Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h +0.015%

Price spread now: Orderly against Polymarket Perps−0.072%7-day average — · you buy dearer than you sell

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

Long on Polymarket Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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 −$1 a day on $10k at the current rate, and Orderly is 0.072% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$7 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	Polymarket Perps MORPHO-USD	2.6226	−0.0124	get 0.0015% / 1h	35m 11s	$25K	$1.8M	5x
Short	Orderly PERP_MORPHO_USDC	2.6207	−0.0157	pay 0.0078% / 4h	1h 35m	$10K	$34K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Polymarket Perps. 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 Polymarket PerpsbpFee OrderlybpOrdersPrice spread, now −0.072%Rate

Funding earned: −$6.88
Price spread: −0.072% → 0.000%: −$7.24
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$28.12
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 3 min ago; Orderly: 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 Polymarket Perps live order book, 3 min ago	3.45 bp	7.7 bp −$8	9.0 bp −$90	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.1674%	1h	2.6179	−0.179%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0969%	1h	2.6215	−0.042%	$11K	$955	10x	as long as short
01 Exchange MORPHOUSD	−0.0592%	1h	2.6161	−0.248%	$860	$9K	5x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6197	−0.111%	$637K	$242K	20x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0192%	1h	2.6195	−0.118%	$75K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDCshort	−0.0157%	4h	2.6207	−0.072%	$10K	$34K	10x
Polymarket Perps MORPHO-USDlong	−0.0124%	1h	2.6226	long leg	$25K	$1.8M	5x
GRVT MORPHO_USDT_Perp	−0.0120%	4h	2.6151	−0.287%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6223	−0.013%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6153	−0.278%	$43K	$392K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.778%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0052%	4h	2.6216	−0.038%	$755K	$504K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6244	+0.067%	$314K	$308K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6208	−0.067%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6259	+0.126%	$6.2M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6213	−0.051%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6212	−0.052%	$15.8M	$25.7M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6229	+0.011%	$8.3M	$9.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6241	+0.057%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6211	−0.057%	$5.8M	$840K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6233	+0.027%	$597K	$252K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6209	−0.065%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6203	−0.088%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6220	−0.023%	$625K	$907K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6218	−0.031%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6199	−0.104%	$100K	$353K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6242	+0.060%	$1K	—	100x	as long as short