Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0208%/8h= +22.8% APRpaid last 24h −0.093%

Price spread now: Gate against Coinbase International−0.565%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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.397%−$40 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. Gate is 0.565% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.565% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$57 on $10k: about 9.1 days of funding at the current rate (+$6 a day). Mind the row above: over the last 7 days funding on this pair cost −0.397%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MORPHO-PERP-INTX	2.6172	−0.0224	get 0.0028% / 1h	48m 17s	$75K	$42K	25x
Short	Gate MORPHO_USDT	2.6024	−0.0016	pay 0.0008% / 4h	48m 17s	$757K	$480K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.565%Rate

Funding earned: $43.68
Price spread: −0.565% → 0.000%: −$56.55
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$37.87
Costs to cover: 0.250%
Break-even: 13.1 days

Slippage unknown: Coinbase International: no order-book sample; Gate: live order book, 8 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 Gate live order book, 8 min ago	6.88 bp	45.4 bp −$45	doesn't fit	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
Kraken Futures PF_MORPHOUSD	−0.1669%	1h	2.5957	−0.822%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1440%	1h	2.5996	−0.672%	$11K	$759	10x	as long as short
01 Exchange MORPHOUSD	−0.0920%	1h	2.5949	−0.852%	$853	$9K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0302%	1h	2.6020	−0.581%	$25K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0230%	4h	2.6115	−0.218%	$34K	$150K	10x	as long as short
Coinbase International MORPHO-PERP-INTXlong	−0.0224%	1h	2.6172	long leg	$75K	$42K	25x
BloFin MORPHO-USDT	−0.0200%	4h	2.5993	−0.684%	$635K	$238K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0154%	4h	2.6015	−0.600%	$10K	$34K	10x	as long as short
Gate MORPHO_USDTshort	−0.0016%	4h	2.6024	−0.565%	$757K	$480K	50x
Reya MORPHORUSDPERP	−0.0005%	1h	2.6009	−0.623%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	0.0000%	1h	2.6144	−0.107%	$43K	$370K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.986%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6029	−0.547%	$312K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5995	−0.677%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6056	−0.443%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6043	−0.494%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6002	−0.648%	$15.7M	$25.3M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6030	−0.543%	$8.2M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6028	−0.550%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6009	−0.623%	$5.8M	$798K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6031	−0.539%	$591K	$250K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6006	−0.634%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6013	−0.608%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6035	−0.522%	$622K	$843K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6001	−0.653%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.5995	−0.674%	$100K	$348K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6037	−0.514%	$1K	—	100x	as long as short