Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0130%/8h= +14.2% APRpaid last 24h +0.032%

Price spread now: Bitget against Phoenix−0.075%89s7-day average −0.160% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$730.734% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.189%+$19 on $10k

Price spread, last 3 days (all we have)−0.038%−$4 · spread now −0.075%, 7d avg −0.160%

Together, before fees+0.151%+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Bitget is 0.084% dearer against Phoenix than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.160%. The two prices were read 89 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MORPHO	2.6530	−0.0030	get 0.0004% / 1h	43m 51s	$34K	$493K	5x
Short	Bitget MORPHOUSDT	2.6510	0.0100	get 0.0050% / 4h	2h 43m	$2.9M	$2.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phoenix. 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 PhoenixbpFee BitgetbpOrdersPrice spread, now −0.075%Rate

Funding earned: $27.27
Price spread: −0.075% → −0.160%: $8.44
Slippage, 4 orders: −$54.42
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$37.71
Costs to cover: 0.734%
Break-even: 16.7 days

Slippage from Phoenix: live order book, 43 min ago; Bitget: 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 Phoenix live order book, 43 min ago	1.11 bp	13.0 bp −$13	52.2 bp −$522	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	6.79 bp	22.5 bp −$23	92.2 bp −$922	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	−0.2059%	1h	2.6471	−0.222%	$83K	$148K	20x	as long as short
01 Exchange MORPHOUSD	−0.1120%	1h	2.6447	−0.313%	$869	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0768%	1h	2.6490	−0.151%	$11K	$911	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0609%	1h	2.6486	−0.166%	$33K	$1.9M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0564%	4h	2.6519	−0.042%	$29K	$162K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.264%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6527	−0.011%	$76K	$46K	25x	as long as short
Bybit MORPHOUSDT	−0.0233%	4h	2.6493	−0.139%	$8.6M	$10.1M	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6472	−0.219%	$650K	$221K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0187%	4h	2.6488	−0.158%	$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	−0.0168%	4h	2.6497	−0.124%	$759K	$522K	50x	as long as short
Phoenix MORPHOlong	−0.0030%	1h	2.6530	long leg	$34K	$493K	5x
Reya MORPHORUSDPERP	−0.0004%	1h	2.6493	−0.139%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6538	+0.031%	$316K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6483	−0.179%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6529	−0.004%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6508	−0.082%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6489	−0.155%	$16.2M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6507	−0.087%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6483	−0.177%	$5.3M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6498	−0.121%	$621K	$272K	50x	as long as short
Bitget MORPHOUSDTshort	+0.0100%	4h	2.6510	−0.075%	$2.9M	$2.0M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.6488	−0.158%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6515	−0.056%	$643K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6486	−0.166%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6486	−0.165%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6517	−0.049%	$1K	—	100x	as long as short