Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0105%/8h= +11.5% APRpaid last 24h +0.031%

Price spread now: Paradex against Reya−0.064%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 Paradex

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 · Paradex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.064% cheaper against Reya than usual: you would sell low and buy high (spread −0.064% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 2.0 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	2.5934	−0.0005	get 0.0001% / 1h	36m 54s	$16	—	10x
Short	Paradex MORPHO-USD-PERP	2.5917	0.0100	get 0.0100% / 8h	1h 36m	$5K	$3	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.064%Rate

Funding earned: $21.96
Price spread: −0.064% → 0.000%: −$6.42
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: $5.55
Costs to cover: 0.100%
Break-even: 5.2 days

Slippage unknown: Reya: no order-book sample; Paradex: no order-book sample. 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 Paradex no order-book sample	—	—	—	—	—

Reya and Paradex: 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	−0.1376%	1h	2.5937	+0.011%	$82K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1328%	1h	2.5937	+0.013%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.1120%	1h	2.5869	−0.249%	$850	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0432%	1h	2.5948	+0.055%	$73K	$40K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0389%	1h	2.5948	+0.055%	$25K	$1.5M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0358%	4h	2.5956	+0.086%	$30K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0203%	4h	2.5945	+0.044%	$7.9M	$8.6M	25x	as long as short
BloFin MORPHO-USDT	−0.0188%	4h	2.5927	−0.026%	$636K	$240K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0139%	4h	2.5934	+0.001%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0092%	1h	2.6008	+0.287%	$33K	$339K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERPlong	−0.0005%	1h	2.5934	long leg	$16	—	10x
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.914%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0070%	4h	2.5942	+0.032%	$763K	$510K	50x	as long as short
Binance MORPHOUSDT	+0.0094%	4h	2.5926	−0.029%	$15.7M	$24.5M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5984	+0.193%	$312K	$294K	5x	as long as short
Extended MORPHO-USD	+0.0096%	1h	2.5921	−0.049%	$99K	$346K	10x	as long as short
MEXC MORPHO_USDT	+0.0096%	4h	2.5926	−0.029%	$6.2M	$896K	100x	as long as short
Paradex MORPHO-USD-PERPshort	+0.0100%	8h	2.5917	−0.064%	$5K	$3	5x
Hyperliquid MORPHO	+0.0100%	1h	2.5979	+0.175%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5986	+0.201%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5937	+0.013%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5974	+0.156%	$590K	$258K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5914	−0.076%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5939	+0.021%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.5955	+0.084%	$619K	$677K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5931	−0.010%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.5972	+0.148%	$1K	—	100x	as long as short