Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0316%/8h= +34.6% APRpaid last 24h +0.002%

Price spread now: Binance against Coinbase International−0.140%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 Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.153%−$15 on $10k

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. Binance is 0.140% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.140% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 36 hours of funding at the current rate (+$9 a day). Mind the row above: over the last 7 days funding on this pair cost −0.153%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.153% in total (about -8.0% 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	Coinbase International MORPHO-PERP-INTX	2.5937	−0.0216	get 0.0027% / 1h	17m 13s	$73K	$39K	25x
Short	Binance MORPHOUSDT	2.5901	0.0100	get 0.0050% / 4h	2h 17m	$15.7M	$24.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −0.140%Rate

Funding earned: $66.36
Price spread: −0.140% → 0.000%: −$14.04
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $32.32
Costs to cover: 0.200%
Break-even: 3.6 days

Slippage unknown: Coinbase International: no order-book sample; Binance: live order book, 9 min ago. 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 Binance live order book, 9 min ago	0.19 bp	17.7 bp −$18	43.2 bp −$432	doesn't fit	doesn't fit

Coinbase International: 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
Deribit MORPHO_USDC-PERPETUAL	−0.1561%	1h	2.5901	−0.139%	$11K	$2K	10x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1558%	1h	2.5903	−0.132%	$82K	$129K	20x	as long as short
01 Exchange MORPHOUSD	−0.0816%	1h	2.5894	−0.166%	$851	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0306%	4h	2.5912	−0.096%	$33K	$134K	10x	as long as short
Coinbase International MORPHO-PERP-INTXlong	−0.0216%	1h	2.5937	long leg	$73K	$39K	25x
BloFin MORPHO-USDT	−0.0200%	4h	2.5892	−0.173%	$630K	$239K	20x	as long as short
Phoenix MORPHO	−0.0154%	1h	2.5945	+0.031%	$33K	$330K	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0129%	4h	2.5919	−0.069%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5914	−0.088%	$16	—	10x	as long as short
Polymarket Perps MORPHO-USD	+0.0016%	1h	2.5920	−0.066%	$25K	$1.5M	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.901%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5945	+0.032%	$312K	$295K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5944	+0.027%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5939	+0.008%	$5.9M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5913	−0.092%	$57K	$31K	20x	as long as short
Binance MORPHOUSDTshort	+0.0100%	4h	2.5901	−0.140%	$15.7M	$24.2M	75x
Bybit MORPHOUSDT	+0.0100%	4h	2.5926	−0.042%	$8.0M	$8.5M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5919	−0.069%	$3.2M	$4.0M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.5917	−0.077%	$757K	$497K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.5898	−0.150%	$6.2M	$911K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5935	−0.008%	$597K	$247K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5917	−0.077%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5919	−0.069%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.5880	−0.218%	$615K	$677K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5897	−0.154%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.5896	−0.157%	$100K	$347K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0144% / S +0.0040%	1h	2.5933	−0.016%	$6K	—	100x	as long as short