Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.048%

Price spread now: Bitget against Injective−1.124%7-day average −1.053% · you buy dearer than you sell

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

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.957%−$96 on $10k

Price spread, last 4 days (all we have)+0.132%+$13 · spread now −1.124%, 7d avg −1.053%

Together, before fees−0.825%−$83 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.070% cheaper against Injective than usual: you would sell low and buy high (spread −1.124% now, against its 7-day average of −1.053%). If the spread goes back, that is −$7 on $10k: about 3.5 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.957%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MORPHO/USDC PERP	2.6430	0.0033	pay 0.0004% / 1h	57m 17s	$37	$242K	5.5x
Short	Bitget MORPHOUSDT	2.6133	0.0100	get 0.0050% / 4h	57m 17s	$2.8M	$1.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −1.124%Rate

Funding earned: $14
Price spread: −1.124% → −1.053%: −$7.03
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$5.05
Costs to cover: 0.120%
Break-even: 9.5 days

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 5 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 Bitget live order book, 5 min ago	4.03 bp	27.9 bp −$28	75.7 bp −$757	doesn't fit	doesn't fit

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	−0.1663%	1h	2.6056	−1.416%	$81K	$128K	20x	as long as short
01 Exchange MORPHOUSD	−0.1016%	1h	2.5970	−1.740%	$853	$9K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0937%	1h	2.6094	−1.271%	$11K	$759	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0230%	4h	2.6073	−1.350%	$32K	$142K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6084	−1.309%	$75K	$42K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6022	−1.544%	$638K	$240K	20x	as long as short
Polymarket Perps MORPHO-USD	−0.0171%	1h	2.6076	−1.339%	$25K	$1.7M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0157%	4h	2.6089	−1.290%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6071	−1.360%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6083	−1.313%	$43K	$370K	5x	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	+0.0012%	4h	2.6038	−1.483%	$753K	$477K	50x	as long as short
Injective MORPHO/USDC PERPlong	+0.0033%	1h	2.6430	long leg	$37	$242K	5.5x
Lighter MORPHO	+0.0096%	1h	2.6128	−1.142%	$314K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6022	−1.542%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6119	−1.176%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6079	−1.328%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6087	−1.298%	$15.7M	$25.3M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6099	−1.252%	$8.2M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6136	−1.112%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6098	−1.256%	$5.8M	$788K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6067	−1.373%	$592K	$251K	50x	as long as short
Bitget MORPHOUSDTshort	+0.0100%	4h	2.6133	−1.124%	$2.8M	$1.8M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.6057	−1.411%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6085	−1.307%	$622K	$847K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6095	−1.267%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6080	−1.326%	$100K	$350K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6100	−1.249%	$1K	—	100x	as long as short