Funding arb · Price arb /

MORPHO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.031%

Price spread now: Bitget against Reya−0.657%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 Bitget

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. Bitget is 0.657% cheaper against Reya than usual: you would sell low and buy high (spread −0.657% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$66 on $10k: about 21 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	2.6231	−0.0004	get 0.0001% / 1h	9m 49s	$16	—	10x
Short	Bitget MORPHOUSDT	2.6059	0.0100	get 0.0050% / 4h	2h 09m	$2.9M	$1.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Reya. 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 ReyabpFee BitgetbpOrdersPrice spread, now −0.657%Rate

Funding earned: $21.94
Price spread: −0.657% → 0.000%: −$65.74
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$61.79
Costs to cover: 0.180%
Break-even: 26.7 days

Slippage unknown: Reya: no order-book sample; Bitget: live order book, 3 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 Bitget live order book, 3 min ago	6.84 bp	24.4 bp −$24	74.6 bp −$746	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 26 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	−0.1913%	1h	2.6182	−0.189%	$80K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0702%	1h	2.6225	−0.025%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0440%	1h	2.6211	−0.078%	$861	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0232%	1h	2.6379	+0.563%	$76K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0151%	4h	2.6227	−0.017%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0108%	1h	2.6239	+0.029%	$28K	$1.8M	5x	as long as short
Reya MORPHORUSDPERPlong	−0.0004%	1h	2.6231	long leg	$16	—	10x
GRVT MORPHO_USDT_Perp	+0.0012%	4h	2.6265	+0.127%	$32K	$142K	10x	as long as short
Phoenix MORPHO	+0.0030%	1h	2.6291	+0.227%	$43K	$426K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.757%	$37	$242K	5.5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	+0.0076%	4h	2.6191	−0.154%	$762K	$507K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6110	−0.463%	$313K	$320K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6240	+0.033%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6111	−0.461%	$6.1M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6236	+0.016%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6050	−0.692%	$15.8M	$25.5M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6056	−0.669%	$8.2M	$9.3M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6065	−0.634%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6170	−0.234%	$5.6M	$919K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6257	+0.097%	$596K	$252K	50x	as long as short
Bitget MORPHOUSDTshort	+0.0100%	4h	2.6059	−0.657%	$2.9M	$1.7M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.6066	−0.631%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6255	+0.091%	$626K	$912K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6215	−0.063%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6161	−0.267%	$101K	$355K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6246	+0.057%	$1K	—	100x	as long as short