Funding you earn now, next payment 12:00 UTC−0.0372%/8h= −40.7% APRnext payment −$1.86 per $10,000 · paid last 24h −0.034%
Price spread now: Orderly against Bybit−0.105%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+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 −$11 a day on $10k at the current rate, and Orderly is 0.105% cheaper against Bybit than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit MORPHOUSDT | 2.5789 | 0.0100 | pay 0.0050% / 4h | 3h 57m | $7.8M | $8.4M | 25x |
| Short | Orderly PERP_MORPHO_USDC | 2.5762 | −0.0272 | pay 0.0136% / 4h | 3h 57m | $10K | $34K | 10x |
Bybit MORPHOUSDT
Orderly PERP_MORPHO_USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$78.15
- Price spread: −0.105% → 0.000%
- −$10.47
- Slippage, 4 orders
- no order book: not counted
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- −$105.61
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Bybit: live order book, 1 min ago; Orderly: 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, 1 min ago | 1.94 bp | 18.2 bp −$18 | 74.2 bp −$742 | doesn't fit | doesn't fit |
| Sell Orderly no order-book sample | — | — | — | — | — |
Orderly: 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 | −0.2472% | 1h | 2.5715 | −0.287% | $84K | $134K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1261% | 1h | 2.5773 | −0.062% | $11K | $3K | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.1112% | 1h | 2.5735 | −0.209% | $846 | $9K | 5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0552% | 1h | 2.5597 | −0.745% | $70K | $37K | 25x | as long as short |
| Variational Omni MORPHO | −0.0464% | 4h | 2.5782 | −0.029% | $615K | $526K | — | as long as short |
| BloFin MORPHO-USDT | −0.0416% | 4h | 2.5778 | −0.043% | $635K | $238K | 20x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0338% | 4h | 2.5774 | −0.056% | $30K | $123K | 10x | as long as short |
| Orderly PERP_MORPHO_USDCshort | −0.0272% | 4h | 2.5762 | −0.105% | $10K | $34K | 10x | |
| Aster MORPHOUSDT | −0.0190% | 4h | 2.5770 | −0.074% | $54K | $49K | 20x | as long as short |
| Phoenix MORPHO | −0.0185% | 1h | 2.5793 | +0.016% | $33K | $308K | 5x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Coinbase International MORPHO-PERP-INTX
Variational Omni MORPHO
BloFin MORPHO-USDT
GRVT MORPHO_USDT_Perp
Aster MORPHOUSDT
Phoenix MORPHOShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Extended MORPHO-USD | −0.0176% | 1h | 2.5765 | −0.092% | $99K | $375K | 10x | as long as short |
| Binance MORPHOUSDT | −0.0176% | 4h | 2.5771 | −0.071% | $15.5M | $24.0M | 75x | as long as short |
| MEXC MORPHO_USDT | −0.0174% | 4h | 2.5775 | −0.054% | $6.3M | $909K | 100x | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.5777 | −0.045% | $15 | — | 10x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +2.486% | $37 | $242K | 5.5x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.5816 | +0.104% | $311K | $283K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.5761 | −0.109% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.5827 | +0.147% | $5.9M | $7.0M | 5x | as long as short |
| Bybit MORPHOUSDTlong | +0.0100% | 4h | 2.5789 | long leg | $7.8M | $8.4M | 25x | |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.5778 | −0.043% | $3.2M | $4.1M | 20x | as long as short |
| Gate MORPHO_USDT | +0.0100% | 4h | 2.5775 | −0.054% | $759K | $483K | 50x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.5757 | −0.124% | $586K | $263K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.5780 | −0.035% | $2.8M | $1.7M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.5774 | −0.058% | — | $1.4M | — | as long as short |
| Polymarket Perps MORPHO-USD | +0.0100% | 1h | 2.5818 | +0.112% | $25K | $1.4M | 5x | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.5779 | −0.039% | $21K | $5K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0156% / S −12.8912% | 1h | 2.5800 | +0.041% | $1K | — | 100x | as long as short |
Extended MORPHO-USD
Binance MORPHOUSDT
MEXC MORPHO_USDT
Reya MORPHORUSDPERP
Injective MORPHO/USDC PERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
OKX MORPHO-USDT-SWAP
Gate MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Polymarket Perps MORPHO-USD
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]