Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0407%/8h= +44.6% APRpaid last 24h −0.019%

Price spread now: Gate against Polymarket Perps−0.011%48s7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as 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−$960.960% of the position

Long on Polymarket Perps Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now −0.011%, 7d avg −0.049%

Together, before fees+0.085%+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Gate is 0.038% dearer against Polymarket Perps than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.049%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.021% in total (about 1.1% 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	Polymarket Perps MORPHO-USD	2.6552	−0.0467	get 0.0058% / 1h	2m 30s	$28K	$1.7M	5x
Short	Gate MORPHO_USDT	2.6549	−0.0060	pay 0.0030% / 4h	2m 30s	$770K	$533K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Polymarket Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Polymarket PerpsbpFee GatebpOrdersPrice spread, now −0.011%Rate

Funding earned: $85.55
Price spread: −0.011% → −0.049%: $3.77
Slippage, 4 orders: −$73.02
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$6.71
Costs to cover: 0.960%
Break-even: 7.5 days

Slippage from Polymarket Perps: live order book, 1 min ago; Gate: live order book, 9 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 Polymarket Perps live order book, 1 min ago	2.45 bp	7.9 bp −$8	8.3 bp −$83	doesn't fit	doesn't fit
Sell Gate live order book, 9 min ago	6.04 bp	43.5 bp −$43	doesn't fit	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	−0.1752%	1h	2.6534	−0.069%	$81K	$143K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1179%	1h	2.6555	+0.011%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.0864%	1h	2.6463	−0.335%	$870	$12K	5x	as long as short
Polymarket Perps MORPHO-USDlong	−0.0467%	1h	2.6552	long leg	$28K	$1.7M	5x
GRVT MORPHO_USDT_Perp	−0.0450%	4h	2.6509	−0.161%	$41K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.459%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0361%	4h	2.6535	−0.064%	$8.4M	$9.3M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6546	−0.023%	$76K	$43K	25x	as long as short
Variational Omni MORPHO	−0.0201%	4h	2.6491	−0.228%	$630K	$1.0M	—	as long as short
BloFin MORPHO-USDT	−0.0186%	4h	2.6549	−0.011%	$638K	$253K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0144%	4h	2.6549	−0.011%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6548	−0.015%	$43K	$477K	5x	as long as short
Gate MORPHO_USDTshort	−0.0060%	4h	2.6549	−0.011%	$770K	$533K	50x
Reya MORPHORUSDPERP	−0.0004%	1h	2.6555	+0.012%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0054%	4h	2.6539	−0.049%	$5.5M	$961K	100x	as long as short
Aster MORPHOUSDT	+0.0056%	4h	2.6544	−0.029%	$58K	$30K	20x	as long as short
Extended MORPHO-USD	+0.0056%	1h	2.6517	−0.133%	$103K	$298K	10x	as long as short
Binance MORPHOUSDT	+0.0056%	4h	2.6515	−0.139%	$16.1M	$26.0M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6592	+0.149%	$317K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6519	−0.125%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6623	+0.267%	$6.3M	$7.0M	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6520	−0.121%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6545	−0.026%	$594K	$267K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6547	−0.019%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6525	−0.102%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6550	−0.008%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6582	+0.113%	$1K	—	100x	as long as short