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: Coinbase International against MEXC+0.160%7-day average — · you sell dearer than you buy

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

Long on MEXC Short on Coinbase International

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

The price spread pays, funding is against you. Coinbase International is 0.160% dearer against MEXC than usual: you sell high and buy low (spread +0.160% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 39 hours. Mind the row above: over the last 7 days funding on this pair paid +0.183%, so the current rate has only just turned against you.

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	MEXC MORPHO_USDT	2.6276	0.0100	pay 0.0050% / 4h	2h 00m	$5.7M	$974K	100x
Short	Coinbase International MORPHO-PERP-INTX	2.6318	−0.0232	pay 0.0029% / 1h	0m 15s	$75K	$42K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. 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 MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now +0.160%Rate

Funding earned: −$69.72
Price spread: +0.160% → 0.000%: $15.98
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$67.74
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: MEXC: live order book, 2 min ago; Coinbase International: 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 MEXC live order book, 2 min ago	0.76 bp	6.2 bp −$6	38.0 bp −$380	182.4 bp −$18.2K	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

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	−0.1907%	1h	2.6273	−0.012%	$82K	$130K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0852%	1h	2.6289	+0.049%	$11K	$955	10x	as long as short
01 Exchange MORPHOUSD	−0.0496%	1h	2.6246	−0.114%	$862	$8K	5x	as long as short
Coinbase International MORPHO-PERP-INTXshort	−0.0232%	1h	2.6318	+0.160%	$75K	$42K	25x
Orderly PERP_MORPHO_USDC	−0.0153%	4h	2.6273	−0.011%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0153%	1h	2.6286	+0.038%	$25K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0092%	4h	2.6213	−0.240%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6285	+0.036%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0030%	1h	2.6283	+0.027%	$43K	$426K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.586%	$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	+0.0050%	4h	2.6314	+0.145%	$759K	$522K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6302	+0.098%	$315K	$322K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6263	−0.049%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6343	+0.255%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6296	+0.075%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6267	−0.033%	$15.8M	$25.7M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6300	+0.091%	$8.4M	$9.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6299	+0.088%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDTlong	+0.0100%	4h	2.6276	long leg	$5.7M	$974K	100x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6308	+0.122%	$599K	$256K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6294	+0.069%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6296	+0.076%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6270	−0.021%	$626K	$909K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6272	−0.015%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6271	−0.017%	$101K	$351K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6300	+0.093%	$1K	—	100x	as long as short