Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.1048%/8h= −114.8% APRpaid last 24h +0.008%

Price spread now: Coinbase International against BloFin−1.047%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.228%−$23 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and Coinbase International is 1.047% cheaper against BloFin than usual: you would sell low and buy high (−$105 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.228% in total (about -11.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MORPHO-USDT	2.5682	−0.0200	get 0.0100% / 4h	1h 29m	$637K	$225K	20x
Short	Coinbase International MORPHO-PERP-INTX	2.5413	−0.1248	pay 0.0156% / 1h	29m 15s	$52K	$54K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BloFin. 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 BloFinbpFee Coinbase InternationalbpOrdersPrice spread, now −1.047%Rate

Funding earned: −$220.08
Price spread: −1.047% → 0.000%: −$104.74
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$346.82
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 15 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 BloFin live order book, 15 min ago	0.96 bp	18.6 bp −$19	35.0 bp −$350	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 exchanges

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
Coinbase International MORPHO-PERP-INTXshort	−0.1248%	1h	2.5413	−1.047%	$52K	$54K	25x
Deribit MORPHO_USDC-PERPETUAL	−0.0838%	1h	2.5717	+0.136%	$10K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0824%	1h	2.5660	−0.086%	$5K	$13K	5x	as long as short
Kraken Futures PF_MORPHOUSD	−0.0493%	1h	2.5721	+0.153%	$82K	$134K	20x	as long as short
Bybit MORPHOUSDT	−0.0297%	4h	2.5720	+0.148%	$7.7M	$7.4M	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0285%	4h	2.5703	+0.082%	$10K	$33K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0222%	4h	2.5686	+0.014%	$38K	$114K	10x	as long as short
BloFin MORPHO-USDTlong	−0.0200%	4h	2.5682	long leg	$637K	$225K	20x
Variational Omni MORPHO	−0.0143%	4h	2.5694	+0.047%	$611K	$202K	—	as long as short
Polymarket Perps MORPHO-USD	−0.0049%	1h	2.5712	+0.117%	$25K	$1.1M	5x	as long as short

Show all 27 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	−0.0031%	1h	2.5735	+0.206%	$33K	$287K	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5690	+0.030%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.913%	$37	$242K	5.5x	as long as short
Aster MORPHOUSDT	+0.0075%	4h	2.5797	+0.448%	$56K	$51K	20x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5761	+0.306%	$308K	$246K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5677	−0.018%	$5K	$200	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5750	+0.265%	$5.9M	$6.4M	5x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.5713	+0.122%	$15.3M	$22.4M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5717	+0.136%	$3.1M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.5684	+0.008%	$751K	$459K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.5711	+0.113%	$6.5M	$968K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5702	+0.078%	$592K	$255K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5695	+0.051%	$2.7M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5716	+0.132%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5712	+0.117%	$21K	$5K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.5703	+0.081%	$105K	$380K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −20.7321%	1h	2.5723	+0.161%	$2K	—	100x	as long as short