Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.045%

Price spread now: OKX against Injective−0.696%78s7-day average −1.022% · you buy dearer than you sell

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

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.001%−$100 on $10k

Price spread, last 3 days (all we have)+1.895%+$189 · spread now −0.696%, 7d avg −1.022%

Together, before fees+0.894%+$89 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and OKX is 0.326% dearer against Injective than usual: you sell high and buy low: +$33 more if the spread goes back to its 7-day average of −1.022%. Mind the row above: over the last 7 days funding on this pair cost −1.001%, so the current rate has only just turned in your favour. The two prices were read 78 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	32m 02s	$37	$242K	5.5x
Short	OKX MORPHO-USDT-SWAP	2.6246	0.0100	get 0.0050% / 4h	2h 32m	$3.2M	$4.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.696%Rate

Funding earned: $14
Price spread: −0.696% → −1.022%: $32.59
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: $36.57
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; OKX: live order book, just now. 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 OKX live order book, just now	2.10 bp	17.6 bp −$18	91.2 bp −$912	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 26 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	−0.1910%	1h	2.6233	−0.744%	$80K	$128K	20x	as long as short
01 Exchange MORPHOUSD	−0.0520%	1h	2.6252	−0.673%	$863	$11K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0321%	1h	2.6260	−0.643%	$11K	$785	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0232%	1h	2.6299	−0.496%	$75K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0149%	4h	2.6239	−0.723%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0139%	1h	2.6255	−0.662%	$25K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0072%	4h	2.6212	−0.826%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6259	−0.646%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0030%	1h	2.6271	−0.602%	$43K	$426K	5x	as long as short
Injective MORPHO/USDC PERPlong	+0.0033%	1h	2.6430	long leg	$37	$242K	5.5x

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	+0.0056%	4h	2.6260	−0.643%	$766K	$504K	50x	as long as short
Variational Omni MORPHO	+0.0070%	4h	2.6236	−0.734%	$624K	$920K	—	as long as short
Lighter MORPHO	+0.0096%	1h	2.6283	−0.557%	$315K	$319K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6266	−0.620%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6279	−0.571%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6253	−0.670%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6220	−0.795%	$15.8M	$25.3M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6240	−0.719%	$8.3M	$9.3M	25x	as long as short
OKX MORPHO-USDT-SWAPshort	+0.0100%	4h	2.6246	−0.696%	$3.2M	$4.3M	20x
MEXC MORPHO_USDT	+0.0100%	4h	2.6225	−0.776%	$5.5M	$886K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6241	−0.715%	$596K	$255K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6234	−0.742%	$2.9M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6232	−0.749%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6250	−0.681%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6217	−0.805%	$101K	$360K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6261	−0.640%	$1K	—	100x	as long as short