Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.031%

Price spread now: MEXC against Reya−0.043%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 MEXC

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. MEXC is 0.043% cheaper against Reya than usual: you would sell low and buy high (spread −0.043% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 33 hours 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	2.6555	−0.0004	get 0.0001% / 1h	2m 23s	$16	—	10x
Short	MEXC MORPHO_USDT	2.6544	0.0100	get 0.0050% / 4h	2h 02m	$5.5M	$1.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.043%Rate

Funding earned: $21.93
Price spread: −0.043% → 0.000%: −$4.26
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee MEXC: 2 bp × 2 orders: −$4
Net: $7.67
Costs to cover: 0.100%
Break-even: 4.6 days

Slippage unknown: Reya: no order-book sample; MEXC: live order book, 5 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 MEXC live order book, 5 min ago	1.70 bp	7.6 bp −$8	43.3 bp −$433	165.9 bp −$16.6K	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	−0.2055%	1h	2.6520	−0.132%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1444%	1h	2.6519	−0.137%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0984%	1h	2.6470	−0.321%	$870	$13K	5x	as long as short
Bybit MORPHOUSDT	−0.0572%	4h	2.6560	+0.018%	$8.6M	$9.7M	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0535%	1h	2.6547	−0.031%	$26K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0528%	4h	2.6491	−0.241%	$29K	$154K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6610	+0.206%	$37	$198K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.232%	$77K	$45K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6455	−0.378%	$646K	$246K	20x	as long as short
Gate MORPHO_USDT	−0.0192%	4h	2.6536	−0.073%	$774K	$548K	50x	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	−0.0166%	4h	2.6529	−0.099%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6545	−0.039%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERPlong	−0.0004%	1h	2.6555	long leg	$16	—	10x
Lighter MORPHO	+0.0096%	1h	2.6561	+0.021%	$316K	$340K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6533	−0.083%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6609	+0.201%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6558	+0.010%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6533	−0.084%	$16.2M	$26.5M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6564	+0.033%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDTshort	+0.0100%	4h	2.6544	−0.043%	$5.5M	$1.2M	100x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6525	−0.114%	$620K	$268K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6556	+0.003%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6562	+0.025%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6504	−0.194%	$644K	$1.2M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6518	−0.141%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6537	−0.071%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6558	+0.009%	$1K	—	100x	as long as short