MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0345%/8h= −37.8% APRnext payment −$0.43 per $10,000 · paid last 24h −0.040%

Price spread now: Polymarket Perps against Injective−1.593%51s7-day average −1.015% · you buy dearer than you sell

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

Long on Injective Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−1.074%−$107 on $10k

Price spread, last 4 days (all we have)+1.615%+$161 · spread now −1.593%, 7d avg −1.015%

Together, before fees+0.541%+$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Polymarket Perps is 0.578% cheaper against Injective than usual: you would sell low and buy high (−$58 if the spread goes back to its 7-day average of −1.015%). Swap the legs. The two prices were read 51 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	8m 08s	$37	$242K	5.5x
Short	Polymarket Perps MORPHO-USD	2.6009	−0.0312	pay 0.0039% / 1h	8m 08s	$28K	$1.4M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −1.593%Rate

Funding earned: −$72.49
Price spread: −1.593% → −1.015%: −$57.76
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$138.27
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Polymarket Perps: 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 Polymarket Perps live order book, 5 min ago	1.92 bp	7.1 bp −$7	7.9 bp −$79	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	−0.1401%	1h	2.5996	−1.642%	$11K	$2K	10x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1372%	1h	2.6002	−1.620%	$84K	$135K	20x	as long as short
01 Exchange MORPHOUSD	−0.1168%	1h	2.5904	−1.990%	$851	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0478%	4h	2.5987	−1.676%	$30K	$134K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0432%	1h	2.6011	−1.585%	$72K	$38K	25x	as long as short
Bybit MORPHOUSDT	−0.0328%	4h	2.6007	−1.600%	$7.9M	$8.6M	25x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0312%	1h	2.6009	−1.593%	$28K	$1.4M	5x
BloFin MORPHO-USDT	−0.0236%	4h	2.5983	−1.691%	$637K	$241K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0155%	4h	2.5998	−1.635%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0092%	1h	2.6022	−1.544%	$33K	$339K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MORPHO	−0.0050%	4h	2.5995	−1.645%	$619K	$677K	—	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6009	−1.592%	$16	—	10x	as long as short
Gate MORPHO_USDT	+0.0026%	4h	2.6023	−1.540%	$763K	$512K	50x	as long as short
Injective MORPHO/USDC PERPlong	+0.0033%	1h	2.6430	long leg	$37	$242K	5.5x
Binance MORPHOUSDT	+0.0070%	4h	2.5993	−1.653%	$15.8M	$24.4M	75x	as long as short
Extended MORPHO-USD	+0.0072%	1h	2.5982	−1.694%	$99K	$345K	10x	as long as short
MEXC MORPHO_USDT	+0.0076%	4h	2.5995	−1.646%	$6.3M	$904K	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6040	−1.477%	$313K	$294K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5967	−1.752%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6046	−1.453%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6022	−1.544%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6014	−1.574%	$3.2M	$4.2M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6043	−1.464%	$590K	$260K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6007	−1.600%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6012	−1.582%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6007	−1.600%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6031	−1.510%	$1K	—	100x	as long as short