Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0312%/8h= +34.2% APRpaid last 24h +0.115%

Price spread now: Hyperliquid against Gate+0.136%7-day average +0.163% · you sell dearer than you buy

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$124as in the Price arb table

costs, in and out, $10k−$1221.217% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.253%+$25 on $10k

Price spread, last 4 days (all we have)+0.118%+$12 · spread now +0.136%, 7d avg +0.163%

Together, before fees+0.372%+ Points / potential airdropHyperliquid: Season 2 · farm board+$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.027% cheaper against Gate than usual: you would sell low and buy high (spread +0.136% now, against its 7-day average of +0.163%). If the spread goes back, that is −$3 on $10k: about 7 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.253% in total) that is about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MORPHO_USDT	2.6525	−0.0212	get 0.0106% / 4h	1h 54m	$773K	$530K	50x
Short	Hyperliquid MORPHO	2.6561	0.0100	get 0.0013% / 1h	54m 51s	$6.2M	$7.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.136%Rate

Funding earned: $65.52
Price spread: +0.136% → +0.163%: −$2.69
Slippage, 4 orders: −$97.68
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$58.85
Costs to cover: 1.217%
Break-even: 13.3 days

Slippage from Gate: live order book, 27 min ago; Hyperliquid: live order book, 7 min ago.

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 Gate live order book, 27 min ago	7.33 bp	44.6 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.13 bp	14.4 bp −$14	doesn't fit	doesn't fit	doesn't fit

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	−0.1850%	1h	2.6530	+0.020%	$83K	$149K	20x	as long as short
01 Exchange MORPHOUSD	−0.1224%	1h	2.6486	−0.147%	$870	$13K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0991%	1h	2.6549	+0.090%	$11K	$911	10x	as long as short
Bybit MORPHOUSDT	−0.0622%	4h	2.6530	+0.019%	$8.6M	$9.6M	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0550%	4h	2.6519	−0.023%	$29K	$154K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0533%	1h	2.6548	+0.087%	$26K	$1.8M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6610	+0.320%	$37	$198K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6617	+0.347%	$77K	$45K	25x	as long as short
Gate MORPHO_USDTlong	−0.0212%	4h	2.6525	long leg	$773K	$530K	50x
BloFin MORPHO-USDT	−0.0200%	4h	2.6515	−0.038%	$644K	$246K	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	−0.0162%	4h	2.6548	+0.087%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6528	+0.011%	$34K	$484K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6559	+0.128%	$16	—	10x	as long as short
Variational Omni MORPHO	+0.0035%	4h	2.6558	+0.123%	$643K	$1.2M	—	as long as short
Lighter MORPHO	+0.0096%	1h	2.6555	+0.114%	$316K	$333K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6541	+0.060%	$5K	$3	5x	as long as short
Hyperliquid MORPHOshort	+0.0100%	1h	2.6561	+0.136%	$6.2M	$7.1M	5x
Aster MORPHOUSDT	+0.0100%	4h	2.6551	+0.098%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6509	−0.060%	$16.2M	$26.2M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6520	−0.019%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6543	+0.068%	$5.5M	$1.0M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6536	+0.041%	$620K	$266K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6527	+0.008%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6523	−0.008%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6548	+0.087%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6537	+0.044%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6581	+0.213%	$1K	—	100x	as long as short