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: BingX against Injective−0.083%117s7-day average −1.078% · you buy dearer than you sell

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

Long on Injective Short on BingX

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)−1.017%−$102 · spread now −0.083%, 7d avg −1.078%

Together, before fees−2.135%−$213 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and BingX is 0.995% dearer against Injective than usual: you sell high and buy low: +$100 more if the spread goes back to its 7-day average of −1.078%. Mind the row above: over the last 7 days funding on this pair cost −1.118%, so the current rate has only just turned in your favour. The two prices were read 117 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	Injective MORPHO/USDC PERP	2.6430	−0.0337	get 0.0042% / 1h	15m 28s	$37	$242K	5.5x
Short	BingX MORPHO-USDT	2.6408	0.0100	get 0.0050% / 4h	1h 15m	—	$1.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Injective. 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 InjectivebpFee BingXbpOrdersPrice spread, now −0.083%Rate

Funding earned: $91.79
Price spread: −0.083% → −1.078%: $99.52
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: $181.29
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BingX: live order book, 6 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 Injective no order-book sample	—	—	—	—	—
Sell BingX live order book, 6 min ago	2.65 bp	16.9 bp −$17	34.3 bp −$343	204.5 bp −$20.5K	559.6 bp −$279.8K

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	−0.1856%	1h	2.6439	+0.032%	$81K	$151K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1374%	1h	2.6440	+0.038%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.1168%	1h	2.6366	−0.242%	$866	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0703%	1h	2.6425	−0.019%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0564%	4h	2.6426	−0.015%	$29K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0484%	4h	2.6410	−0.076%	$8.4M	$9.3M	25x	as long as short
Injective MORPHO/USDC PERPlong	−0.0337%	1h	2.6430	long leg	$37	$242K	5.5x
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6413	−0.064%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0197%	4h	2.6420	−0.038%	$638K	$247K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6409	−0.079%	$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	−0.0146%	4h	2.6422	−0.030%	$767K	$533K	50x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6474	+0.166%	$43K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0076%	4h	2.6437	+0.025%	$627K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6412	−0.068%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0038%	4h	2.6422	−0.030%	$5.4M	$1.1M	100x	as long as short
Binance MORPHOUSDT	+0.0038%	4h	2.6401	−0.110%	$16.1M	$25.8M	75x	as long as short
Extended MORPHO-USD	+0.0040%	1h	2.6423	−0.025%	$103K	$301K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6462	+0.120%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6415	−0.056%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6483	+0.201%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6442	+0.045%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6415	−0.057%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6444	+0.053%	$591K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6411	−0.072%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDTshort	+0.0100%	4h	2.6408	−0.083%	—	$1.5M	—
SoDEX MORPHO-USD	+0.0100%	1h	2.6445	+0.057%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −0.3377%	1h	2.6449	+0.073%	$1K	—	100x	as long as short