Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0292%/8h= −32.0% APRpaid last 24h +0.135%

Price spread now: Coinbase International against Gate+0.030%7-day average — · you sell dearer than you buy

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

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.384%+$38 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 0.030% dearer against Gate than usual: you sell high and buy low (spread +0.030% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 8 hours. Mind the row above: over the last 7 days funding on this pair paid +0.384%, 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	Gate MORPHO_USDT	2.6538	−0.0068	get 0.0034% / 4h	5m 02s	$769K	$533K	50x
Short	Coinbase International MORPHO-PERP-INTX	2.6546	−0.0360	pay 0.0045% / 1h	5m 02s	$76K	$43K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$61.32
Price spread: +0.030% → 0.000%: $3.01
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$83.31
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 7 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 Gate live order book, 7 min ago	6.04 bp	37.1 bp −$37	doesn't fit	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	−0.1754%	1h	2.6510	−0.107%	$81K	$143K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1068%	1h	2.6513	−0.094%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.0856%	1h	2.6456	−0.309%	$869	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0464%	1h	2.6513	−0.094%	$28K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0448%	4h	2.6519	−0.073%	$41K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.407%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0368%	4h	2.6510	−0.106%	$8.4M	$9.3M	25x	as long as short
Coinbase International MORPHO-PERP-INTXshort	−0.0360%	1h	2.6546	+0.030%	$76K	$43K	25x
Variational Omni MORPHO	−0.0201%	4h	2.6491	−0.176%	$630K	$1.0M	—	as long as short
BloFin MORPHO-USDT	−0.0187%	4h	2.6506	−0.121%	$637K	$253K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0144%	4h	2.6510	−0.106%	$10K	$34K	10x	as long as short
Gate MORPHO_USDTlong	−0.0068%	4h	2.6538	long leg	$769K	$533K	50x
Phoenix MORPHO	−0.0060%	1h	2.6548	+0.038%	$43K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6509	−0.107%	$16	—	10x	as long as short
Binance MORPHOUSDT	+0.0053%	4h	2.6547	+0.034%	$16.1M	$26.0M	75x	as long as short
MEXC MORPHO_USDT	+0.0054%	4h	2.6508	−0.113%	$5.5M	$961K	100x	as long as short
Extended MORPHO-USD	+0.0056%	1h	2.6505	−0.125%	$103K	$298K	10x	as long as short
Aster MORPHOUSDT	+0.0057%	4h	2.6502	−0.137%	$58K	$30K	20x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6553	+0.058%	$316K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6503	−0.133%	$5K	$3	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6517	−0.079%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6526	−0.045%	$594K	$267K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6538	0.000%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6516	−0.083%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6508	−0.113%	$22K	$4K	5x	as long as short
Hyperliquid MORPHO	+0.0107%	1h	2.6580	+0.158%	$6.3M	$7.0M	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6539	+0.005%	$1K	—	100x	as long as short