Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0051%/8h= −5.5% APRpaid last 24h +0.013%

Price spread now: Injective against GRVT−0.011%7-day average +1.911% · you buy dearer than you sell

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

Long on GRVT Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.536%+$154 on $10k

Price spread, last 3 days (all we have)+1.239%+$124 · spread now −0.011%, 7d avg +1.911%

Together, before fees+2.775%+ Points / potential airdropGRVT: Active · farm board+$278 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 1.922% cheaper against GRVT than usual: you would sell low and buy high (−$192 if the spread goes back to its 7-day average of +1.911%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.536%, 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	GRVT MORPHO_USDT_Perp	2.6613	−0.0334	get 0.0167% / 4h	2h 16m	$30K	$154K	10x
Short	Injective MORPHO/USDC PERP	2.6610	−0.0385	pay 0.0048% / 1h	16m 44s	$37	$198K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GRVTbpFee InjectivebpOrdersPrice spread, now −0.011%Rate

Funding earned: −$10.64
Price spread: −0.011% → +1.911%: −$192.17
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$211.83
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 5 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 GRVT live order book, 5 min ago	1.50 bp	17.8 bp −$18	doesn't fit	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	−0.2050%	1h	2.6596	−0.065%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1476%	1h	2.6607	−0.022%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.6566	−0.176%	$873	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0387%	1h	2.6606	−0.026%	$26K	$1.8M	5x	as long as short
Injective MORPHO/USDC PERPshort	−0.0385%	1h	2.6610	−0.011%	$37	$198K	5.5x
GRVT MORPHO_USDT_Perplong	−0.0334%	4h	2.6613	long leg	$30K	$154K	10x
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.015%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6592	−0.079%	$644K	$223K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0170%	4h	2.6609	−0.015%	$10K	$34K	10x	as long as short
Bybit MORPHOUSDT	−0.0102%	4h	2.6593	−0.075%	$8.6M	$9.9M	25x	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	−0.0080%	4h	2.6609	−0.015%	$765K	$523K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6655	+0.158%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6608	−0.019%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6636	+0.087%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6575	−0.141%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6641	+0.106%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6610	−0.010%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6577	−0.136%	$16.3M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6608	−0.018%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6576	−0.139%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6632	+0.072%	$624K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6584	−0.109%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6614	+0.004%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6639	+0.096%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6600	−0.048%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6573	−0.150%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6635	+0.083%	$1K	—	100x	as long as short