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 −0.031%

Price spread now: MEXC against Coinbase International+0.046%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 MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.183%−$18 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 +$10 a day on $10k at the current rate, and MEXC is 0.046% dearer against Coinbase International than usual: you sell high and buy low: +$5 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 −0.183%, 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 -0.183% in total (about -9.6% 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	2.6241	−0.0232	get 0.0029% / 1h	1m 15s	$75K	$42K	25x
Short	MEXC MORPHO_USDT	2.6253	0.0100	get 0.0050% / 4h	2h 01m	$5.7M	$974K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.046%Rate

Funding earned: $69.72
Price spread: +0.046% → 0.000%: $4.57
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: $60.29
Costs to cover: 0.140%
Break-even: 0.9 days

Slippage unknown: Coinbase International: no order-book sample; MEXC: live order book, 1 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 MEXC live order book, 1 min ago	0.76 bp	6.5 bp −$7	46.1 bp −$461	168.7 bp −$16.9K	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 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	−0.1908%	1h	2.6262	+0.080%	$82K	$130K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0929%	1h	2.6259	+0.069%	$11K	$955	10x	as long as short
01 Exchange MORPHOUSD	−0.0488%	1h	2.6228	−0.050%	$862	$8K	5x	as long as short
Coinbase International MORPHO-PERP-INTXlong	−0.0232%	1h	2.6241	long leg	$75K	$42K	25x
Polymarket Perps MORPHO-USD	−0.0158%	1h	2.6264	+0.088%	$25K	$1.8M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0154%	4h	2.6261	+0.076%	$10K	$34K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0092%	4h	2.6213	−0.107%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6263	+0.083%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0030%	1h	2.6283	+0.160%	$43K	$426K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.720%	$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
Gate MORPHO_USDT	+0.0056%	4h	2.6272	+0.118%	$758K	$522K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6293	+0.199%	$315K	$322K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6278	+0.142%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6317	+0.290%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6269	+0.105%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6255	+0.053%	$15.8M	$25.7M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6287	+0.175%	$8.3M	$9.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6283	+0.160%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDTshort	+0.0100%	4h	2.6253	+0.046%	$5.7M	$974K	100x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6273	+0.122%	$598K	$255K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6259	+0.069%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6271	+0.114%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6190	−0.193%	$625K	$912K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6259	+0.069%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6249	+0.031%	$101K	$351K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6283	+0.160%	$1K	—	100x	as long as short