Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0324%/8h= −35.5% APRpaid last 24h +0.016%

Price spread now: Coinbase International against OKX+0.295%7-day average — · you sell dearer than you buy

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

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.176%+$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 0.295% dearer against OKX than usual: you sell high and buy low (spread +0.295% now, against zero (this spread has no 7-day history yet)): +$30 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 3.0 days. Mind the row above: over the last 7 days funding on this pair paid +0.176%, 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 0.176% in total (about 9.2% 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	OKX MORPHO-USDT-SWAP	2.6095	0.0100	pay 0.0050% / 4h	41m 03s	$3.2M	$4.3M	20x
Short	Coinbase International MORPHO-PERP-INTX	2.6172	−0.0224	pay 0.0028% / 1h	41m 03s	$75K	$42K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.295%Rate

Funding earned: −$68.04
Price spread: +0.295% → 0.000%: $29.51
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$58.53
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: OKX: live order book, 1 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 OKX live order book, 1 min ago	1.34 bp	21.5 bp −$21	142.3 bp −$1,423	doesn't fit	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 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	−0.1665%	1h	2.6021	−0.283%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1169%	1h	2.6043	−0.199%	$11K	$759	10x	as long as short
01 Exchange MORPHOUSD	−0.1032%	1h	2.5972	−0.471%	$853	$9K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0298%	1h	2.6048	−0.180%	$25K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0268%	4h	2.6005	−0.343%	$34K	$150K	10x	as long as short
Coinbase International MORPHO-PERP-INTXshort	−0.0224%	1h	2.6172	+0.295%	$75K	$42K	25x
BloFin MORPHO-USDT	−0.0200%	4h	2.6046	−0.188%	$635K	$239K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0153%	4h	2.6045	−0.192%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0012%	4h	2.6055	−0.153%	$762K	$482K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6028	−0.258%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	0.0000%	1h	2.6059	−0.138%	$43K	$370K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.284%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	+0.0071%	4h	2.6079	−0.061%	$8.2M	$9.2M	25x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6075	−0.079%	$313K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6018	−0.295%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6100	+0.019%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6069	−0.100%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6061	−0.130%	$15.7M	$25.2M	75x	as long as short
OKX MORPHO-USDT-SWAPlong	+0.0100%	4h	2.6095	long leg	$3.2M	$4.3M	20x
MEXC MORPHO_USDT	+0.0100%	4h	2.6039	−0.215%	$5.9M	$809K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6084	−0.042%	$594K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6072	−0.088%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6055	−0.153%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6055	−0.153%	$621K	$829K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6039	−0.215%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6051	−0.168%	$100K	$350K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6067	−0.107%	$1K	—	100x	as long as short