Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0533%/8h= −58.4% APRpaid last 24h −0.068%

Price spread now: Polymarket Perps against Binance+0.011%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$430.434% of the position

Long on Binance Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

Price spread, last 7 days+0.056%+$6 · spread now +0.011%, 7d avg +0.042%

Together, before fees−0.167%−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Polymarket Perps is 0.031% cheaper against Binance than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.042%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.223% in total (about -11.6% 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	2.6548	0.0059	pay 0.0030% / 4h	0m 03s	$16.1M	$26.1M	75x
Short	Polymarket Perps MORPHO-USD	2.6551	−0.0474	pay 0.0059% / 1h	0m 03s	$28K	$1.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$112.01
Price spread: +0.011% → +0.042%: −$3.11
Slippage, 4 orders: −$25.43
Fee Binance: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$158.54
Costs to cover: 0.434%
Break-even: never at this rate

Slippage from Binance: live order book, 11 min ago; Polymarket Perps: live order book, 4 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 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 Polymarket Perps live order book, 4 min ago	2.45 bp	7.5 bp −$8	7.7 bp −$77	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	−0.1752%	1h	2.6540	−0.030%	$81K	$139K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1292%	1h	2.6551	+0.011%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.0872%	1h	2.6498	−0.188%	$871	$12K	5x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0474%	1h	2.6551	+0.011%	$28K	$1.7M	5x
GRVT MORPHO_USDT_Perp	−0.0450%	4h	2.6509	−0.146%	$41K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.444%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6546	−0.008%	$76K	$43K	25x	as long as short
Bybit MORPHOUSDT	−0.0359%	4h	2.6553	+0.019%	$8.4M	$9.3M	25x	as long as short
Variational Omni MORPHO	−0.0209%	4h	2.6531	−0.062%	$631K	$1.0M	—	as long as short
BloFin MORPHO-USDT	−0.0193%	4h	2.6543	−0.019%	$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	2.6554	+0.023%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6547	−0.004%	$43K	$477K	5x	as long as short
Gate MORPHO_USDT	−0.0058%	4h	2.6560	+0.045%	$770K	$534K	50x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6551	+0.013%	$16	—	10x	as long as short
Extended MORPHO-USD	+0.0056%	1h	2.6541	−0.025%	$103K	$298K	10x	as long as short
MEXC MORPHO_USDT	+0.0058%	4h	2.6546	−0.008%	$5.5M	$962K	100x	as long as short
Binance MORPHOUSDTlong	+0.0059%	4h	2.6548	long leg	$16.1M	$26.1M	75x
Aster MORPHOUSDT	+0.0063%	4h	2.6581	+0.126%	$58K	$30K	20x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6604	+0.212%	$317K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6553	+0.017%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6621	+0.275%	$6.3M	$7.0M	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6555	+0.026%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6563	+0.057%	$595K	$267K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6582	+0.128%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6556	+0.030%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6550	+0.008%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6580	+0.122%	$1K	—	100x	as long as short