Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0292%/8h= +32.0% APRpaid last 24h −0.022%

Price spread now: BingX against Coinbase International+0.031%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.169%−$17 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and BingX is 0.031% dearer against Coinbase International than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.169%, 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 -0.169% in total (about -8.8% 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	2.6195	−0.0192	get 0.0024% / 1h	35m 04s	$75K	$42K	25x
Short	BingX MORPHO-USDT	2.6203	0.0100	get 0.0050% / 4h	1h 35m	—	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.031%Rate

Funding earned: $61.32
Price spread: +0.031% → 0.000%: $3.05
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $44.37
Costs to cover: 0.200%
Break-even: 1.9 days

Slippage unknown: Coinbase International: no order-book sample; BingX: live order book, 11 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 BingX live order book, 11 min ago	3.26 bp	18.3 bp −$18	48.9 bp −$489	287.8 bp −$28.8K	629.2 bp −$314.6K

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
Kraken Futures PF_MORPHOUSD	−0.1674%	1h	2.6179	−0.061%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0969%	1h	2.6215	+0.076%	$11K	$955	10x	as long as short
01 Exchange MORPHOUSD	−0.0592%	1h	2.6161	−0.130%	$860	$9K	5x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6197	+0.008%	$637K	$242K	20x	as long as short
Coinbase International MORPHO-PERP-INTXlong	−0.0192%	1h	2.6195	long leg	$75K	$42K	25x
Orderly PERP_MORPHO_USDC	−0.0157%	4h	2.6207	+0.046%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0124%	1h	2.6226	+0.118%	$25K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0120%	4h	2.6151	−0.169%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6223	+0.106%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6153	−0.160%	$43K	$392K	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	+0.897%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0052%	4h	2.6216	+0.080%	$755K	$504K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6244	+0.185%	$314K	$308K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6208	+0.051%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6259	+0.244%	$6.2M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6216	+0.081%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6199	+0.017%	$15.8M	$25.7M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6224	+0.111%	$8.3M	$9.5M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6214	+0.073%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6211	+0.061%	$5.8M	$840K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6233	+0.145%	$597K	$252K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6204	+0.034%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDTshort	+0.0100%	4h	2.6203	+0.031%	—	$1.4M	—
Variational Omni MORPHO	+0.0100%	4h	2.6220	+0.095%	$625K	$907K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6218	+0.088%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6194	−0.003%	$100K	$353K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6242	+0.179%	$1K	—	100x	as long as short