Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0255%/8h= −27.9% APRpaid last 24h +0.028%

Price spread now: Phoenix against Bybit−0.027%95s7-day average +0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as 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−$680.685% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 4 days (all we have)+0.093%+$9 · spread now −0.027%, 7d avg +0.081%

Together, before fees+0.005%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phoenix is 0.108% cheaper against Bybit than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.081%). Swap the legs. The two prices were read 95 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.088% in total (about -4.6% 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	Bybit MORPHOUSDT	2.6090	0.0100	pay 0.0050% / 4h	3h 07m	$7.9M	$8.3M	25x
Short	Phoenix MORPHO	2.6083	−0.0155	pay 0.0019% / 1h	7m 58s	$33K	$308K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$53.54
Price spread: −0.027% → +0.081%: −$10.8
Slippage, 4 orders: −$50.47
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$132.8
Costs to cover: 0.685%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Phoenix: live order book, 23 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, 5 min ago	1.92 bp	23.2 bp −$23	79.9 bp −$799	doesn't fit	doesn't fit
Sell Phoenix live order book, 23 min ago	1.17 bp	12.9 bp −$13	44.5 bp −$445	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	−0.2439%	1h	2.6062	−0.109%	$84K	$125K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0785%	1h	2.6068	−0.084%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0712%	1h	2.6074	−0.061%	$857	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5932	−0.606%	$70K	$38K	25x	as long as short
BloFin MORPHO-USDT	−0.0365%	4h	2.6044	−0.176%	$630K	$232K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0322%	4h	2.6062	−0.107%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0300%	4h	2.6081	−0.033%	$57K	$50K	20x	as long as short
Variational Omni MORPHO	−0.0294%	4h	2.6056	−0.131%	$620K	$526K	—	as long as short
GRVT MORPHO_USDT_Perp	−0.0236%	4h	2.6060	−0.114%	$39K	$136K	10x	as long as short
Phoenix MORPHOshort	−0.0155%	1h	2.6083	−0.027%	$33K	$308K	5x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MORPHO_USDT	−0.0124%	4h	2.6075	−0.057%	$6.4M	$934K	100x	as long as short
Extended MORPHO-USD	−0.0120%	1h	2.6058	−0.123%	$104K	$373K	10x	as long as short
Binance MORPHOUSDT	−0.0118%	4h	2.6081	−0.034%	$15.7M	$23.2M	75x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6073	−0.064%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.303%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6150	+0.231%	$314K	$284K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6089	−0.003%	$5K	$203	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6091	+0.004%	$6.0M	$7.0M	5x	as long as short
Bybit MORPHOUSDTlong	+0.0100%	4h	2.6090	long leg	$7.9M	$8.3M	25x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6076	−0.054%	$3.2M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6089	−0.004%	$765K	$490K	50x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6086	−0.015%	$576K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6064	−0.100%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6085	−0.019%	—	$1.4M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.6120	+0.115%	$25K	$1.3M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6065	−0.096%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0157% / S −12.8912%	1h	2.6097	+0.026%	$1K	—	100x	as long as short