Funding you earn now, next payment 02:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h 0.000%
Price spread now: Bybit against Reya+0.125%56s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.125% dearer against Reya than usual: you sell high and buy low: +$13 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 56 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 | Reya MORPHORUSDPERP | 2.6327 | −0.0004 | get 0.0001% / 1h | 55m 33s | $16 | — | 10x |
| Short | Bybit MORPHOUSDT | 2.6360 | 0.0100 | get 0.0050% / 4h | 2h 55m | $8.5M | $9.0M | 25x |
Reya MORPHORUSDPERP
Bybit MORPHOUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Reya. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $21.94
- Price spread: +0.125% → 0.000%
- $12.51
- Slippage, 4 orders
- no order book: not counted
- Fee Reya: 3 bp × 2 orders
- −$6
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- $17.45
- Costs to cover
- 0.170%
- Break-even
- 1.4 days
Slippage unknown: Reya: no order-book sample; Bybit: 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 Bybit live order book, 3 min ago | 3.78 bp | 19.5 bp −$20 | 74.1 bp −$741 | 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 | −0.1905% | 1h | 2.6293 | −0.128% | $80K | $126K | 20x | as long as short |
| 01 Exchange MORPHOUSD | −0.0880% | 1h | 2.6265 | −0.236% | $863 | $11K | 5x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0699% | 1h | 2.6324 | −0.012% | $11K | $785 | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0232% | 1h | 2.6456 | +0.490% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6456 | +0.490% | $642K | $231K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0149% | 4h | 2.6310 | −0.065% | $10K | $34K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0131% | 1h | 2.6352 | +0.095% | $41K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0098% | 4h | 2.6473 | +0.555% | $41K | $133K | 10x | as long as short |
| Phoenix MORPHO | −0.0030% | 1h | 2.6610 | +1.075% | $44K | $423K | 5x | as long as short |
| Gate MORPHO_USDT | −0.0010% | 4h | 2.6338 | +0.042% | $760K | $491K | 50x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Phoenix MORPHO
Gate MORPHO_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya MORPHORUSDPERPlong | −0.0004% | 1h | 2.6327 | long leg | $16 | — | 10x | |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +0.391% | $37 | $242K | 5.5x | as long as short |
| Variational Omni MORPHO | +0.0052% | 4h | 2.6316 | −0.042% | $627K | $925K | — | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6446 | +0.450% | $316K | $318K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6355 | +0.106% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6388 | +0.231% | $6.2M | $7.0M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6387 | +0.227% | $58K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6327 | −0.002% | $15.9M | $25.1M | 75x | as long as short |
| Bybit MORPHOUSDTshort | +0.0100% | 4h | 2.6360 | +0.125% | $8.5M | $9.0M | 25x | |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6360 | +0.125% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6354 | +0.102% | $5.5M | $867K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6354 | +0.102% | $594K | $259K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6357 | +0.114% | $2.9M | $1.7M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6353 | +0.099% | — | $1.5M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6321 | −0.023% | $22K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6342 | +0.055% | $101K | $362K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −0.4126% | 1h | 2.6339 | +0.046% | $1K | — | 100x | as long as short |
Injective MORPHO/USDC PERP
Variational Omni MORPHO
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]