Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1140%/8h= +124.8% APRpaid last 24h +0.248%

Price spread now: Variational Omni against Deribit−0.351%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.351% cheaper against Deribit than usual: you would sell low and buy high (spread −0.351% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$35 on $10k: about 25 hours of funding at the current rate (+$34 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MORPHO_USDC-PERPETUAL	2.6327	−0.1040	get 0.0130% / 1h	21m 11s	$11K	$759	10x
Short	Variational Omni MORPHO	2.6235	0.0100	get 0.0050% / 4h	1h 21m	$625K	$902K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.351%Rate

Funding earned: $239.35
Price spread: −0.351% → 0.000%: −$35.09
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $197.27
Costs to cover: 0.070%
Break-even: 1.2 days

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 48 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 48 min ago	4.63 bp	doesn't fit	63.1 bp −$631	doesn't fit	doesn't fit

Deribit: 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	−0.1667%	1h	2.6292	−0.134%	$82K	$127K	20x	as long as short
Deribit MORPHO_USDC-PERPETUALlong	−0.1040%	1h	2.6327	long leg	$11K	$759	10x
01 Exchange MORPHOUSD	−0.0664%	1h	2.6319	−0.030%	$865	$9K	5x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6319	−0.030%	$639K	$244K	20x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0192%	1h	2.6345	+0.068%	$75K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0157%	4h	2.6327	0.000%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0148%	1h	2.6343	+0.061%	$25K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0130%	4h	2.6293	−0.130%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6338	+0.043%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6188	−0.528%	$43K	$392K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.391%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0044%	4h	2.6339	+0.046%	$758K	$504K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6353	+0.098%	$316K	$308K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6349	+0.085%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6371	+0.167%	$6.2M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6347	+0.075%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6324	−0.011%	$15.9M	$25.3M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6349	+0.084%	$8.3M	$9.3M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6344	+0.065%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6321	−0.023%	$5.8M	$841K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6350	+0.087%	$598K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6326	−0.004%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6331	+0.015%	—	$1.4M	—	as long as short
Variational Omni MORPHOshort	+0.0100%	4h	2.6235	−0.351%	$625K	$902K	—
SoDEX MORPHO-USD	+0.0100%	1h	2.6318	−0.034%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6318	−0.035%	$101K	$353K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6349	+0.084%	$1K	—	100x	as long as short