Funding arb · Price arb /

MORPHO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0297%/8h= +32.6% APRpaid last 24h +0.035%

Price spread now: Variational Omni against Injective+0.178%106s7-day average −1.081% · you sell dearer than you buy

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.027%+$3 on $10k

Price spread, last 3 days (all we have)−1.398%−$140 · spread now +0.178%, 7d avg −1.081%

Together, before fees−1.372%+ Points / potential airdropVariational Omni: Active · farm board−$137 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Variational Omni is 1.258% dearer against Injective than usual: you sell high and buy low: +$126 more if the spread goes back to its 7-day average of −1.081%. The two prices were read 106 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.027% in total (about 3.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MORPHO/USDC PERP	2.6430	−0.0337	get 0.0042% / 1h	39m 24s	$37	$242K	5.5x
Short	Variational Omni MORPHO	2.6477	−0.0040	pay 0.0020% / 4h	1h 39m	$629K	$1.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.178%Rate

Funding earned: $62.45
Price spread: +0.178% → −1.081%: $125.82
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $188.25
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 5 min ago	6.49 bp	doesn't fit	66.2 bp −$662	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	−0.1855%	1h	2.6453	+0.086%	$83K	$150K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1184%	1h	2.6453	+0.087%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1152%	1h	2.6352	−0.295%	$866	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0639%	1h	2.6422	−0.030%	$26K	$1.7M	5x	as long as short
Bybit MORPHOUSDT	−0.0611%	4h	2.6436	+0.023%	$8.5M	$9.4M	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0576%	4h	2.6444	+0.054%	$29K	$146K	10x	as long as short
Injective MORPHO/USDC PERPlong	−0.0337%	1h	2.6430	long leg	$37	$242K	5.5x
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6427	−0.011%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0172%	4h	2.6465	+0.132%	$641K	$245K	20x	as long as short
Gate MORPHO_USDT	−0.0162%	4h	2.6475	+0.170%	$771K	$530K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0154%	4h	2.6442	+0.045%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6514	+0.318%	$34K	$484K	5x	as long as short
Variational Omni MORPHOshort	−0.0040%	4h	2.6477	+0.178%	$629K	$1.2M	—
Reya MORPHORUSDPERP	−0.0004%	1h	2.6430	−0.001%	$16	—	10x	as long as short
Binance MORPHOUSDT	+0.0079%	4h	2.6421	−0.035%	$16.1M	$26.0M	75x	as long as short
Extended MORPHO-USD	+0.0080%	1h	2.6421	−0.034%	$103K	$301K	10x	as long as short
MEXC MORPHO_USDT	+0.0082%	4h	2.6420	−0.038%	$5.2M	$1.1M	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6471	+0.155%	$315K	$333K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6415	−0.058%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6490	+0.227%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6465	+0.134%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6430	0.000%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6454	+0.091%	$618K	$263K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6452	+0.083%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6437	+0.026%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6449	+0.072%	$22K	$3K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6468	+0.145%	$1K	—	100x	as long as short