Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0183%/8h= +20.0% APRpaid last 24h +0.002%

Price spread now: Gate against Polymarket Perps−0.146%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$1011.011% of the position

Long on Polymarket Perps Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 4 days (all we have)+0.516%+$52 · spread now −0.146%, 7d avg −0.047%

Together, before fees+0.540%+$54 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.099% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.146% now, against its 7-day average of −0.047%). If the spread goes back, that is −$10 on $10k: about 43 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.024% in total) that is about 29 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.024% in total (about 1.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps MORPHO-USD	2.6076	−0.0171	get 0.0021% / 1h	57m 13s	$25K	$1.7M	5x
Short	Gate MORPHO_USDT	2.6038	0.0012	get 0.0006% / 4h	57m 13s	$753K	$477K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Polymarket Perps. 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 Polymarket PerpsbpFee GatebpOrdersPrice spread, now −0.146%Rate

Funding earned: $38.42
Price spread: −0.146% → −0.047%: −$9.88
Slippage, 4 orders: −$78.12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$72.58
Costs to cover: 1.011%
Break-even: 20.2 days

Slippage from Polymarket Perps: live order book, 6 min ago; Gate: live order book, 64 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 Polymarket Perps live order book, 6 min ago	1.92 bp	5.9 bp −$6	6.4 bp −$64	doesn't fit	doesn't fit
Sell Gate live order book, 64 min ago	7.05 bp	41.2 bp −$41	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	−0.1663%	1h	2.6056	−0.077%	$81K	$128K	20x	as long as short
01 Exchange MORPHOUSD	−0.1016%	1h	2.5970	−0.407%	$853	$9K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0937%	1h	2.6094	+0.069%	$11K	$759	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0230%	4h	2.6073	−0.011%	$32K	$142K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6084	+0.031%	$75K	$42K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6022	−0.207%	$638K	$240K	20x	as long as short
Polymarket Perps MORPHO-USDlong	−0.0171%	1h	2.6076	long leg	$25K	$1.7M	5x
Orderly PERP_MORPHO_USDC	−0.0157%	4h	2.6089	+0.050%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6071	−0.021%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6083	+0.027%	$43K	$370K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDTshort	+0.0012%	4h	2.6038	−0.146%	$753K	$477K	50x
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.358%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6128	+0.200%	$314K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6022	−0.205%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6119	+0.166%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6079	+0.011%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6087	+0.042%	$15.7M	$25.3M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6099	+0.088%	$8.2M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6136	+0.230%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6098	+0.084%	$5.8M	$788K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6067	−0.035%	$592K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6133	+0.219%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6057	−0.073%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6085	+0.033%	$622K	$847K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6095	+0.073%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6080	+0.014%	$100K	$350K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6100	+0.092%	$1K	—	100x	as long as short