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 −0.036%

Price spread now: Phoenix against Bitget+0.101%7-day average +0.144% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$710.707% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.186%−$19 on $10k

Price spread, last 4 days (all we have)+0.509%+$51 · spread now +0.101%, 7d avg +0.144%

Together, before fees+0.323%+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phoenix is 0.043% cheaper against Bitget than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.144%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.186% in total (about -9.7% 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	2.5779	0.0100	pay 0.0050% / 4h	1m 03s	$2.8M	$1.6M	75x
Short	Phoenix MORPHO	2.5805	−0.0185	pay 0.0023% / 1h	1m 03s	$33K	$336K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.101%Rate

Funding earned: −$59.78
Price spread: +0.101% → +0.144%: −$4.35
Slippage, 4 orders: −$51.7
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$134.83
Costs to cover: 0.707%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Phoenix: live order book, 35 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, 1 min ago	2.14 bp	26.8 bp −$27	77.9 bp −$779	doesn't fit	doesn't fit
Sell Phoenix live order book, 35 min ago	1.16 bp	13.0 bp −$13	44.7 bp −$447	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
01 Exchange MORPHOUSD	−0.1424%	1h	2.5689	−0.349%	$844	$9K	5x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1239%	1h	2.5748	−0.121%	$84K	$134K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1183%	1h	2.5776	−0.012%	$11K	$3K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0684%	4h	2.5781	+0.008%	$30K	$123K	10x	as long as short
Bybit MORPHOUSDT	−0.0578%	4h	2.5790	+0.043%	$7.8M	$8.4M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0496%	1h	2.5636	−0.555%	$70K	$37K	25x	as long as short
Variational Omni MORPHO	−0.0411%	4h	2.5807	+0.107%	$615K	$526K	—	as long as short
BloFin MORPHO-USDT	−0.0408%	4h	2.5747	−0.124%	$629K	$238K	20x	as long as short
Polymarket Perps MORPHO-USD	−0.0376%	1h	2.5788	+0.035%	$25K	$1.4M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0265%	4h	2.5765	−0.054%	$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
Phoenix MORPHOshort	−0.0185%	1h	2.5805	+0.101%	$33K	$336K	5x
Gate MORPHO_USDT	−0.0180%	4h	2.5790	+0.043%	$759K	$506K	50x	as long as short
Extended MORPHO-USD	−0.0168%	1h	2.5766	−0.051%	$99K	$375K	10x	as long as short
Binance MORPHOUSDT	−0.0168%	4h	2.5781	+0.008%	$15.5M	$23.8M	75x	as long as short
MEXC MORPHO_USDT	−0.0164%	4h	2.5796	+0.066%	$6.2M	$910K	100x	as long as short
Aster MORPHOUSDT	−0.0158%	4h	2.5775	−0.016%	$54K	$48K	20x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5773	−0.023%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.525%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5791	+0.047%	$311K	$288K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5736	−0.165%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5832	+0.206%	$5.9M	$7.0M	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5782	+0.012%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5801	+0.085%	$587K	$263K	50x	as long as short
Bitget MORPHOUSDTlong	+0.0100%	4h	2.5779	long leg	$2.8M	$1.6M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.5788	+0.035%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5768	−0.043%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5796	+0.066%	$1K	—	100x	as long as short