Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0332%/8h= +36.4% APRpaid last 24h −0.030%

Price spread now: Aster against Coinbase International−0.169%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. Aster is 0.169% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.169% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 41 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MORPHO-PERP-INTX	2.6299	−0.0232	get 0.0029% / 1h	27m 49s	$75K	$42K	25x
Short	Aster MORPHOUSDT	2.6255	0.0100	get 0.0050% / 4h	2h 27m	$57K	$30K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee AsterbpOrdersPrice spread, now −0.169%Rate

Funding earned: $69.72
Price spread: −0.169% → 0.000%: −$16.9
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: $34.82
Costs to cover: 0.180%
Break-even: 3.5 days

Slippage unknown: Coinbase International: no order-book sample; Aster: 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Aster no order-book sample	—	—	—	—	—

Coinbase International and Aster: 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 26 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	−0.1911%	1h	2.6213	−0.329%	$80K	$128K	20x	as long as short
01 Exchange MORPHOUSD	−0.0480%	1h	2.6230	−0.262%	$862	$10K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0473%	1h	2.6265	−0.129%	$11K	$785	10x	as long as short
Coinbase International MORPHO-PERP-INTXlong	−0.0232%	1h	2.6299	long leg	$75K	$42K	25x
Orderly PERP_MORPHO_USDC	−0.0152%	4h	2.6247	−0.198%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0120%	1h	2.6240	−0.224%	$25K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0048%	4h	2.6229	−0.266%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6248	−0.196%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0030%	1h	2.6267	−0.122%	$43K	$426K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.498%	$37	$242K	5.5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MORPHO	+0.0092%	4h	2.6221	−0.297%	$625K	$913K	—	as long as short
Gate MORPHO_USDT	+0.0092%	4h	2.6247	−0.198%	$765K	$505K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6279	−0.075%	$315K	$319K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6245	−0.206%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6291	−0.030%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDTshort	+0.0100%	4h	2.6255	−0.169%	$57K	$30K	20x
Binance MORPHOUSDT	+0.0100%	4h	2.6243	−0.213%	$15.8M	$25.2M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6261	−0.144%	$8.3M	$9.3M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6263	−0.137%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6242	−0.217%	$5.5M	$886K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6252	−0.179%	$596K	$255K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6256	−0.164%	$2.9M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6260	−0.148%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6251	−0.183%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6236	−0.241%	$101K	$355K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6265	−0.128%	$1K	—	100x	as long as short