Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0466%/8h= +51.0% APRpaid last 24h +0.009%

Price spread now: SoDEX against Bybit−0.106%56s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. SoDEX is 0.106% cheaper against Bybit than usual: you would sell low and buy high (spread −0.106% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 18 hours of funding at the current rate (+$14 a day). The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MORPHOUSDT	2.6487	−0.0366	get 0.0183% / 4h	23m 28s	$8.4M	$9.2M	25x
Short	SoDEX MORPHO-USD	2.6459	0.0100	get 0.0013% / 1h	23m 28s	$22K	$4K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.106%Rate

Funding earned: $97.89
Price spread: −0.106% → 0.000%: −$10.57
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $68.32
Costs to cover: 0.190%
Break-even: 2.1 days

Slippage unknown: Bybit: live order book, 5 min ago; SoDEX: no order-book sample. Net counts fees only.

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	1.89 bp	21.6 bp −$22	70.0 bp −$700	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1760%	1h	2.6413	−0.278%	$80K	$142K	20x	as long as short
01 Exchange MORPHOUSD	−0.0904%	1h	2.6443	−0.166%	$869	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0536%	4h	2.6481	−0.022%	$29K	$134K	10x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0505%	1h	2.6469	−0.068%	$11K	$812	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0497%	1h	2.6475	−0.045%	$28K	$1.7M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.215%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDTlong	−0.0366%	4h	2.6487	long leg	$8.4M	$9.2M	25x
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6485	−0.008%	$76K	$43K	25x	as long as short
Variational Omni MORPHO	−0.0168%	4h	2.6477	−0.038%	$628K	$1.0M	—	as long as short
BloFin MORPHO-USDT	−0.0161%	4h	2.6465	−0.083%	$640K	$252K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0144%	4h	2.6475	−0.045%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0086%	4h	2.6480	−0.026%	$770K	$532K	50x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6489	+0.008%	$43K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6470	−0.063%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0012%	4h	2.6467	−0.076%	$5.5M	$960K	100x	as long as short
Binance MORPHOUSDT	+0.0014%	4h	2.6474	−0.049%	$16.0M	$25.9M	75x	as long as short
Extended MORPHO-USD	+0.0016%	1h	2.6471	−0.060%	$103K	$298K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6498	+0.040%	$315K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6470	−0.064%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6545	+0.219%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6470	−0.065%	$58K	$30K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6472	−0.057%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6485	−0.008%	$593K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6477	−0.038%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6490	+0.011%	—	$1.5M	—	as long as short
SoDEX MORPHO-USDshort	+0.0100%	1h	2.6459	−0.106%	$22K	$4K	5x
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6499	+0.045%	$1K	—	100x	as long as short