Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0284%/8h= −31.1% APRpaid last 24h −0.007%

Price spread now: Extended against Bitget+0.020%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$950.953% of the position

Long on Bitget Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 7 days−0.032%−$3 · spread now +0.020%, 7d avg −0.008%

Together, before fees−0.043%+ Points / potential airdropExtended: Active · farm board−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.028% dearer against Bitget than usual: you sell high and buy low (spread +0.020% now, against its 7-day average of −0.008%): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.011% in total) that is about 18 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.011% in total (about -0.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MORPHOUSDT	2.5777	0.0100	pay 0.0050% / 4h	3h 22m	$2.8M	$1.7M	75x
Short	Extended MORPHO-USD	2.5782	−0.0184	pay 0.0023% / 1h	22m 31s	$99K	$365K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bitget. 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 BitgetbpFee ExtendedbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$59.64
Price spread: +0.020% → −0.008%: $2.78
Slippage, 4 orders: −$78.32
Fee Bitget: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$152.18
Costs to cover: 0.953%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Extended: live order book, 10 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 Bitget live order book, 5 min ago	4.09 bp	24.1 bp −$24	73.5 bp −$735	doesn't fit	doesn't fit
Sell Extended live order book, 10 min ago	3.70 bp	23.5 bp −$23	250.0 bp −$2,500	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	−0.2465%	1h	2.5791	+0.053%	$85K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0872%	1h	2.5818	+0.159%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.5789	+0.047%	$847	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5837	+0.233%	$70K	$37K	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0534%	4h	2.5729	−0.185%	$30K	$123K	10x	as long as short
BloFin MORPHO-USDT	−0.0423%	4h	2.5792	+0.058%	$634K	$239K	20x	as long as short
Variational Omni MORPHO	−0.0387%	4h	2.5675	−0.396%	$612K	$526K	—	as long as short
Aster MORPHOUSDT	−0.0319%	4h	2.5793	+0.062%	$54K	$49K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0315%	4h	2.5808	+0.120%	$10K	$34K	10x	as long as short
Extended MORPHO-USDshort	−0.0184%	1h	2.5782	+0.020%	$99K	$365K	10x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MORPHO_USDT	−0.0182%	4h	2.5793	+0.062%	$6.4M	$932K	100x	as long as short
Binance MORPHOUSDT	−0.0178%	4h	2.5785	+0.033%	$15.5M	$23.8M	75x	as long as short
Phoenix MORPHO	−0.0155%	1h	2.5728	−0.190%	$33K	$308K	5x	as long as short
Bybit MORPHOUSDT	−0.0052%	4h	2.5804	+0.105%	$7.8M	$8.3M	25x	as long as short
Gate MORPHO_USDT	−0.0010%	4h	2.5812	+0.136%	$759K	$486K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5784	+0.026%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.533%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5861	+0.324%	$312K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5784	+0.027%	$5K	$203	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5819	+0.163%	$5.9M	$7.0M	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5798	+0.081%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5799	+0.085%	$581K	$267K	50x	as long as short
Bitget MORPHOUSDTlong	+0.0100%	4h	2.5777	long leg	$2.8M	$1.7M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.5797	+0.078%	—	$1.5M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5810	+0.128%	$25K	$1.3M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5818	+0.159%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5849	+0.279%	$1K	—	100x	as long as short