Funding you earn now, next payment 04:00 UTC+0.0068%/8h= +7.4% APRnext payment +$0.34 per $10,000 · paid last 24h +0.046%
Price spread now: Bybit against Gate−0.026%7-day average +0.071% · you buy dearer than you sell
Net, funding: paid 7d − costs−$99as in the Funding arb table
Net, price: spread back to 7d avg − costs−$125as in the Price arb table
costs, in and out, $10k−$1161.156% of the position
Funding, last 7 days+0.162%+$16 on $10k
+Price spread, last 4 days (all we have)+0.112%+$11 · spread now −0.026%, 7d avg +0.071%
=Funding pays, the price is against you. Bybit is 0.097% cheaper against Gate than usual: you would sell low and buy high (spread −0.026% now, against its 7-day average of +0.071%). If the spread goes back, that is −$10 on $10k: about 4.8 days of funding at the current rate (+$2 a day).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Gate MORPHO_USDT | 2.6645 | 0.0032 | pay 0.0016% / 4h | 3h 18m | $770K | $524K | 50x |
| Short | Bybit MORPHOUSDT | 2.6638 | 0.0100 | get 0.0050% / 4h | 3h 18m | $8.5M | $9.2M | 25x |
Gate MORPHO_USDT
Bybit MORPHOUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Gate. 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
- $14.28
- Price spread: −0.026% → +0.071%
- −$9.7
- Slippage, 4 orders
- −$89.63
- Fee Gate: 7.5 bp × 2 orders
- −$15
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$111.04
- Costs to cover
- 1.156%
- Break-even
- 61.4 days
Slippage from Gate: live order book, 53 min ago; Bybit: live order book, 5 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 Gate live order book, 53 min ago | 6.04 bp | 37.1 bp −$37 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 5 min ago | 1.88 bp | 17.5 bp −$18 | 40.0 bp −$400 | 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 | −0.1827% | 1h | 2.6599 | −0.172% | $80K | $132K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0538% | 1h | 2.6629 | −0.060% | $11K | $785 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0456% | 1h | 2.6519 | −0.473% | $871 | $13K | 5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0280% | 1h | 2.6635 | −0.038% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6586 | −0.221% | $642K | $229K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0146% | 4h | 2.6612 | −0.124% | $10K | $34K | 10x | as long as short |
| Variational Omni MORPHO | −0.0112% | 4h | 2.6621 | −0.092% | $634K | $1.0M | — | as long as short |
| Phoenix MORPHO | −0.0030% | 1h | 2.6643 | −0.008% | $44K | $474K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0029% | 1h | 2.6600 | −0.169% | $24K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0016% | 4h | 2.6605 | −0.150% | $41K | $133K | 10x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Variational Omni MORPHO
Phoenix MORPHO
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6598 | −0.176% | $16 | — | 10x | as long as short |
| Gate MORPHO_USDTlong | +0.0032% | 4h | 2.6645 | long leg | $770K | $524K | 50x | |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | −0.807% | $37 | $242K | 5.5x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6738 | +0.349% | $320K | $325K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6539 | −0.396% | $5K | $3 | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6605 | −0.150% | $58K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6651 | +0.023% | $16.2M | $25.9M | 75x | as long as short |
| Bybit MORPHOUSDTshort | +0.0100% | 4h | 2.6638 | −0.026% | $8.5M | $9.2M | 25x | |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6664 | +0.071% | $3.2M | $4.5M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6646 | +0.004% | $5.6M | $905K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6638 | −0.026% | $595K | $266K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6666 | +0.079% | $2.9M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6653 | +0.030% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6624 | −0.079% | $22K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6615 | −0.112% | $104K | $358K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0187% / S −0.4126% | 1h | 2.6623 | −0.082% | $1K | — | 100x | as long as short |
| Hyperliquid MORPHO | +0.0351% | 1h | 2.6734 | +0.334% | $6.3M | $7.0M | 5x | as long as short |
Reya MORPHORUSDPERP
Injective MORPHO/USDC PERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Aster MORPHOUSDT
Binance MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]
Hyperliquid MORPHO