MORPHO: Bybit → Lighter

Long on the venue with the lower rate, short on the venue with the higher one. Income comes from the rate difference; price exposure cancels out.

Spread

+123%

APR right now

Price gap

+0.110%

between legs

Average spread

+102%

over 24h from our own samples

Over 7 days

+102%

samples: 102

BybitLONG

Bid / ask2.652 / 2.654

Mark price2.654

Volume 24h$9.23M

Open interest$8.40M

Rate-0.0180%

APR-39%

Interval / next payout4h / 11m

Bybit

LighterSHORT

Bid / ask— / —

Mark price2.6569

Volume 24h$330.94K

Open interest$316.34K

Rate+0.0096%

APR+84%

Interval / next payout1h / 11m

Lighter

Spread from our samples

spread over the period: from 0% to 155% APR, 102 samples

The rate can flip at any moment, and then the position starts costing money. Size is limited by the weaker leg, and entry and exit both pay fees on two venues. Not financial advice.