Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0336%/8h= −36.8% APRpaid last 24h −0.037%

Price spread now: Bybit against Hyperliquid−0.113%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$810.813% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 7 days+0.130%+$13 · spread now −0.113%, 7d avg −0.059%

Together, before fees+0.054%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Bybit is 0.054% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.059%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.076% in total (about -4.0% 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	Hyperliquid MORPHO	2.6540	0.0100	pay 0.0013% / 1h	40m 07s	$6.2M	$7.2M	5x
Short	Bybit MORPHOUSDT	2.6510	−0.0236	pay 0.0118% / 4h	2h 40m	$8.6M	$10.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Hyperliquid. 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 HyperliquidbpFee BybitbpOrdersPrice spread, now −0.113%Rate

Funding earned: −$70.52
Price spread: −0.113% → −0.059%: −$5.37
Slippage, 4 orders: −$61.28
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$157.17
Costs to cover: 0.813%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; Bybit: live order book, 3 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 Hyperliquid live order book, 2 min ago	0.94 bp	15.5 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	3.78 bp	25.5 bp −$26	86.3 bp −$863	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	−0.2058%	1h	2.6491	−0.186%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1107%	1h	2.6498	−0.158%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1048%	1h	2.6457	−0.313%	$869	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0562%	1h	2.6493	−0.177%	$26K	$1.9M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0550%	4h	2.6452	−0.333%	$29K	$162K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.301%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6527	−0.049%	$76K	$46K	25x	as long as short
Bybit MORPHOUSDTshort	−0.0236%	4h	2.6510	−0.113%	$8.6M	$10.1M	25x
BloFin MORPHO-USDT	−0.0200%	4h	2.6503	−0.139%	$652K	$221K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0182%	4h	2.6490	−0.188%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0156%	4h	2.6501	−0.147%	$760K	$523K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6479	−0.230%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6501	−0.146%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6579	+0.148%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6494	−0.173%	$5K	$3	5x	as long as short
Hyperliquid MORPHOlong	+0.0100%	1h	2.6540	long leg	$6.2M	$7.2M	5x
Aster MORPHOUSDT	+0.0100%	4h	2.6528	−0.045%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6487	−0.200%	$16.2M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6519	−0.079%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6491	−0.185%	$5.3M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6528	−0.045%	$622K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6524	−0.060%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6508	−0.121%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6500	−0.150%	$644K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6489	−0.192%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6487	−0.200%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6520	−0.074%	$1K	—	100x	as long as short