Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0343%/8hnext payment +$0.43 per $10,000 · paid last 24h +0.016%

Price spread now: Phoenix against Polymarket Perps+0.108%59s7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as 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−$400.403% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 3 days (all we have)−0.017%−$2 · spread now +0.108%, 7d avg +0.098%

Together, before fees+0.007%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.098%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.023% in total (about 1.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.43 per $10,000. 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	2.6790	−0.0313	get 0.0039% / 1h	11m 59s	$28K	$2.0M	5x
Short	Phoenix MORPHO	2.6819	0.0030	get 0.0004% / 1h	11m 59s	$34K	$473K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.108%Rate

Funding earned: $72.05
Price spread: +0.108% → +0.098%: $1.05
Slippage, 4 orders: −$25.27
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $32.83
Costs to cover: 0.403%
Break-even: 3.8 days

Slippage from Polymarket Perps: live order book, 1 min ago; Phoenix: live order book, 19 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, 1 min ago	2.43 bp	7.0 bp −$7	8.9 bp −$89	doesn't fit	doesn't fit
Sell Phoenix live order book, 19 min ago	1.12 bp	13.1 bp −$13	44.4 bp −$444	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	−0.1670%	1h	2.6739	−0.190%	$84K	$151K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0906%	1h	2.6784	−0.022%	$10K	$721	10x	as long as short
01 Exchange MORPHOUSD	−0.0592%	1h	2.6774	−0.060%	$880	$12K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0328%	1h	2.6883	+0.347%	$78K	$47K	25x	as long as short
Polymarket Perps MORPHO-USDlong	−0.0313%	1h	2.6790	long leg	$28K	$2.0M	5x
Orderly PERP_MORPHO_USDC	−0.0208%	4h	2.6776	−0.052%	$10K	$34K	10x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6795	+0.019%	$658K	$210K	20x	as long as short
Gate MORPHO_USDT	−0.0180%	4h	2.6792	+0.007%	$772K	$533K	50x	as long as short
Injective MORPHO/USDC PERP	−0.0114%	1h	2.6810	+0.075%	$38	$76K	5.5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0092%	4h	2.6788	−0.008%	$41K	$150K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0004%	1h	2.6799	+0.034%	$16	—	10x	as long as short
Phoenix MORPHOshort	+0.0030%	1h	2.6819	+0.108%	$34K	$473K	5x
Lighter MORPHO	+0.0096%	1h	2.6842	+0.196%	$319K	$356K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6802	+0.043%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6839	+0.183%	$6.4M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6794	+0.017%	$58K	$32K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6776	−0.050%	$16.4M	$26.7M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6813	+0.086%	$8.8M	$10.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6811	+0.078%	$3.2M	$4.6M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6775	−0.056%	$5.2M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6799	+0.034%	$602K	$276K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6794	+0.015%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6809	+0.071%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6801	+0.041%	$649K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6794	+0.015%	$22K	$2K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6773	−0.062%	$101K	$303K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0193% / S −16.5420%	1h	2.6804	+0.052%	$1K	—	100x	as long as short