Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.048%
Price spread now: Injective against BingX+0.793%102s7-day average +1.018% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.920%+$92 on $10k
+Price spread, last 4 days (all we have)+0.218%+$22 · spread now +0.793%, 7d avg +1.018%
=Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.225% cheaper against BingX than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of +1.018%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.920%, so the current rate has only just turned against you. The two prices were read 102 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 | BingX MORPHO-USDT | 2.6222 | 0.0100 | pay 0.0050% / 4h | 31m 38s | — | $1.4M | — |
| Short | Injective MORPHO/USDC PERP | 2.6430 | 0.0033 | get 0.0004% / 1h | 31m 38s | $37 | $242K | 5.5x |
BingX MORPHO-USDT
Injective MORPHO/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against BingX. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$14
- Price spread: +0.793% → +1.018%
- −$22.52
- Slippage, 4 orders
- no order book: not counted
- Fee BingX: 5 bp × 2 orders
- −$10
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$46.54
- Costs to cover
- 0.100%
- Break-even
- never at this rate
Slippage unknown: BingX: live order book, 15 min ago; Injective: 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 BingX live order book, 15 min ago | 2.50 bp | 15.0 bp −$15 | 34.9 bp −$349 | 370.6 bp −$37.1K | 696.7 bp −$348.4K |
| Sell Injective no order-book sample | — | — | — | — | — |
Injective: 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 | −0.1655% | 1h | 2.6185 | −0.141% | $81K | $128K | 20x | as long as short |
| 01 Exchange MORPHOUSD | −0.1024% | 1h | 2.6179 | −0.164% | $860 | $9K | 5x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0703% | 1h | 2.6202 | −0.076% | $11K | $969 | 10x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0286% | 4h | 2.6069 | −0.584% | $34K | $140K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0239% | 1h | 2.6221 | −0.004% | $25K | $1.7M | 5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0224% | 1h | 2.6168 | −0.206% | $75K | $42K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6190 | −0.122% | $637K | $242K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0149% | 4h | 2.6191 | −0.118% | $10K | $34K | 10x | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.6203 | −0.071% | $16 | — | 10x | as long as short |
| Phoenix MORPHO | 0.0000% | 1h | 2.6024 | −0.755% | $43K | $370K | 5x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
GRVT MORPHO_USDT_Perp
Polymarket Perps MORPHO-USD
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Reya MORPHORUSDPERP
Phoenix MORPHOShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | +0.0018% | 4h | 2.6230 | +0.031% | $767K | $482K | 50x | as long as short |
| Injective MORPHO/USDC PERPshort | +0.0033% | 1h | 2.6430 | +0.793% | $37 | $242K | 5.5x | |
| Lighter MORPHO | +0.0096% | 1h | 2.6225 | +0.011% | $315K | $309K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6225 | +0.013% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6263 | +0.156% | $6.1M | $6.9M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6243 | +0.079% | $58K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6215 | −0.027% | $15.9M | $25.1M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6238 | +0.061% | $8.2M | $9.0M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6223 | +0.004% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6225 | +0.011% | $5.9M | $813K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6235 | +0.050% | $598K | $252K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6211 | −0.042% | $2.8M | $1.7M | 75x | as long as short |
| BingX MORPHO-USDTlong | +0.0100% | 4h | 2.6222 | long leg | — | $1.4M | — | |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6015 | −0.788% | $621K | $815K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6195 | −0.103% | $21K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6217 | −0.020% | $100K | $348K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6225 | +0.013% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
Bybit MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]