Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0301%/8h= +33.0% APRpaid last 24h +0.032%

Price spread now: Lighter against Bybit−0.039%7-day average +0.188% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$650.653% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.132%+$13 on $10k

Price spread, last 4 days (all we have)+0.441%+$44 · spread now −0.039%, 7d avg +0.188%

Together, before fees+0.573%+ Points / potential airdropLighter: Season 3 · farm board+$57 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.227% cheaper against Bybit than usual: you would sell low and buy high (spread −0.039% now, against its 7-day average of +0.188%). If the spread goes back, that is −$23 on $10k: about 2.5 days of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.132% in total) that is about 12 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.132% in total (about 6.9% 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	Bybit MORPHOUSDT	2.6030	−0.0205	get 0.0103% / 4h	1h 31m	$8.0M	$8.6M	25x
Short	Lighter MORPHO	2.6020	0.0096	get 0.0012% / 1h	31m 41s	$313K	$294K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now −0.039%Rate

Funding earned: $63.29
Price spread: −0.039% → +0.188%: −$22.75
Slippage, 4 orders: −$54.28
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$24.74
Costs to cover: 0.653%
Break-even: 9.7 days

Slippage from Bybit: live order book, 6 min ago; Lighter: live order book, 2 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, 6 min ago	3.86 bp	18.9 bp −$19	74.1 bp −$741	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	12.75 bp	17.0 bp −$17	155.5 bp −$1,555	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
Deribit MORPHO_USDC-PERPETUAL	−0.1479%	1h	2.5978	−0.200%	$11K	$2K	10x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1375%	1h	2.5951	−0.304%	$82K	$131K	20x	as long as short
01 Exchange MORPHOUSD	−0.1144%	1h	2.5951	−0.303%	$853	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0432%	1h	2.5832	−0.761%	$72K	$40K	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0392%	4h	2.5926	−0.400%	$30K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0349%	1h	2.5986	−0.169%	$28K	$1.5M	5x	as long as short
Bybit MORPHOUSDTlong	−0.0205%	4h	2.6030	long leg	$8.0M	$8.6M	25x
BloFin MORPHO-USDT	−0.0178%	4h	2.5937	−0.357%	$638K	$240K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0143%	4h	2.5976	−0.207%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0092%	1h	2.5934	−0.369%	$33K	$339K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0005%	1h	2.5980	−0.194%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.537%	$37	$242K	5.5x	as long as short
Variational Omni MORPHO	+0.0055%	4h	2.5925	−0.402%	$618K	$677K	—	as long as short
Gate MORPHO_USDT	+0.0084%	4h	2.6012	−0.069%	$765K	$511K	50x	as long as short
Extended MORPHO-USD	+0.0088%	1h	2.6001	−0.113%	$99K	$346K	10x	as long as short
MEXC MORPHO_USDT	+0.0090%	4h	2.6007	−0.088%	$6.3M	$899K	100x	as long as short
Binance MORPHOUSDT	+0.0096%	4h	2.6007	−0.088%	$15.8M	$24.6M	75x	as long as short
Lighter MORPHOshort	+0.0096%	1h	2.6020	−0.039%	$313K	$294K	5x
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6004	−0.100%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6053	+0.088%	$5.9M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6040	+0.038%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6020	−0.038%	$3.2M	$4.2M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6009	−0.081%	$589K	$260K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6021	−0.035%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6021	−0.035%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5987	−0.165%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6013	−0.064%	$1K	—	100x	as long as short