Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0190%/8h= −20.9% APRpaid last 24h −0.032%

Price spread now: Phoenix against Bitget+0.030%99s7-day average +0.159% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as 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−$720.716% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.188%−$19 on $10k

Price spread, last 3 days (all we have)+0.030%+$3 · spread now +0.030%, 7d avg +0.159%

Together, before fees−0.158%−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.128% cheaper against Bitget than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.159%). Swap the legs. The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MORPHOUSDT	2.6431	0.0100	pay 0.0050% / 4h	1h 11m	$2.9M	$1.9M	75x
Short	Phoenix MORPHO	2.6439	−0.0090	pay 0.0011% / 1h	11m 49s	$43K	$484K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$40
Price spread: +0.030% → +0.159%: −$12.83
Slippage, 4 orders: −$52.56
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$124.39
Costs to cover: 0.716%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Phoenix: live order book, 5 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 Bitget live order book, 1 min ago	3.22 bp	27.3 bp −$27	81.6 bp −$816	doesn't fit	doesn't fit
Sell Phoenix live order book, 5 min ago	1.13 bp	13.0 bp −$13	44.6 bp −$446	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	−0.1858%	1h	2.6413	−0.069%	$81K	$151K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1224%	1h	2.6426	−0.019%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.1168%	1h	2.6362	−0.261%	$866	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0700%	1h	2.6428	−0.011%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0564%	4h	2.6426	−0.018%	$29K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0452%	4h	2.6421	−0.038%	$8.4M	$9.3M	25x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	−0.004%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6469	+0.144%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0207%	4h	2.6438	+0.026%	$639K	$249K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6428	−0.011%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0130%	4h	2.6416	−0.057%	$767K	$533K	50x	as long as short
Phoenix MORPHOshort	−0.0090%	1h	2.6439	+0.030%	$43K	$484K	5x
Variational Omni MORPHO	−0.0062%	4h	2.6437	+0.022%	$629K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6430	−0.004%	$16	—	10x	as long as short
Binance MORPHOUSDT	+0.0031%	4h	2.6413	−0.068%	$16.1M	$25.8M	75x	as long as short
Extended MORPHO-USD	+0.0032%	1h	2.6412	−0.073%	$103K	$301K	10x	as long as short
MEXC MORPHO_USDT	+0.0032%	4h	2.6420	−0.042%	$5.4M	$1.1M	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6460	+0.108%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6421	−0.040%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6483	+0.197%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6409	−0.081%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6442	+0.042%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6447	+0.061%	$591K	$269K	50x	as long as short
Bitget MORPHOUSDTlong	+0.0100%	4h	2.6431	long leg	$2.9M	$1.9M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.6435	+0.015%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6426	−0.019%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6458	+0.104%	$1K	—	100x	as long as short