Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0596%/8h= −65.3% APRpaid last 24h −0.050%

Price spread now: Polymarket Perps against Bitget−0.038%7-day average +0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$600.602% of the position

Long on Bitget Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.224%−$22 on $10k

Price spread, last 7 days+0.121%+$12 · spread now −0.038%, 7d avg +0.047%

Together, before fees−0.102%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Polymarket Perps is 0.085% cheaper against Bitget than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.047%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.224% in total (about -11.7% 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	2.6519	0.0100	pay 0.0050% / 4h	2h 35m	$2.9M	$2.0M	75x
Short	Polymarket Perps MORPHO-USD	2.6509	−0.0496	pay 0.0062% / 1h	35m 35s	$26K	$1.9M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$125.19
Price spread: −0.038% → +0.047%: −$8.47
Slippage, 4 orders: −$40.19
Fee Bitget: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$193.86
Costs to cover: 0.602%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Polymarket Perps: live order book, 3 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, 2 min ago	5.85 bp	22.2 bp −$22	79.5 bp −$795	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	3.21 bp	7.2 bp −$7	7.4 bp −$74	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	−0.2062%	1h	2.6433	−0.324%	$82K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1296%	1h	2.6474	−0.170%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0952%	1h	2.6472	−0.177%	$870	$12K	5x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0496%	1h	2.6509	−0.038%	$26K	$1.9M	5x
GRVT MORPHO_USDT_Perp	−0.0480%	4h	2.6498	−0.079%	$29K	$154K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.222%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6527	+0.030%	$76K	$46K	25x	as long as short
Bybit MORPHOUSDT	−0.0246%	4h	2.6510	−0.034%	$8.6M	$10.1M	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6474	−0.170%	$647K	$221K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0181%	4h	2.6476	−0.162%	$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	−0.0148%	4h	2.6480	−0.147%	$759K	$523K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6522	+0.011%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6511	−0.031%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6588	+0.260%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6503	−0.059%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6534	+0.057%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6511	−0.030%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6503	−0.060%	$16.2M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6526	+0.026%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6495	−0.091%	$5.3M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6510	−0.034%	$621K	$271K	50x	as long as short
Bitget MORPHOUSDTlong	+0.0100%	4h	2.6519	long leg	$2.9M	$2.0M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.6510	−0.034%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6500	−0.071%	$644K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6465	−0.204%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6494	−0.095%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6502	−0.063%	$1K	—	100x	as long as short