Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0541%/8h= −59.2% APRpaid last 24h +0.016%

Price spread now: Bybit against Injective−2.005%108s7-day average −1.017% · you buy dearer than you sell

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

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.843%−$84 on $10k

Price spread, last 4 days (all we have)+3.227%+$323 · spread now −2.005%, 7d avg −1.017%

Together, before fees+2.384%+$238 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Bybit is 0.989% cheaper against Injective than usual: you would sell low and buy high (−$99 if the spread goes back to its 7-day average of −1.017%). Swap the legs. The two prices were read 108 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	0.0033	pay 0.0004% / 1h	43m 32s	$37	$242K	5.5x
Short	Bybit MORPHOUSDT	2.5900	−0.0507	pay 0.0254% / 4h	43m 32s	$7.9M	$8.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −2.005%Rate

Funding earned: −$113.51
Price spread: −2.005% → −1.017%: −$98.85
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$223.39
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: 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 Bybit live order book, 5 min ago	1.93 bp	20.9 bp −$21	75.6 bp −$756	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
Deribit MORPHO_USDC-PERPETUAL	−0.1678%	1h	2.5890	−2.043%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.1472%	1h	2.5805	−2.365%	$848	$9K	5x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1233%	1h	2.5863	−2.146%	$84K	$133K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0598%	4h	2.5896	−2.020%	$30K	$134K	10x	as long as short
Bybit MORPHOUSDTshort	−0.0507%	4h	2.5900	−2.005%	$7.9M	$8.7M	25x
Coinbase International MORPHO-PERP-INTX	−0.0496%	1h	2.5758	−2.543%	$71K	$36K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0417%	1h	2.5898	−2.013%	$24K	$1.4M	5x	as long as short
Variational Omni MORPHO	−0.0208%	4h	2.5930	−1.892%	$618K	$676K	—	as long as short
Phoenix MORPHO	−0.0185%	1h	2.5962	−1.771%	$33K	$336K	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0180%	4h	2.5890	−2.043%	$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	−0.0072%	4h	2.5918	−1.937%	$759K	$502K	50x	as long as short
Binance MORPHOUSDT	−0.0025%	4h	2.5881	−2.077%	$15.6M	$24.5M	75x	as long as short
BloFin MORPHO-USDT	−0.0024%	4h	2.5878	−2.089%	$633K	$240K	20x	as long as short
Extended MORPHO-USD	−0.0016%	1h	2.5873	−2.108%	$99K	$342K	10x	as long as short
MEXC MORPHO_USDT	−0.0016%	4h	2.5873	−2.107%	$6.3M	$903K	100x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5887	−2.054%	$16	—	10x	as long as short
Injective MORPHO/USDC PERPlong	+0.0033%	1h	2.6430	long leg	$37	$242K	5.5x
Lighter MORPHO	+0.0096%	1h	2.5882	−2.075%	$311K	$287K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5864	−2.142%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5923	−1.917%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5928	−1.899%	$55K	$45K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5905	−1.986%	$3.2M	$4.2M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5924	−1.914%	$591K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5880	−2.081%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5893	−2.032%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5887	−2.054%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.5929	−1.895%	$1K	—	100x	as long as short