Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.017%
Price spread now: Injective against Bybit+1.059%7-day average +0.985% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+1.021%+$102 on $10k
+Price spread, last 4 days (all we have)−0.189%−$19 · spread now +1.059%, 7d avg +0.985%
=The price spread pays, funding is against you. Injective is 0.074% dearer against Bybit than usual: you sell high and buy low (spread +1.059% now, against its 7-day average of +0.985%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.7 days. Mind the row above: over the last 7 days funding on this pair paid +1.021%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit MORPHOUSDT | 2.6153 | 0.0100 | pay 0.0050% / 4h | 54m 49s | $8.2M | $9.2M | 25x |
| Short | Injective MORPHO/USDC PERP | 2.6430 | 0.0033 | get 0.0004% / 1h | 54m 49s | $37 | $242K | 5.5x |
Bybit MORPHOUSDT
Injective MORPHO/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Bybit. 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: +1.059% → +0.985%
- $7.44
- Slippage, 4 orders
- no order book: not counted
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$17.58
- Costs to cover
- 0.110%
- Break-even
- never at this rate
Slippage unknown: Bybit: live order book, 3 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 Bybit live order book, 3 min ago | 1.92 bp | 23.4 bp −$23 | 73.3 bp −$733 | 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 | −0.1659% | 1h | 2.6118 | −0.135% | $81K | $128K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0935% | 1h | 2.6138 | −0.057% | $11K | $759 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0816% | 1h | 2.6110 | −0.164% | $858 | $9K | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0232% | 4h | 2.6112 | −0.157% | $32K | $142K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0224% | 1h | 2.6172 | +0.073% | $75K | $42K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6126 | −0.103% | $640K | $240K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0155% | 4h | 2.6127 | −0.099% | $10K | $34K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0112% | 1h | 2.6130 | −0.088% | $25K | $1.7M | 5x | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.6126 | −0.103% | $16 | — | 10x | as long as short |
| Phoenix MORPHO | 0.0000% | 1h | 2.6074 | −0.302% | $43K | $370K | 5x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Polymarket Perps MORPHO-USD
Reya MORPHORUSDPERP
Phoenix MORPHOShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | +0.0012% | 4h | 2.6156 | +0.011% | $757K | $478K | 50x | as long as short |
| Injective MORPHO/USDC PERPshort | +0.0033% | 1h | 2.6430 | +1.059% | $37 | $242K | 5.5x | |
| Lighter MORPHO | +0.0096% | 1h | 2.6180 | +0.102% | $314K | $309K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6140 | −0.050% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6188 | +0.134% | $6.1M | $6.9M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6144 | −0.036% | $57K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6135 | −0.068% | $15.8M | $25.3M | 75x | as long as short |
| Bybit MORPHOUSDTlong | +0.0100% | 4h | 2.6153 | long leg | $8.2M | $9.2M | 25x | |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6148 | −0.019% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6135 | −0.069% | $5.8M | $788K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6155 | +0.008% | $594K | $251K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6145 | −0.031% | $2.8M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6139 | −0.054% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6166 | +0.048% | $623K | $847K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6135 | −0.069% | $21K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6135 | −0.069% | $100K | $350K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6159 | +0.023% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]