Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0285%/8h= −31.2% APRpaid last 24h −0.034%

Price spread now: Phoenix against Aster+0.131%7-day average — · you sell dearer than you buy

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

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Phoenix is 0.131% dearer against Aster than usual: you sell high and buy low (spread +0.131% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MORPHOUSDT	2.5928	0.0100	pay 0.0050% / 4h	42m 58s	$55K	$45K	20x
Short	Phoenix MORPHO	2.5962	−0.0185	pay 0.0023% / 1h	42m 58s	$33K	$336K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.131%Rate

Funding earned: −$59.78
Price spread: +0.131% → 0.000%: $13.11
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$61.67
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Aster: no order-book sample; Phoenix: live order book, 58 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 Aster no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 58 min ago	1.15 bp	13.2 bp −$13	44.7 bp −$447	doesn't fit	doesn't fit

Aster: 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
Deribit MORPHO_USDC-PERPETUAL	−0.1562%	1h	2.5885	−0.166%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.1472%	1h	2.5805	−0.474%	$848	$9K	5x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1234%	1h	2.5847	−0.314%	$84K	$133K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0598%	4h	2.5896	−0.123%	$30K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0507%	4h	2.5892	−0.139%	$7.9M	$8.7M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0496%	1h	2.5898	−0.116%	$71K	$36K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0410%	1h	2.5896	−0.123%	$24K	$1.4M	5x	as long as short
Variational Omni MORPHO	−0.0208%	4h	2.5930	+0.007%	$618K	$676K	—	as long as short
Phoenix MORPHOshort	−0.0185%	1h	2.5962	+0.131%	$33K	$336K	5x
Orderly PERP_MORPHO_USDC	−0.0182%	4h	2.5881	−0.181%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin MORPHO-USDT	−0.0100%	4h	2.5875	−0.204%	$633K	$239K	20x	as long as short
Gate MORPHO_USDT	−0.0072%	4h	2.5918	−0.039%	$759K	$502K	50x	as long as short
Binance MORPHOUSDT	−0.0025%	4h	2.5875	−0.204%	$15.6M	$24.5M	75x	as long as short
Extended MORPHO-USD	−0.0024%	1h	2.5874	−0.209%	$99K	$342K	10x	as long as short
MEXC MORPHO_USDT	−0.0016%	4h	2.5879	−0.189%	$6.3M	$903K	100x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5887	−0.157%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.936%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5908	−0.076%	$311K	$287K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5864	−0.248%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5929	+0.005%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDTlong	+0.0100%	4h	2.5928	long leg	$55K	$45K	20x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5888	−0.154%	$3.2M	$4.2M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5924	−0.015%	$591K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5884	−0.170%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5888	−0.154%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5879	−0.189%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.5917	−0.041%	$1K	—	100x	as long as short