Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0402%/8h= −44.0% APRpaid last 24h +0.019%

Price spread now: Polymarket Perps against Gate+0.026%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$960.965% of the position

Long on Gate Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.079%−$8 · spread now +0.026%, 7d avg +0.049%

Together, before fees−0.100%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Polymarket Perps is 0.023% cheaper against Gate than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.049%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.021% in total (about -1.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MORPHO_USDT	2.6549	−0.0062	get 0.0031% / 4h	4m 20s	$770K	$533K	50x
Short	Polymarket Perps MORPHO-USD	2.6556	−0.0464	pay 0.0058% / 1h	4m 20s	$28K	$1.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Gate. 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 GatebpFee Polymarket PerpsbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$84.39
Price spread: +0.026% → +0.049%: −$2.27
Slippage, 4 orders: −$73.47
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$183.13
Costs to cover: 0.965%
Break-even: never at this rate

Slippage from Gate: live order book, 7 min ago; Polymarket Perps: live order book, 4 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, 7 min ago	6.04 bp	37.1 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	3.77 bp	7.8 bp −$8	7.9 bp −$79	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	−0.1754%	1h	2.6510	−0.148%	$81K	$143K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1068%	1h	2.6513	−0.136%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.0856%	1h	2.6492	−0.215%	$871	$12K	5x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0464%	1h	2.6556	+0.026%	$28K	$1.7M	5x
GRVT MORPHO_USDT_Perp	−0.0448%	4h	2.6519	−0.115%	$41K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.448%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0360%	4h	2.6560	+0.041%	$8.4M	$9.3M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6546	−0.011%	$76K	$43K	25x	as long as short
Variational Omni MORPHO	−0.0201%	4h	2.6491	−0.217%	$630K	$1.0M	—	as long as short
BloFin MORPHO-USDT	−0.0187%	4h	2.6506	−0.162%	$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	2.6554	+0.019%	$10K	$34K	10x	as long as short
Gate MORPHO_USDTlong	−0.0062%	4h	2.6549	long leg	$770K	$533K	50x
Phoenix MORPHO	−0.0060%	1h	2.6548	−0.004%	$43K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6560	+0.041%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0052%	4h	2.6562	+0.049%	$5.5M	$961K	100x	as long as short
Aster MORPHOUSDT	+0.0053%	4h	2.6550	+0.005%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0054%	4h	2.6560	+0.043%	$16.1M	$26.0M	75x	as long as short
Extended MORPHO-USD	+0.0056%	1h	2.6536	−0.049%	$103K	$298K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6595	+0.171%	$317K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6544	−0.020%	$5K	$3	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6580	+0.117%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6564	+0.056%	$595K	$267K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6570	+0.079%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6556	+0.026%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6508	−0.154%	$22K	$4K	5x	as long as short
Hyperliquid MORPHO	+0.0107%	1h	2.6632	+0.313%	$6.3M	$7.0M	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6539	−0.036%	$1K	—	100x	as long as short