MORPHO

Alert

Spread before costs (cost unknown: a leg has no order-book sample)+0.207%

7d average—if it closes, per $10,000$21funding while held, a day−$7.21

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended MORPHO-USD	2.7367	0.0104	pay 0.0013% / 1h	29m 31s	$103K	$304K	10x
Short	Orderly PERP_MORPHO_USDC	2.7424	−0.0136	pay 0.0068% / 4h	3h 29m	$11K	$34K	10x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee ExtendedbpFee OrderlybpOrdersClose when spread is

Spread captured: $20.71
Funding while held: −$7.21
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $2.5
Spread needed to break even: 0.110%

Slippage unknown: Extended: live order book, 15 min ago; Orderly: no order-book sample. Net counts fees only.

Cost of waiting

funding view

Funding /8h: −0.0240%
Per $10,000 a day: −$7.21
Average in range /8h: —

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 Extended live order book, 15 min ago	3.11 bp	21.6 bp −$22	213.7 bp −$2,137	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 price on every exchange

against the cheapest. Click to use as the short leg.

MORPHO on 26 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	−0.867%	+0.0033%	1h	$38	$34K	5.5x	as long as short
BloFin MORPHO-USDT	−0.133%	−0.0200%	4h	$678K	$247K	20x	as long as short
01 Exchange MORPHOUSD	−0.067%	−0.0688%	1h	$899	$10K	5x	as long as short
Phoenix MORPHO	−0.060%	−0.0146%	1h	$35K	$554K	5x	as long as short
Variational Omni MORPHO	−0.058%	+0.0100%	4h	$668K	$1.4M	—	as long as short
Paradex MORPHO-USD-PERP	−0.030%	+0.0100%	8h	$5K	$3	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.016%	−0.0256%	1h	$79K	$52K	25x	as long as short
Extended MORPHO-USDlong	0.000%	+0.0104%	1h	$103K	$304K	10x
MEXC MORPHO_USDT	+0.024%	+0.0100%	4h	$4.9M	$1.3M	100x	as long as short
Polymarket Perps MORPHO-USD	+0.024%	−0.0283%	1h	$27K	$3.0M	5x	as long as short

Show all 26 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Gate MORPHO_USDT	+0.028%	−0.0382%	4h	$768K	$574K	50x	as long as short
Binance MORPHOUSDT	+0.043%	+0.0100%	4h	$16.9M	$30.5M	75x	as long as short
BingX MORPHO-USDT	+0.043%	+0.0100%	4h	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.054%	+0.0100%	1h	$23K	$2K	5x	as long as short
Reya MORPHORUSDPERP	+0.063%	−0.0004%	1h	$16	—	10x	as long as short
OKX MORPHO-USDT-SWAP	+0.083%	+0.0100%	4h	$3.3M	$5.6M	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	+0.086%	−0.1172%	1h	$11K	$443	10x	as long as short
Aster MORPHOUSDT	+0.099%	+0.0100%	4h	$60K	$34K	20x	as long as short
Kraken Futures PF_MORPHOUSD	+0.105%	−0.1050%	1h	$100K	$183K	20x	as long as short
Bybit MORPHOUSDT	+0.105%	−0.0172%	4h	$9.0M	$11.2M	25x	as long as short
KuCoin MORPHOUSDTM	+0.108%	+0.0100%	4h	$664K	$380K	50x	as long as short
Bitget MORPHOUSDT	+0.112%	+0.0100%	4h	$3.0M	$2.6M	75x	as long as short
Lighter MORPHO	+0.153%	+0.0096%	1h	$321K	$474K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	+0.197%	L +0.0197% / S −0.0897%	1h	$2K	—	100x	as long as short
Orderly PERP_MORPHO_USDCshort	+0.207%	−0.0136%	4h	$11K	$34K	10x
Hyperliquid MORPHO	+0.328%	+0.0125%	1h	$6.7M	$8.1M	5x	as long as short