Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1333%/8h= +146.0% APRpaid last 24h +0.176%

Price spread now: Gate against Deribit−0.027%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 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. Gate is 0.027% cheaper against Deribit than usual: you would sell low and buy high (spread −0.027% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 2 hours of funding at the current rate (+$40 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MORPHO_USDC-PERPETUAL	2.6396	−0.1527	get 0.0191% / 1h	34m 33s	$11K	$911	10x
Short	Gate MORPHO_USDT	2.6389	−0.0194	pay 0.0097% / 4h	1h 34m	$766K	$533K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Deribit. 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 DeribitbpFee GatebpOrdersPrice spread, now −0.027%Rate

Funding earned: $280.02
Price spread: −0.027% → 0.000%: −$2.65
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $255.36
Costs to cover: 0.220%
Break-even: 0.6 days

Slippage unknown: Deribit: no order-book sample; Gate: live order book, 47 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 Deribit no order-book sample	—	—	—	—	—
Sell Gate live order book, 47 min ago	7.33 bp	48.4 bp −$48	doesn't fit	doesn't fit	doesn't fit

Deribit: 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	−0.1860%	1h	2.6390	−0.024%	$82K	$151K	20x	as long as short
Deribit MORPHO_USDC-PERPETUALlong	−0.1527%	1h	2.6396	long leg	$11K	$911	10x
01 Exchange MORPHOUSD	−0.1200%	1h	2.6268	−0.485%	$863	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0698%	1h	2.6363	−0.125%	$23K	$1.8M	5x	as long as short
Bybit MORPHOUSDT	−0.0636%	4h	2.6382	−0.053%	$8.5M	$9.5M	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0602%	4h	2.6392	−0.016%	$29K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	+0.129%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6427	+0.117%	$76K	$43K	25x	as long as short
Gate MORPHO_USDTshort	−0.0194%	4h	2.6389	−0.027%	$766K	$533K	50x
BloFin MORPHO-USDT	−0.0191%	4h	2.6380	−0.061%	$640K	$244K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0153%	4h	2.6391	−0.019%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6460	+0.242%	$34K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0086%	4h	2.6397	+0.004%	$628K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6365	−0.117%	$16	—	10x	as long as short
Binance MORPHOUSDT	+0.0055%	4h	2.6370	−0.100%	$16.1M	$25.9M	75x	as long as short
Extended MORPHO-USD	+0.0064%	1h	2.6382	−0.054%	$103K	$301K	10x	as long as short
MEXC MORPHO_USDT	+0.0064%	4h	2.6366	−0.114%	$5.4M	$1.1M	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6426	+0.113%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6378	−0.068%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6426	+0.114%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6404	+0.030%	$57K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6373	−0.087%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6400	+0.015%	$617K	$270K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6382	−0.053%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6382	−0.053%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6395	−0.004%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6431	+0.132%	$1K	—	100x	as long as short