Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0078%/8h= +8.5% APRpaid last 24h −0.072%

Price spread now: Orderly against Coinbase International−0.134%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 Orderly

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—needs both histories

Funding pays, the price is against you. Orderly is 0.134% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.134% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 5.7 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MORPHO-PERP-INTX	2.6167	−0.0216	get 0.0027% / 1h	51m 50s	$75K	$41K	25x
Short	Orderly PERP_MORPHO_USDC	2.6132	−0.0138	pay 0.0069% / 4h	3h 51m	$10K	$34K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.134%Rate

Funding earned: $16.39
Price spread: −0.134% → 0.000%: −$13.38
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$12.99
Costs to cover: 0.160%
Break-even: 12.5 days

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

Coinbase International and Orderly: 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	−0.2165%	1h	2.6075	−0.351%	$81K	$126K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1126%	1h	2.6121	−0.176%	$11K	$1K	10x	as long as short
01 Exchange MORPHOUSD	−0.0848%	1h	2.6125	−0.161%	$858	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0776%	4h	2.6027	−0.536%	$34K	$140K	10x	as long as short
Coinbase International MORPHO-PERP-INTXlong	−0.0216%	1h	2.6167	long leg	$75K	$41K	25x
Polymarket Perps MORPHO-USD	−0.0214%	1h	2.6147	−0.076%	$25K	$1.5M	5x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6115	−0.199%	$636K	$242K	20x	as long as short
Orderly PERP_MORPHO_USDCshort	−0.0138%	4h	2.6132	−0.134%	$10K	$34K	10x
Phoenix MORPHO	−0.0061%	1h	2.6074	−0.355%	$43K	$337K	5x	as long as short
Bybit MORPHOUSDT	−0.0036%	4h	2.6129	−0.145%	$8.1M	$8.5M	25x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0005%	1h	2.6128	−0.147%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.005%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6156	−0.042%	$314K	$293K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6143	−0.091%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6165	−0.008%	$6.1M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6142	−0.096%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6110	−0.219%	$15.8M	$24.3M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6127	−0.153%	$3.2M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6125	−0.161%	$765K	$469K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6117	−0.191%	$5.9M	$820K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6144	−0.088%	$597K	$250K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6107	−0.229%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6125	−0.161%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6030	−0.522%	$621K	$675K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6116	−0.195%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6103	−0.243%	$101K	$346K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6162	−0.021%	$1K	—	100x	as long as short