MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0504%/8h= −55.2% APRnext payment −$2.52 per $10,000 · paid last 24h −0.100%

Price spread now: BloFin against OKX+0.008%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$660.659% of the position

Long on OKX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.314%+$31 on $10k

Price spread, last 4 days (all we have)−0.203%−$20 · spread now +0.008%, 7d avg −0.037%

Together, before fees+0.112%+$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.045% dearer against OKX than usual: you sell high and buy low (spread +0.008% now, against its 7-day average of −0.037%): +$4 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 7 hours. Mind the row above: over the last 7 days funding on this pair paid +0.314%, 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 0.314% in total (about 16.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.52 per $10,000. 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	OKX MORPHO-USDT-SWAP	2.5757	0.0100	pay 0.0050% / 4h	3h 34m	$3.2M	$4.1M	20x
Short	BloFin MORPHO-USDT	2.5759	−0.0404	pay 0.0202% / 4h	3h 34m	$631K	$239K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against OKX. 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 OKXbpFee BloFinbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$105.79
Price spread: +0.008% → −0.037%: $4.49
Slippage, 4 orders: −$43.88
Fee OKX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$167.19
Costs to cover: 0.659%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; BloFin: live order book, 42 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 OKX live order book, 3 min ago	0.19 bp	17.6 bp −$18	112.2 bp −$1,122	doesn't fit	doesn't fit
Sell BloFin live order book, 42 min ago	0.78 bp	15.3 bp −$15	31.8 bp −$318	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	−0.2472%	1h	2.5720	−0.146%	$84K	$134K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1146%	1h	2.5756	−0.004%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0816%	1h	2.5727	−0.116%	$845	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5620	−0.532%	$70K	$37K	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0470%	4h	2.5769	+0.047%	$30K	$123K	10x	as long as short
BloFin MORPHO-USDTshort	−0.0404%	4h	2.5759	+0.008%	$631K	$239K	20x
Variational Omni MORPHO	−0.0357%	4h	2.5781	+0.092%	$615K	$526K	—	as long as short
Orderly PERP_MORPHO_USDC	−0.0305%	4h	2.5759	+0.008%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0264%	4h	2.5770	+0.050%	$54K	$49K	20x	as long as short
Binance MORPHOUSDT	−0.0165%	4h	2.5737	−0.076%	$15.5M	$23.8M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MORPHO_USDT	−0.0162%	4h	2.5738	−0.074%	$6.3M	$919K	100x	as long as short
Extended MORPHO-USD	−0.0160%	1h	2.5749	−0.031%	$99K	$370K	10x	as long as short
Phoenix MORPHO	−0.0155%	1h	2.5819	+0.241%	$33K	$308K	5x	as long as short
Gate MORPHO_USDT	−0.0104%	4h	2.5812	+0.214%	$759K	$484K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5748	−0.033%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.613%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5787	+0.116%	$311K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5728	−0.113%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5787	+0.116%	$5.9M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5770	+0.050%	$7.8M	$8.4M	25x	as long as short
OKX MORPHO-USDT-SWAPlong	+0.0100%	4h	2.5757	long leg	$3.2M	$4.1M	20x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5782	+0.097%	$586K	$263K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5742	−0.058%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5755	−0.008%	—	$1.4M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5801	+0.171%	$25K	$1.3M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5747	−0.039%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5787	+0.117%	$1K	—	100x	as long as short