Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1005%/8h= −110.1% APRpaid last 24h −0.183%

Price spread now: Deribit against Orderly−0.038%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Deribit is 0.038% cheaper against Orderly than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MORPHO_USDC	2.6597	−0.0172	get 0.0086% / 4h	2h 24m	$10K	$34K	10x
Short	Deribit MORPHO_USDC-PERPETUAL	2.6587	−0.1177	pay 0.0147% / 1h	24m 52s	$11K	$911	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$211.13
Price spread: −0.038% → 0.000%: −$3.76
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$227.89
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: 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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Orderly and Deribit: 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	−0.2051%	1h	2.6574	−0.088%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUALshort	−0.1177%	1h	2.6587	−0.038%	$11K	$911	10x
01 Exchange MORPHOUSD	−0.0864%	1h	2.6574	−0.086%	$873	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0401%	1h	2.6597	0.000%	$26K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0390%	4h	2.6543	−0.203%	$29K	$154K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.515%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.075%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6574	−0.086%	$647K	$222K	20x	as long as short
Orderly PERP_MORPHO_USDClong	−0.0172%	4h	2.6597	long leg	$10K	$34K	10x
Gate MORPHO_USDT	−0.0090%	4h	2.6586	−0.041%	$762K	$523K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit MORPHOUSDT	−0.0076%	4h	2.6601	+0.015%	$8.6M	$10.1M	25x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6539	−0.218%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6594	−0.012%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6630	+0.124%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6605	+0.031%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6640	+0.162%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6610	+0.050%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6588	−0.034%	$16.3M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6618	+0.079%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6585	−0.045%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6617	+0.075%	$624K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6599	+0.008%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6596	−0.004%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6609	+0.045%	$644K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6574	−0.086%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6584	−0.050%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6613	+0.059%	$1K	—	100x	as long as short