Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0260%/8h= +28.5% APRpaid last 24h +0.017%

Price spread now: Gate against Polymarket Perps−0.096%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$940.942% of the position

Long on Polymarket Perps Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 4 days (all we have)+0.365%+$37 · spread now −0.096%, 7d avg −0.044%

Together, before fees+0.392%+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.052% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.096% now, against its 7-day average of −0.044%). If the spread goes back, that is −$5 on $10k: about 16 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.026% in total) that is about 14 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.026% in total (about 1.4% 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	Polymarket Perps MORPHO-USD	2.5972	−0.0160	get 0.0020% / 1h	9m 40s	$24K	$1.5M	5x
Short	Gate MORPHO_USDT	2.5947	0.0100	get 0.0050% / 4h	3h 09m	$771K	$483K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Polymarket Perps. 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 Polymarket PerpsbpFee GatebpOrdersPrice spread, now −0.096%Rate

Funding earned: $54.6
Price spread: −0.096% → −0.044%: −$5.23
Slippage, 4 orders: −$71.21
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$44.84
Costs to cover: 0.942%
Break-even: 12.7 days

Slippage from Polymarket Perps: live order book, 4 min ago; Gate: 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 Polymarket Perps live order book, 4 min ago	2.89 bp	7.1 bp −$7	7.5 bp −$75	doesn't fit	doesn't fit
Sell Gate live order book, 42 min ago	5.37 bp	35.8 bp −$36	604.1 bp −$6,041	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	−0.2179%	1h	2.5905	−0.259%	$81K	$124K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1713%	1h	2.5925	−0.181%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.0976%	1h	2.5893	−0.304%	$851	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0514%	4h	2.5967	−0.020%	$34K	$140K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.5993	+0.081%	$74K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.5952	−0.077%	$635K	$240K	20x	as long as short
Polymarket Perps MORPHO-USDlong	−0.0160%	1h	2.5972	long leg	$24K	$1.5M	5x
Orderly PERP_MORPHO_USDC	−0.0133%	4h	2.5931	−0.158%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0061%	1h	2.6000	+0.108%	$43K	$337K	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5949	−0.088%	$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	+1.763%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5978	+0.023%	$312K	$294K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5963	−0.033%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5999	+0.104%	$6.0M	$6.7M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5960	−0.046%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.5934	−0.145%	$15.7M	$24.0M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5932	−0.154%	$8.0M	$8.5M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5936	−0.139%	$3.2M	$4.0M	20x	as long as short
Gate MORPHO_USDTshort	+0.0100%	4h	2.5947	−0.096%	$771K	$483K	50x
MEXC MORPHO_USDT	+0.0100%	4h	2.5934	−0.146%	$6.0M	$840K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5967	−0.019%	$596K	$246K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5939	−0.127%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5944	−0.108%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.5970	−0.007%	$619K	$675K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5919	−0.204%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.5923	−0.190%	$99K	$346K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.5974	+0.007%	$1K	—	100x	as long as short