Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0253%/8h= +27.7% APRpaid last 24h +0.029%

Price spread now: Hyperliquid against OKX+0.251%7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$740.735% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 7 days−0.187%−$19 · spread now +0.251%, 7d avg +0.111%

Together, before fees−0.147%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Hyperliquid is 0.140% dearer against OKX than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.111%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.041% in total (about 2.1% 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	2.6690	0.0100	pay 0.0050% / 4h	3h 13m	$3.2M	$4.3M	20x
Short	Hyperliquid MORPHO	2.6757	0.0353	get 0.0044% / 1h	13m 01s	$6.3M	$7.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.251%Rate

Funding earned: $53.19
Price spread: +0.251% → +0.111%: $13.97
Slippage, 4 orders: −$54.53
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$6.37
Costs to cover: 0.735%
Break-even: 7.8 days

Slippage from OKX: live order book, 5 min ago; Hyperliquid: live order book, 9 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, 5 min ago	0.94 bp	22.5 bp −$23	154.2 bp −$1,542	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	1.87 bp	13.3 bp −$13	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	−0.1821%	1h	2.6696	+0.024%	$81K	$125K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0535%	1h	2.6733	+0.161%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0432%	1h	2.6712	+0.082%	$878	$13K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0280%	1h	2.6715	+0.094%	$77K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6720	+0.112%	$644K	$233K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6719	+0.109%	$10K	$34K	10x	as long as short
Variational Omni MORPHO	−0.0077%	4h	2.6631	−0.222%	$634K	$926K	—	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6758	+0.255%	$44K	$474K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0016%	1h	2.6740	+0.187%	$25K	$1.7M	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6741	+0.191%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MORPHO_USDT_Perp	+0.0022%	4h	2.6706	+0.059%	$41K	$133K	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	−0.974%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6808	+0.441%	$321K	$325K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6741	+0.190%	$5K	$3	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6744	+0.202%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6700	+0.037%	$16.2M	$25.5M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6741	+0.191%	$8.6M	$9.0M	25x	as long as short
OKX MORPHO-USDT-SWAPlong	+0.0100%	4h	2.6690	long leg	$3.2M	$4.3M	20x
Gate MORPHO_USDT	+0.0100%	4h	2.6739	+0.184%	$772K	$525K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6690	0.000%	$5.6M	$905K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6726	+0.135%	$602K	$263K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6727	+0.139%	$3.0M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6727	+0.139%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6724	+0.127%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6694	+0.015%	$102K	$362K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0187% / S −0.4126%	1h	2.6742	+0.196%	$1K	—	100x	as long as short
Hyperliquid MORPHOshort	+0.0353%	1h	2.6757	+0.251%	$6.3M	$7.0M	5x