Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0419%/8h= −45.9% APRpaid last 24h +0.048%

Price spread now: Coinbase International against Binance−0.015%7-day average — · you buy dearer than you sell

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

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.181%+$18 on $10k

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

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$13 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.181%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.181% in total (about 9.4% 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	Binance MORPHOUSDT	2.6550	0.0059	pay 0.0030% / 4h	0m 36s	$16.1M	$26.1M	75x
Short	Coinbase International MORPHO-PERP-INTX	2.6546	−0.0360	pay 0.0045% / 1h	0m 36s	$76K	$43K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$88.03
Price spread: −0.015% → 0.000%: −$1.51
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$109.54
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 11 min ago; Coinbase International: no order-book sample. 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 Binance live order book, 11 min ago	0.75 bp	13.3 bp −$13	33.4 bp −$334	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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	−0.1753%	1h	2.6522	−0.104%	$81K	$143K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1066%	1h	2.6558	+0.030%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.0872%	1h	2.6498	−0.196%	$871	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0474%	1h	2.6536	−0.053%	$28K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0450%	4h	2.6509	−0.153%	$41K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.452%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTXshort	−0.0360%	1h	2.6546	−0.015%	$76K	$43K	25x
Bybit MORPHOUSDT	−0.0359%	4h	2.6543	−0.026%	$8.4M	$9.3M	25x	as long as short
Variational Omni MORPHO	−0.0209%	4h	2.6531	−0.070%	$631K	$1.0M	—	as long as short
BloFin MORPHO-USDT	−0.0193%	4h	2.6543	−0.026%	$638K	$239K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0145%	4h	2.6552	+0.008%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6547	−0.011%	$43K	$477K	5x	as long as short
Gate MORPHO_USDT	−0.0058%	4h	2.6553	+0.011%	$769K	$534K	50x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6538	−0.044%	$16	—	10x	as long as short
Extended MORPHO-USD	+0.0056%	1h	2.6546	−0.015%	$103K	$298K	10x	as long as short
MEXC MORPHO_USDT	+0.0058%	4h	2.6550	0.000%	$5.5M	$962K	100x	as long as short
Binance MORPHOUSDTlong	+0.0059%	4h	2.6550	long leg	$16.1M	$26.1M	75x
Aster MORPHOUSDT	+0.0063%	4h	2.6582	+0.119%	$58K	$30K	20x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6607	+0.214%	$317K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6553	+0.010%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6619	+0.260%	$6.3M	$7.0M	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6558	+0.030%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6562	+0.045%	$595K	$267K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6582	+0.121%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6559	+0.034%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6555	+0.019%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6573	+0.087%	$1K	—	100x	as long as short