Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.089%

Price spread now: OKX against Polymarket Perps+0.116%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$500.502% of the position

Long on Polymarket Perps Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.254%+$25 on $10k

Price spread, last 7 days−0.047%−$5 · spread now +0.116%, 7d avg +0.002%

Together, before fees+0.207%+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and OKX is 0.114% dearer against Polymarket Perps than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps MORPHO-USD	2.5849	0.0004	pay 0.0001% / 1h	42m 20s	$28K	$1.5M	5x
Short	OKX MORPHO-USDT-SWAP	2.5879	0.0100	get 0.0050% / 4h	2h 42m	$3.2M	$4.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.116%Rate

Funding earned: $20.16
Price spread: +0.116% → +0.002%: $11.38
Slippage, 4 orders: −$32.19
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$18.65
Costs to cover: 0.502%
Break-even: 13.5 days

Slippage from Polymarket Perps: live order book, 1 min ago; OKX: live order book, 5 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, 1 min ago	1.54 bp	8.6 bp −$9	8.8 bp −$88	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	1.16 bp	20.0 bp −$20	76.1 bp −$761	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	−0.1562%	1h	2.5844	−0.020%	$81K	$129K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1257%	1h	2.5843	−0.023%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.0896%	1h	2.5779	−0.271%	$847	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0388%	4h	2.5911	+0.241%	$33K	$134K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.5930	+0.313%	$74K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0187%	4h	2.5888	+0.151%	$634K	$244K	20x	as long as short
Phoenix MORPHO	−0.0154%	1h	2.5963	+0.441%	$33K	$330K	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0134%	4h	2.5854	+0.019%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5830	−0.075%	$15	—	10x	as long as short
Polymarket Perps MORPHO-USDlong	+0.0004%	1h	2.5849	long leg	$28K	$1.5M	5x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.248%	$37	$242K	5.5x	as long as short
Extended MORPHO-USD	+0.0088%	1h	2.5834	−0.057%	$104K	$348K	10x	as long as short
Binance MORPHOUSDT	+0.0088%	4h	2.5848	−0.004%	$15.6M	$24.1M	75x	as long as short
MEXC MORPHO_USDT	+0.0092%	4h	2.5821	−0.108%	$6.0M	$829K	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5908	+0.229%	$312K	$294K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5834	−0.057%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5877	+0.107%	$5.9M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5838	−0.043%	$57K	$31K	20x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5863	+0.054%	$8.0M	$8.5M	25x	as long as short
OKX MORPHO-USDT-SWAPshort	+0.0100%	4h	2.5879	+0.116%	$3.2M	$4.0M	20x
Gate MORPHO_USDT	+0.0100%	4h	2.5823	−0.101%	$766K	$482K	50x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5869	+0.077%	$594K	$247K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5845	−0.015%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5849	0.000%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.5930	+0.315%	$617K	$677K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5866	+0.066%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0164% / S −0.0005%	1h	2.5872	+0.089%	$5K	—	100x	as long as short