against Phoenix than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of −0.116%. The two prices were read 86 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	2.6531	−0.0060	get 0.0008% / 1h	10m 05s	$43K	$477K	5x
Short	OKX MORPHO-USDT-SWAP	2.6574	0.0100	get 0.0050% / 4h	10m 05s	$3.2M	$4.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.162%Rate

Funding earned: $33.69
Price spread: +0.162% → −0.116%: $27.83
Slippage, 4 orders: −$48.33
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$3.81
Costs to cover: 0.653%
Break-even: 7.8 days

Slippage from Phoenix: live order book, 67 min ago; OKX: 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, 67 min ago	1.13 bp	13.0 bp −$13	52.3 bp −$523	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.51 bp	21.5 bp −$21	82.7 bp −$827	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	−0.1753%	1h	2.6525	−0.022%	$81K	$143K	20x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.6475	−0.211%	$870	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0653%	1h	2.6549	+0.068%	$11K	$812	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0460%	4h	2.6511	−0.076%	$41K	$146K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0459%	1h	2.6507	−0.090%	$28K	$1.7M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.381%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6546	+0.057%	$76K	$43K	25x	as long as short
Bybit MORPHOUSDT	−0.0335%	4h	2.6560	+0.109%	$8.4M	$9.3M	25x	as long as short
BloFin MORPHO-USDT	−0.0187%	4h	2.6492	−0.147%	$638K	$253K	20x	as long as short
Variational Omni MORPHO	−0.0167%	4h	2.6481	−0.188%	$630K	$1.0M	—	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	−0.0146%	4h	2.6538	+0.026%	$10K	$34K	10x	as long as short
Phoenix MORPHOlong	−0.0060%	1h	2.6531	long leg	$43K	$477K	5x
Gate MORPHO_USDT	−0.0056%	4h	2.6560	+0.109%	$771K	$533K	50x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6506	−0.094%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0052%	4h	2.6553	+0.083%	$5.5M	$961K	100x	as long as short
Binance MORPHOUSDT	+0.0053%	4h	2.6555	+0.090%	$16.1M	$26.0M	75x	as long as short
Extended MORPHO-USD	+0.0056%	1h	2.6534	+0.010%	$103K	$298K	10x	as long as short
Aster MORPHOUSDT	+0.0082%	4h	2.6550	+0.071%	$58K	$30K	20x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6598	+0.253%	$317K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6506	−0.094%	$5K	$3	5x	as long as short
OKX MORPHO-USDT-SWAPshort	+0.0100%	4h	2.6574	+0.162%	$3.2M	$4.5M	20x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6571	+0.151%	$595K	$268K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6565	+0.128%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6564	+0.124%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6557	+0.098%	$22K	$4K	5x	as long as short
Hyperliquid MORPHO	+0.0111%	1h	2.6624	+0.351%	$6.3M	$7.0M	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6533	+0.009%	$1K	—	100x	as long as short