Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0233%/8h= −25.5% APRpaid last 24h −0.041%

Price spread now: BloFin against Injective−1.143%7-day average −0.898% · you buy dearer than you sell

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

Long on Injective Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.592%−$59 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now −1.143%, 7d avg −0.898%

Together, before fees−0.543%−$54 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 BloFin is 0.244% cheaper against Injective than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.898%). Swap the legs.

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	43m 27s	$37	$242K	5.5x
Short	BloFin MORPHO-USDT	2.6128	−0.0200	pay 0.0100% / 4h	1h 43m	$638K	$242K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −1.143%Rate

Funding earned: −$49
Price spread: −1.143% → −0.898%: −$24.43
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$85.45
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 83 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 BloFin live order book, 83 min ago	3.94 bp	12.1 bp −$12	23.5 bp −$235	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	−0.1679%	1h	2.6104	−1.235%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1241%	1h	2.6120	−1.173%	$11K	$955	10x	as long as short
01 Exchange MORPHOUSD	−0.0560%	1h	2.6115	−1.192%	$858	$9K	5x	as long as short
BloFin MORPHO-USDTshort	−0.0200%	4h	2.6128	−1.143%	$638K	$242K	20x
Coinbase International MORPHO-PERP-INTX	−0.0192%	1h	2.6327	−0.390%	$75K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0158%	4h	2.6112	−1.203%	$10K	$34K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0120%	4h	2.6077	−1.336%	$32K	$142K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0074%	1h	2.6156	−1.037%	$25K	$1.8M	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6149	−1.062%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6097	−1.260%	$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 PERPlong	+0.0033%	1h	2.6430	long leg	$37	$242K	5.5x
Gate MORPHO_USDT	+0.0040%	4h	2.6155	−1.040%	$754K	$503K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6174	−0.970%	$314K	$308K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6170	−0.983%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6209	−0.836%	$6.1M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6137	−1.109%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6151	−1.055%	$15.8M	$25.7M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6149	−1.063%	$8.3M	$9.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6177	−0.957%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6158	−1.029%	$5.8M	$840K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6155	−1.040%	$595K	$254K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6152	−1.052%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6151	−1.056%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6105	−1.228%	$622K	$907K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6117	−1.184%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6143	−1.085%	$101K	$350K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6132	−1.126%	$1K	—	100x	as long as short