Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0316%/8h= −34.6% APRpaid last 24h +0.047%

Price spread now: Coinbase International against Bybit+0.084%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.234%+$23 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 0.084% dearer against Bybit than usual: you sell high and buy low (spread +0.084% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 21 hours. Mind the row above: over the last 7 days funding on this pair paid +0.234%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MORPHOUSDT	2.6060	0.0100	pay 0.0050% / 4h	3h 55m	$8.1M	$8.6M	25x
Short	Coinbase International MORPHO-PERP-INTX	2.6082	−0.0216	pay 0.0027% / 1h	55m 37s	$75K	$41K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.084%Rate

Funding earned: −$66.36
Price spread: +0.084% → 0.000%: $8.44
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$78.92
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	1.92 bp	17.8 bp −$18	56.7 bp −$567	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 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	−0.2170%	1h	2.6015	−0.172%	$81K	$126K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1093%	1h	2.6032	−0.107%	$11K	$1K	10x	as long as short
01 Exchange MORPHOUSD	−0.1072%	1h	2.6004	−0.215%	$854	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0776%	4h	2.6027	−0.127%	$34K	$140K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0300%	1h	2.6086	+0.100%	$25K	$1.6M	5x	as long as short
Coinbase International MORPHO-PERP-INTXshort	−0.0216%	1h	2.6082	+0.084%	$75K	$41K	25x
BloFin MORPHO-USDT	−0.0200%	4h	2.6035	−0.096%	$637K	$241K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0139%	4h	2.6035	−0.096%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6009	−0.196%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6074	+0.054%	$43K	$337K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.420%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0088%	4h	2.6044	−0.061%	$762K	$469K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6091	+0.120%	$313K	$293K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6023	−0.140%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6092	+0.123%	$6.0M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6075	+0.058%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6058	−0.008%	$15.8M	$24.3M	75x	as long as short
Bybit MORPHOUSDTlong	+0.0100%	4h	2.6060	long leg	$8.1M	$8.6M	25x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6079	+0.073%	$3.2M	$4.1M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6046	−0.054%	$5.9M	$820K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6063	+0.012%	$595K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6069	+0.035%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6053	−0.027%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6030	−0.113%	$621K	$675K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6025	−0.134%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6037	−0.089%	$101K	$352K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6062	+0.006%	$1K	—	100x	as long as short