Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0437%/8h= −47.9% APRpaid last 24h −0.035%

Price spread now: Injective against Bitget0.000%51s7-day average +1.116% · you sell dearer than you buy

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

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.118%+$112 on $10k

Price spread, last 3 days (all we have)+1.169%+$117 · spread now 0.000%, 7d avg +1.116%

Together, before fees+2.287%+$229 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Injective is 1.116% cheaper against Bitget than usual: you would sell low and buy high (−$112 if the spread goes back to its 7-day average of +1.116%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.118%, so the current rate has only just turned against you. The two prices were read 51 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	Bitget MORPHOUSDT	2.6430	0.0100	pay 0.0050% / 4h	1h 02m	$2.9M	$1.9M	75x
Short	Injective MORPHO/USDC PERP	2.6430	−0.0337	pay 0.0042% / 1h	2m 23s	$37	$242K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now 0.000%Rate

Funding earned: −$91.79
Price spread: 0.000% → +1.116%: −$111.62
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$215.43
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, just now; 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 Bitget live order book, just now	3.97 bp	24.7 bp −$25	76.5 bp −$765	doesn't fit	doesn't fit
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	−0.1859%	1h	2.6407	−0.089%	$81K	$152K	20x	as long as short
01 Exchange MORPHOUSD	−0.1168%	1h	2.6364	−0.250%	$866	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0922%	1h	2.6419	−0.042%	$11K	$812	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0676%	1h	2.6424	−0.023%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0576%	4h	2.6390	−0.152%	$29K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0419%	4h	2.6422	−0.030%	$8.4M	$9.3M	25x	as long as short
Injective MORPHO/USDC PERPshort	−0.0337%	1h	2.6430	0.000%	$37	$242K	5.5x
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6469	+0.148%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0224%	4h	2.6420	−0.038%	$640K	$249K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0145%	4h	2.6417	−0.049%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0120%	4h	2.6438	+0.030%	$768K	$534K	50x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6435	+0.019%	$43K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0080%	4h	2.6401	−0.108%	$627K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6423	−0.026%	$16	—	10x	as long as short
Extended MORPHO-USD	+0.0016%	1h	2.6425	−0.020%	$103K	$301K	10x	as long as short
Binance MORPHOUSDT	+0.0016%	4h	2.6418	−0.047%	$16.1M	$25.8M	75x	as long as short
MEXC MORPHO_USDT	+0.0016%	4h	2.6417	−0.049%	$5.4M	$1.1M	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6465	+0.134%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6419	−0.041%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6487	+0.216%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6429	−0.005%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6424	−0.023%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6454	+0.091%	$591K	$269K	50x	as long as short
Bitget MORPHOUSDTlong	+0.0100%	4h	2.6430	long leg	$2.9M	$1.9M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.6424	−0.023%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6415	−0.057%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −0.3373%	1h	2.6447	+0.065%	$1K	—	100x	as long as short