Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0285%/8h= −31.2% APRpaid last 24h −0.036%

Price spread now: Phoenix against OKX+0.019%7-day average +0.107% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$690.687% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.182%−$18 on $10k

Price spread, last 4 days (all we have)+0.519%+$52 · spread now +0.019%, 7d avg +0.107%

Together, before fees+0.337%+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phoenix is 0.088% cheaper against OKX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.107%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.182% in total (about -9.5% 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	OKX MORPHO-USDT-SWAP	2.5788	0.0100	pay 0.0050% / 4h	3h 55m	$3.2M	$4.1M	20x
Short	Phoenix MORPHO	2.5793	−0.0185	pay 0.0023% / 1h	55m 11s	$33K	$308K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$59.78
Price spread: +0.019% → +0.107%: −$8.81
Slippage, 4 orders: −$51.69
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$137.28
Costs to cover: 0.687%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Phoenix: live order book, 41 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 OKX live order book, 2 min ago	2.13 bp	24.6 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 41 min ago	1.16 bp	13.0 bp −$13	44.7 bp −$447	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	−0.2475%	1h	2.5690	−0.380%	$84K	$134K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1263%	1h	2.5736	−0.202%	$10K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.1024%	1h	2.5690	−0.380%	$844	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5579	−0.810%	$70K	$37K	25x	as long as short
Variational Omni MORPHO	−0.0458%	4h	2.5776	−0.048%	$614K	$526K	—	as long as short
BloFin MORPHO-USDT	−0.0413%	4h	2.5739	−0.190%	$635K	$238K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0338%	4h	2.5774	−0.052%	$30K	$123K	10x	as long as short
Gate MORPHO_USDT	−0.0326%	4h	2.5761	−0.105%	$758K	$483K	50x	as long as short
Orderly PERP_MORPHO_USDC	−0.0275%	4h	2.5728	−0.233%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0192%	4h	2.5770	−0.070%	$54K	$49K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHOshort	−0.0185%	1h	2.5793	+0.019%	$33K	$308K	5x
Extended MORPHO-USD	−0.0176%	1h	2.5734	−0.210%	$99K	$375K	10x	as long as short
MEXC MORPHO_USDT	−0.0174%	4h	2.5742	−0.178%	$6.3M	$909K	100x	as long as short
Binance MORPHOUSDT	−0.0173%	4h	2.5776	−0.047%	$15.5M	$24.0M	75x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5746	−0.164%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.490%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5775	−0.050%	$311K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5714	−0.287%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5800	+0.047%	$5.9M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5790	+0.008%	$7.8M	$8.4M	25x	as long as short
OKX MORPHO-USDT-SWAPlong	+0.0100%	4h	2.5788	long leg	$3.2M	$4.1M	20x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5765	−0.089%	$586K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5765	−0.089%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5763	−0.097%	—	$1.4M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5767	−0.081%	$25K	$1.4M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5748	−0.155%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5765	−0.088%	$1K	—	100x	as long as short