MORPHO arbitrage explained
Right now Morpho (MORPHO) trades on 10 venues we scan: 10 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Gate perp at $2.57 and the highest bid on Bybit spot at $2.58.
The widest MORPHO perpetual spread is between Gate and Hyperliquid: long MORPHO on Gate at $2.57 and short on Hyperliquid at $2.58 for +0.18% gross, or +0.02% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is +0.076% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best MORPHO route is to buy spot on OKX and short the perpetual on Hyperliquid: +0.03% gross, -0.17% net, with +0.030% a day of funding on the short leg.
Spot–spot MORPHO arbitrage (buy on OKX, withdraw, deposit and sell on Bybit) shows +0.04% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small MORPHO gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: MORPHO funding rates · MORPHO spread charts · Morpho price · arbitrage scanner for all coins.