Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0164%/8h= −18.0% APRpaid last 24h −0.029%

Price spread now: BloFin against Phoenix−0.169%106s7-day average −0.125% · you buy dearer than you sell

Net, funding: paid 7d − costs−$3as 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−$600.601% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.573%+$57 on $10k

Price spread, last 3 days (all we have)+0.208%+$21 · spread now −0.169%, 7d avg −0.125%

Together, before fees+0.781%+$78 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and BloFin is 0.044% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.125%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.573%, so the current rate has only just turned against you. The two prices were read 106 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	2.6612	−0.0060	get 0.0008% / 1h	49m 25s	$44K	$477K	5x
Short	BloFin MORPHO-USDT	2.6567	−0.0225	pay 0.0112% / 4h	49m 25s	$638K	$251K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.169%Rate

Funding earned: −$34.5
Price spread: −0.169% → −0.125%: −$4.37
Slippage, 4 orders: −$41.06
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$98.93
Costs to cover: 0.601%
Break-even: never at this rate

Slippage from Phoenix: live order book, 28 min ago; BloFin: live order book, 27 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, 28 min ago	1.13 bp	13.0 bp −$13	52.3 bp −$523	doesn't fit	doesn't fit
Sell BloFin live order book, 27 min ago	2.84 bp	18.6 bp −$19	34.3 bp −$343	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	−0.1749%	1h	2.6592	−0.076%	$82K	$146K	20x	as long as short
01 Exchange MORPHOUSD	−0.0608%	1h	2.6582	−0.113%	$873	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0537%	1h	2.6648	+0.135%	$11K	$812	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0536%	4h	2.6564	−0.180%	$29K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0498%	1h	2.6612	0.000%	$26K	$1.7M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.684%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0377%	4h	2.6610	−0.008%	$8.5M	$9.2M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6654	+0.158%	$77K	$43K	25x	as long as short
BloFin MORPHO-USDTshort	−0.0225%	4h	2.6567	−0.169%	$638K	$251K	20x
Orderly PERP_MORPHO_USDC	−0.0147%	4h	2.6608	−0.015%	$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	−0.0124%	4h	2.6608	−0.015%	$773K	$531K	50x	as long as short
Variational Omni MORPHO	−0.0109%	4h	2.6572	−0.152%	$630K	$1.0M	—	as long as short
Phoenix MORPHOlong	−0.0060%	1h	2.6612	long leg	$44K	$477K	5x
Reya MORPHORUSDPERP	−0.0004%	1h	2.6612	0.000%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0014%	4h	2.6612	0.000%	$5.5M	$940K	100x	as long as short
Extended MORPHO-USD	+0.0016%	1h	2.6609	−0.012%	$103K	$301K	10x	as long as short
Binance MORPHOUSDT	+0.0018%	4h	2.6605	−0.026%	$16.1M	$25.8M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6650	+0.141%	$317K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6622	+0.038%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6674	+0.233%	$6.3M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6602	−0.037%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6605	−0.026%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6628	+0.060%	$596K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6616	+0.015%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6623	+0.041%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6626	+0.053%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −0.3373%	1h	2.6650	+0.143%	$1K	—	100x	as long as short