Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0145%/8h= −15.9% APRpaid last 24h −0.032%

Price spread now: Phoenix against Binance+0.243%95s7-day average +0.157% · you sell dearer than you buy

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$570.567% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.171%−$17 on $10k

Price spread, last 3 days (all we have)−0.193%−$19 · spread now +0.243%, 7d avg +0.157%

Together, before fees−0.365%−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.086% dearer against Binance than usual: you sell high and buy low (spread +0.243% now, against its 7-day average of +0.157%): +$9 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 47 hours. The two prices were read 95 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	Binance MORPHOUSDT	2.6396	0.0055	pay 0.0028% / 4h	1h 33m	$16.1M	$25.9M	75x
Short	Phoenix MORPHO	2.6460	−0.0090	pay 0.0011% / 1h	33m 55s	$34K	$484K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.243%Rate

Funding earned: −$30.55
Price spread: +0.243% → +0.157%: $8.58
Slippage, 4 orders: −$39.72
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$78.7
Costs to cover: 0.567%
Break-even: never at this rate

Slippage from Binance: live order book, 7 min ago; Phoenix: live order book, 48 min ago.

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 Binance live order book, 7 min ago	0.94 bp	16.1 bp −$16	39.0 bp −$390	doesn't fit	doesn't fit
Sell Phoenix live order book, 48 min ago	1.13 bp	12.9 bp −$13	44.6 bp −$446	doesn't fit	doesn't fit

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	−0.1863%	1h	2.6338	−0.219%	$82K	$154K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1377%	1h	2.6391	−0.018%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1200%	1h	2.6268	−0.484%	$863	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0698%	1h	2.6363	−0.124%	$23K	$1.8M	5x	as long as short
Bybit MORPHOUSDT	−0.0636%	4h	2.6390	−0.022%	$8.5M	$9.5M	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0602%	4h	2.6392	−0.016%	$29K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	+0.129%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6427	+0.118%	$76K	$43K	25x	as long as short
Gate MORPHO_USDT	−0.0194%	4h	2.6389	−0.026%	$766K	$533K	50x	as long as short
BloFin MORPHO-USDT	−0.0191%	4h	2.6380	−0.060%	$640K	$244K	20x	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	−0.0153%	4h	2.6389	−0.026%	$10K	$34K	10x	as long as short
Phoenix MORPHOshort	−0.0090%	1h	2.6460	+0.243%	$34K	$484K	5x
Variational Omni MORPHO	−0.0086%	4h	2.6397	+0.004%	$628K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6365	−0.116%	$16	—	10x	as long as short
Binance MORPHOUSDTlong	+0.0055%	4h	2.6396	long leg	$16.1M	$25.9M	75x
Extended MORPHO-USD	+0.0056%	1h	2.6387	−0.035%	$103K	$301K	10x	as long as short
MEXC MORPHO_USDT	+0.0064%	4h	2.6397	+0.004%	$5.4M	$1.1M	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6433	+0.142%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6378	−0.068%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6457	+0.231%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6404	+0.031%	$57K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6412	+0.061%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6392	−0.015%	$590K	$270K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6401	+0.019%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6405	+0.035%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6393	−0.011%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6419	+0.086%	$1K	—	100x	as long as short