Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0332%/8h= −36.4% APRpaid last 24h +0.028%

Price spread now: Coinbase International against Bitget+0.236%7-day average — · you sell dearer than you buy

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

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.167%+$17 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Coinbase International is 0.236% dearer against Bitget than usual: you sell high and buy low (spread +0.236% now, against zero (this spread has no 7-day history yet)): +$24 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 2.4 days. Mind the row above: over the last 7 days funding on this pair paid +0.167%, 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 0.167% in total (about 8.7% 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	Bitget MORPHOUSDT	2.6237	0.0100	pay 0.0050% / 4h	2h 28m	$2.9M	$1.7M	75x
Short	Coinbase International MORPHO-PERP-INTX	2.6299	−0.0232	pay 0.0029% / 1h	28m 56s	$75K	$42K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now +0.236%Rate

Funding earned: −$69.72
Price spread: +0.236% → 0.000%: $23.63
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$68.09
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: Bitget: live order book, 4 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 Bitget live order book, 4 min ago	2.86 bp	20.7 bp −$21	66.5 bp −$665	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 26 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	−0.1916%	1h	2.6148	−0.339%	$80K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0513%	1h	2.6201	−0.137%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0488%	1h	2.6228	−0.034%	$862	$10K	5x	as long as short
Coinbase International MORPHO-PERP-INTXshort	−0.0232%	1h	2.6299	+0.236%	$75K	$42K	25x
Orderly PERP_MORPHO_USDC	−0.0151%	4h	2.6188	−0.187%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0123%	1h	2.6228	−0.034%	$24K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0048%	4h	2.6229	−0.031%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6223	−0.055%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0030%	1h	2.6267	+0.114%	$43K	$426K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.736%	$37	$242K	5.5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	+0.0082%	4h	2.6220	−0.065%	$765K	$505K	50x	as long as short
Variational Omni MORPHO	+0.0092%	4h	2.6221	−0.061%	$625K	$913K	—	as long as short
Lighter MORPHO	+0.0096%	1h	2.6225	−0.045%	$314K	$319K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6247	+0.036%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6265	+0.107%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6235	−0.007%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6213	−0.091%	$15.8M	$25.2M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6230	−0.027%	$8.3M	$9.3M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6245	+0.030%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6216	−0.080%	$5.5M	$886K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6229	−0.030%	$595K	$255K	50x	as long as short
Bitget MORPHOUSDTlong	+0.0100%	4h	2.6237	long leg	$2.9M	$1.7M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.6227	−0.038%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6185	−0.198%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6207	−0.114%	$101K	$355K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6218	−0.072%	$1K	—	100x	as long as short