Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.032%

Price spread now: Bitget against Phoenix+0.012%89s7-day average −0.148% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$640.641% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.186%+$19 on $10k

Price spread, last 4 days (all we have)−0.125%−$12 · spread now +0.012%, 7d avg −0.148%

Together, before fees+0.061%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bitget is 0.160% dearer against Phoenix than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of −0.148%. The two prices were read 89 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MORPHO	2.6073	0	get 0.0000% / 1h	59m 57s	$43K	$370K	5x
Short	Bitget MORPHOUSDT	2.6076	0.0100	get 0.0050% / 4h	3h 59m	$2.8M	$1.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phoenix. 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 PhoenixbpFee BitgetbpOrdersPrice spread, now +0.012%Rate

Funding earned: $21
Price spread: +0.012% → −0.148%: $15.98
Slippage, 4 orders: −$45.08
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$27.1
Costs to cover: 0.641%
Break-even: 16.0 days

Slippage from Phoenix: live order book, 57 min ago; Bitget: live order book, 3 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 Phoenix live order book, 57 min ago	1.14 bp	13.1 bp −$13	52.3 bp −$523	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	2.88 bp	21.0 bp −$21	74.8 bp −$748	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	−0.1664%	1h	2.6036	−0.141%	$81K	$126K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1167%	1h	2.6067	−0.023%	$11K	$1K	10x	as long as short
01 Exchange MORPHOUSD	−0.1024%	1h	2.5995	−0.299%	$854	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0288%	4h	2.6054	−0.073%	$34K	$140K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6092	+0.073%	$75K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6039	−0.130%	$637K	$241K	20x	as long as short
Polymarket Perps MORPHO-USD	−0.0154%	1h	2.6064	−0.035%	$25K	$1.6M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0140%	4h	2.6062	−0.042%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6046	−0.102%	$16	—	10x	as long as short
Phoenix MORPHOlong	0.0000%	1h	2.6073	long leg	$43K	$370K	5x

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	+1.369%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0044%	4h	2.6066	−0.027%	$763K	$483K	50x	as long as short
Bybit MORPHOUSDT	+0.0080%	4h	2.6070	−0.012%	$8.1M	$8.6M	25x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6108	+0.133%	$313K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6050	−0.088%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6110	+0.142%	$6.1M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6094	+0.082%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6055	−0.070%	$15.8M	$24.6M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6094	+0.081%	$3.2M	$4.1M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6059	−0.054%	$5.9M	$835K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6081	+0.031%	$595K	$252K	50x	as long as short
Bitget MORPHOUSDTshort	+0.0100%	4h	2.6076	+0.012%	$2.8M	$1.7M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.6074	+0.004%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6060	−0.048%	$621K	$675K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6062	−0.042%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6045	−0.108%	$100K	$348K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6084	+0.044%	$1K	—	100x	as long as short