Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0325%/8h= +35.6% APRpaid last 24h −0.057%

Price spread now: Gate against Injective+0.593%99s7-day average −1.128% · you sell dearer than you buy

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

Long on Injective Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−1.377%−$138 on $10k

Price spread, last 3 days (all we have)−1.709%−$171 · spread now +0.593%, 7d avg −1.128%

Together, before fees−3.086%−$309 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Gate is 1.721% dearer against Injective than usual: you sell high and buy low: +$172 more if the spread goes back to its 7-day average of −1.128%. Mind the row above: over the last 7 days funding on this pair cost −1.377%, so the current rate has only just turned in your favour. The two prices were read 99 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	2.6460	−0.0385	get 0.0048% / 1h	19m 32s	$37	$161K	5.5x
Short	Gate MORPHO_USDT	2.6617	−0.0060	pay 0.0030% / 4h	2h 19m	$763K	$523K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.593%Rate

Funding earned: $68.18
Price spread: +0.593% → −1.128%: $172.14
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $225.3
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Gate: live order book, 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 Injective no order-book sample	—	—	—	—	—
Sell Gate live order book, 2 min ago	7.33 bp	48.4 bp −$48	doesn't fit	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	−0.2052%	1h	2.6561	+0.383%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1326%	1h	2.6616	+0.590%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.6587	+0.480%	$874	$12K	5x	as long as short
Injective MORPHO/USDC PERPlong	−0.0385%	1h	2.6460	long leg	$37	$161K	5.5x
Polymarket Perps MORPHO-USD	−0.0381%	1h	2.6620	+0.605%	$26K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0350%	4h	2.6583	+0.464%	$30K	$154K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.593%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6618	+0.597%	$646K	$223K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0170%	4h	2.6617	+0.593%	$10K	$34K	10x	as long as short
Gate MORPHO_USDTshort	−0.0060%	4h	2.6617	+0.593%	$763K	$523K	50x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit MORPHOUSDT	−0.0036%	4h	2.6626	+0.627%	$8.7M	$10.1M	25x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6606	+0.552%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6628	+0.636%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6658	+0.746%	$318K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6610	+0.567%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6665	+0.775%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6632	+0.651%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6612	+0.574%	$16.3M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6640	+0.680%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6606	+0.552%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6627	+0.631%	$624K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6611	+0.571%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6636	+0.665%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6639	+0.675%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6617	+0.593%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6610	+0.566%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6643	+0.691%	$1K	—	100x	as long as short