Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0244%/8h= −26.7% APRpaid last 24h −0.029%

Price spread now: Variational Omni against Hyperliquid−0.356%7-day average −0.121% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.038%−$4 on $10k

Price spread, last 3 days (all we have)−0.070%−$7 · spread now −0.356%, 7d avg −0.121%

Together, before fees−0.108%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Variational Omni is 0.235% cheaper against Hyperliquid than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.121%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.038% in total (about -4.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MORPHO	2.6596	0.0100	pay 0.0013% / 1h	16m 36s	$6.3M	$7.0M	5x
Short	Variational Omni MORPHO	2.6501	−0.0144	pay 0.0072% / 4h	16m 36s	$630K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.356%Rate

Funding earned: −$51.25
Price spread: −0.356% → −0.121%: −$23.47
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$83.72
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 6 min ago; Variational Omni: RFQ quote, 2 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 Hyperliquid live order book, 6 min ago	1.32 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	6.49 bp	doesn't fit	64.9 bp −$649	doesn't fit	doesn't fit

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	−0.1755%	1h	2.6496	−0.375%	$81K	$143K	20x	as long as short
01 Exchange MORPHOUSD	−0.0856%	1h	2.6474	−0.459%	$870	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0730%	1h	2.6503	−0.350%	$11K	$812	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0490%	4h	2.6537	−0.221%	$41K	$145K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0464%	1h	2.6529	−0.252%	$28K	$1.7M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.624%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6555	−0.154%	$76K	$43K	25x	as long as short
Bybit MORPHOUSDT	−0.0347%	4h	2.6500	−0.361%	$8.4M	$9.2M	25x	as long as short
BloFin MORPHO-USDT	−0.0209%	4h	2.6538	−0.218%	$637K	$253K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0145%	4h	2.6494	−0.384%	$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
Variational Omni MORPHOshort	−0.0144%	4h	2.6501	−0.356%	$630K	$1.0M	—
Gate MORPHO_USDT	−0.0072%	4h	2.6524	−0.271%	$771K	$532K	50x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6556	−0.150%	$44K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6505	−0.342%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0030%	4h	2.6522	−0.278%	$5.5M	$961K	100x	as long as short
Extended MORPHO-USD	+0.0032%	1h	2.6515	−0.304%	$103K	$298K	10x	as long as short
Binance MORPHOUSDT	+0.0036%	4h	2.6522	−0.278%	$16.0M	$26.0M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6569	−0.100%	$316K	$331K	5x	as long as short
Aster MORPHOUSDT	+0.0097%	4h	2.6520	−0.287%	$58K	$30K	20x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6528	−0.256%	$5K	$3	5x	as long as short
Hyperliquid MORPHOlong	+0.0100%	1h	2.6596	long leg	$6.3M	$7.0M	5x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6514	−0.308%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6533	−0.237%	$594K	$268K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6531	−0.244%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6511	−0.320%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6516	−0.301%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6519	−0.291%	$1K	—	100x	as long as short