Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h 0.000%

Price spread now: Phoenix against Bybit+0.180%7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$650.648% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.124%−$12 on $10k

Price spread, last 4 days (all we have)−0.114%−$11 · spread now +0.180%, 7d avg +0.084%

Together, before fees−0.237%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.096% dearer against Bybit than usual: you sell high and buy low (spread +0.180% now, against its 7-day average of +0.084%): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MORPHOUSDT	2.6140	0.0100	pay 0.0050% / 4h	1h 39m	$8.3M	$9.4M	25x
Short	Phoenix MORPHO	2.6187	0	get 0.0000% / 1h	39m 19s	$43K	$392K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.180%Rate

Funding earned: −$21
Price spread: +0.180% → +0.084%: $9.62
Slippage, 4 orders: −$46.77
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$76.15
Costs to cover: 0.648%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 23 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 Bybit live order book, 4 min ago	3.82 bp	16.9 bp −$17	60.4 bp −$604	doesn't fit	doesn't fit
Sell Phoenix live order book, 23 min ago	1.14 bp	13.1 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	−0.1680%	1h	2.6086	−0.208%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1050%	1h	2.6124	−0.061%	$11K	$955	10x	as long as short
01 Exchange MORPHOUSD	−0.0544%	1h	2.6098	−0.161%	$858	$9K	5x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6121	−0.073%	$638K	$242K	20x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0192%	1h	2.6327	+0.715%	$75K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0156%	4h	2.6114	−0.099%	$10K	$34K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0114%	4h	2.6163	+0.088%	$32K	$142K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0096%	1h	2.6146	+0.023%	$25K	$1.8M	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6140	0.000%	$16	—	10x	as long as short
Phoenix MORPHOshort	0.0000%	1h	2.6187	+0.180%	$43K	$392K	5x

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	+1.109%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0042%	4h	2.6153	+0.050%	$754K	$503K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6160	+0.075%	$313K	$308K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6122	−0.070%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6195	+0.210%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6152	+0.045%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6114	−0.099%	$15.7M	$25.7M	75x	as long as short
Bybit MORPHOUSDTlong	+0.0100%	4h	2.6140	long leg	$8.3M	$9.4M	25x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6148	+0.031%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6134	−0.023%	$5.8M	$840K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6154	+0.054%	$595K	$252K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6156	+0.061%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6146	+0.023%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6155	+0.057%	$624K	$907K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6116	−0.092%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6107	−0.127%	$101K	$350K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6144	+0.014%	$1K	—	100x	as long as short