Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.031%

Price spread now: Binance against Reya−0.165%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Binance is 0.165% cheaper against Reya than usual: you would sell low and buy high (spread −0.165% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 5.3 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya MORPHORUSDPERP	2.6507	−0.0004	get 0.0001% / 1h	54m 17s	$16	—	10x
Short	Binance MORPHOUSDT	2.6463	0.0100	get 0.0050% / 4h	1h 54m	$16.1M	$26.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Reya. 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 ReyabpFee BinancebpOrdersPrice spread, now −0.165%Rate

Funding earned: $21.93
Price spread: −0.165% → 0.000%: −$16.49
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: −$10.56
Costs to cover: 0.160%
Break-even: 10.4 days

Slippage unknown: Reya: no order-book sample; Binance: live order book, 2 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
Sell Binance live order book, 2 min ago	0.38 bp	15.4 bp −$15	37.5 bp −$375	doesn't fit	doesn't fit

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1855%	1h	2.6461	−0.174%	$83K	$149K	20x	as long as short
01 Exchange MORPHOUSD	−0.1200%	1h	2.6455	−0.196%	$869	$13K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1107%	1h	2.6494	−0.049%	$11K	$911	10x	as long as short
Bybit MORPHOUSDT	−0.0625%	4h	2.6489	−0.068%	$8.6M	$9.6M	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0550%	4h	2.6519	+0.045%	$29K	$154K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0539%	1h	2.6499	−0.030%	$26K	$1.8M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6610	+0.388%	$37	$198K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6617	+0.415%	$77K	$45K	25x	as long as short
Gate MORPHO_USDT	−0.0210%	4h	2.6506	−0.004%	$772K	$530K	50x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6515	+0.030%	$644K	$246K	20x	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	−0.0162%	4h	2.6509	+0.007%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6528	+0.079%	$34K	$484K	5x	as long as short
Reya MORPHORUSDPERPlong	−0.0004%	1h	2.6507	long leg	$16	—	10x
Variational Omni MORPHO	+0.0035%	4h	2.6558	+0.191%	$643K	$1.2M	—	as long as short
Lighter MORPHO	+0.0096%	1h	2.6508	+0.002%	$315K	$333K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6524	+0.063%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6553	+0.173%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6542	+0.131%	$58K	$33K	20x	as long as short
Binance MORPHOUSDTshort	+0.0100%	4h	2.6463	−0.165%	$16.1M	$26.2M	75x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6496	−0.042%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6476	−0.117%	$5.5M	$1.0M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6524	+0.064%	$620K	$266K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6527	+0.075%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6515	+0.030%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6493	−0.053%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6488	−0.071%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6529	+0.085%	$1K	—	100x	as long as short