Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0235%/8h= +25.7% APRpaid last 24h +0.064%

Price spread now: Extended against Orderly−0.050%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Extended

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Funding pays, the price is against you. Extended is 0.050% cheaper against Orderly than usual: you would sell low and buy high (spread −0.050% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 17 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MORPHO_USDC	2.5958	−0.0131	get 0.0065% / 4h	3h 01m	$10K	$34K	10x
Short	Extended MORPHO-USD	2.5945	0.0104	get 0.0013% / 1h	1m 03s	$99K	$346K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Orderly. 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 OrderlybpFee ExtendedbpOrdersPrice spread, now −0.050%Rate

Funding earned: $49.31
Price spread: −0.050% → 0.000%: −$4.96
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $33.35
Costs to cover: 0.110%
Break-even: 2.3 days

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 51 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Extended live order book, 51 min ago	2.68 bp	22.3 bp −$22	266.7 bp −$2,667	doesn't fit	doesn't fit

Orderly: 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	−0.2174%	1h	2.5962	+0.014%	$80K	$127K	20x	as long as short
01 Exchange MORPHOUSD	−0.0968%	1h	2.5911	−0.181%	$851	$9K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0866%	1h	2.5962	+0.015%	$11K	$2K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0506%	4h	2.5971	+0.050%	$33K	$133K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.6048	+0.347%	$74K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.5953	−0.019%	$634K	$244K	20x	as long as short
Polymarket Perps MORPHO-USD	−0.0140%	1h	2.5976	+0.069%	$24K	$1.5M	5x	as long as short
Orderly PERP_MORPHO_USDClong	−0.0131%	4h	2.5958	long leg	$10K	$34K	10x
Phoenix MORPHO	−0.0061%	1h	2.5989	+0.119%	$33K	$337K	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5965	+0.027%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.818%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5992	+0.131%	$313K	$295K	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5980	+0.085%	$8.0M	$8.5M	25x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5935	−0.088%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6008	+0.193%	$6.0M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5979	+0.081%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.5959	+0.004%	$15.7M	$24.0M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5988	+0.116%	$3.2M	$4.0M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.5976	+0.069%	$772K	$484K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.5963	+0.019%	$6.0M	$841K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5987	+0.112%	$596K	$246K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5970	+0.046%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5978	+0.077%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.5970	+0.048%	$617K	$677K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5975	+0.065%	$21K	$4K	5x	as long as short
Extended MORPHO-USDshort	+0.0104%	1h	2.5945	−0.050%	$99K	$346K	10x
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.5986	+0.109%	$1K	—	100x	as long as short