Funding you earn now, next payment 12:00 UTC−0.0497%/8h= −54.4% APRnext payment −$2.48 per $10,000 · paid last 24h −0.033%
Price spread now: BloFin against Bybit−0.104%7-day average −0.062% · you buy dearer than you sell
Net, funding: paid 7d − costs−$29as in the Funding arb table
Net, price: spread back to 7d avg − costs−$74as in the Price arb table
costs, in and out, $10k−$690.695% of the position
Funding, last 7 days+0.409%+$41 on $10k
+Price spread, last 4 days (all we have)−0.128%−$13 · spread now −0.104%, 7d avg −0.062%
=Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and BloFin is 0.042% cheaper against Bybit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.062%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.409%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit MORPHOUSDT | 2.5865 | 0.0100 | pay 0.0050% / 4h | 3h 44m | $7.8M | $8.4M | 25x |
| Short | BloFin MORPHO-USDT | 2.5838 | −0.0397 | pay 0.0198% / 4h | 3h 44m | $629K | $239K | 20x |
Bybit MORPHOUSDT
BloFin MORPHO-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BloFin against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$104.34
- Price spread: −0.104% → −0.062%
- −$4.19
- Slippage, 4 orders
- −$46.48
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee BloFin: 6 bp × 2 orders
- −$12
- Net
- −$178.01
- Costs to cover
- 0.695%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 3 min ago; BloFin: live order book, 32 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 Bybit live order book, 3 min ago | 1.93 bp | 18.7 bp −$19 | 72.3 bp −$723 | doesn't fit | doesn't fit |
| Sell BloFin live order book, 32 min ago | 0.78 bp | 15.3 bp −$15 | 31.8 bp −$318 | 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 | −0.2464% | 1h | 2.5802 | −0.243% | $84K | $134K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1219% | 1h | 2.5835 | −0.116% | $11K | $3K | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0808% | 1h | 2.5825 | −0.155% | $849 | $9K | 5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0552% | 1h | 2.5856 | −0.035% | $70K | $37K | 25x | as long as short |
| BloFin MORPHO-USDTshort | −0.0397% | 4h | 2.5838 | −0.104% | $629K | $239K | 20x | |
| Variational Omni MORPHO | −0.0388% | 4h | 2.5861 | −0.016% | $616K | $526K | — | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0304% | 4h | 2.5838 | −0.103% | $30K | $123K | 10x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0287% | 4h | 2.5830 | −0.135% | $10K | $34K | 10x | as long as short |
| Aster MORPHOUSDT | −0.0217% | 4h | 2.5850 | −0.058% | $54K | $49K | 20x | as long as short |
| Extended MORPHO-USD | −0.0160% | 1h | 2.5825 | −0.155% | $99K | $375K | 10x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Coinbase International MORPHO-PERP-INTX
Variational Omni MORPHO
GRVT MORPHO_USDT_Perp
Orderly PERP_MORPHO_USDC
Aster MORPHOUSDT
Extended MORPHO-USDShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC MORPHO_USDT | −0.0160% | 4h | 2.5846 | −0.073% | $6.3M | $911K | 100x | as long as short |
| Phoenix MORPHO | −0.0155% | 1h | 2.5882 | +0.066% | $33K | $308K | 5x | as long as short |
| Binance MORPHOUSDT | −0.0153% | 4h | 2.5837 | −0.109% | $15.5M | $23.8M | 75x | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.5845 | −0.077% | $16 | — | 10x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +2.184% | $37 | $242K | 5.5x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.5911 | +0.178% | $312K | $283K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.5858 | −0.028% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.5883 | +0.070% | $6.0M | $7.0M | 5x | as long as short |
| Bybit MORPHOUSDTlong | +0.0100% | 4h | 2.5865 | long leg | $7.8M | $8.4M | 25x | |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.5856 | −0.035% | $3.2M | $4.1M | 20x | as long as short |
| Gate MORPHO_USDT | +0.0100% | 4h | 2.5862 | −0.012% | $761K | $484K | 50x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.5873 | +0.031% | $588K | $264K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.5851 | −0.054% | $2.8M | $1.6M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.5859 | −0.023% | — | $1.4M | — | as long as short |
| Polymarket Perps MORPHO-USD | +0.0100% | 1h | 2.5876 | +0.043% | $25K | $1.3M | 5x | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.5840 | −0.097% | $21K | $5K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0156% / S −12.8912% | 1h | 2.5870 | +0.018% | $1K | — | 100x | as long as short |
MEXC MORPHO_USDT
Phoenix MORPHO
Binance MORPHOUSDT
Reya MORPHORUSDPERP
Injective MORPHO/USDC PERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
OKX MORPHO-USDT-SWAP
Gate MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Polymarket Perps MORPHO-USD
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]