Funding arb · Price arb /

MORPHO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0485%/8h= −53.1% APRpaid last 24h −0.024%

Price spread now: Injective against MEXC+1.199%70s7-day average +1.121% · you sell dearer than you buy

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

Long on MEXC Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.196%+$120 on $10k

Price spread, last 3 days (all we have)−0.219%−$22 · spread now +1.199%, 7d avg +1.121%

Together, before fees+0.977%+$98 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.077% dearer against MEXC than usual: you sell high and buy low (spread +1.199% now, against its 7-day average of +1.121%): +$8 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 13 hours. Mind the row above: over the last 7 days funding on this pair paid +1.196%, so the current rate has only just turned against you. The two prices were read 70 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	MEXC MORPHO_USDT	2.6700	0.0100	pay 0.0050% / 4h	2h 58m	$5.4M	$1.1M	100x
Short	Injective MORPHO/USDC PERP	2.7020	−0.0385	pay 0.0048% / 1h	58m 09s	$38	$123K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against MEXC. 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 MEXCbpFee InjectivebpOrdersPrice spread, now +1.199%Rate

Funding earned: −$101.78
Price spread: +1.199% → +1.121%: $7.74
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$98.06
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: MEXC: live order book, 4 min ago; Injective: no order-book sample. 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 MEXC live order book, 4 min ago	0.93 bp	6.4 bp −$6	47.0 bp −$470	200.9 bp −$20.1K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	−0.2043%	1h	2.6680	−0.075%	$84K	$152K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1358%	1h	2.6703	+0.011%	$10K	$623	10x	as long as short
01 Exchange MORPHOUSD	−0.1096%	1h	2.6676	−0.090%	$877	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0514%	4h	2.6774	+0.276%	$41K	$151K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0514%	1h	2.6743	+0.161%	$25K	$2.0M	5x	as long as short
Injective MORPHO/USDC PERPshort	−0.0385%	1h	2.7020	+1.199%	$38	$123K	5.5x
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6813	+0.423%	$77K	$46K	25x	as long as short
Bybit MORPHOUSDT	−0.0278%	4h	2.6718	+0.067%	$8.8M	$10.2M	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6776	+0.285%	$654K	$206K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0200%	4h	2.6707	+0.026%	$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	−0.0182%	4h	2.6748	+0.180%	$764K	$517K	50x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6743	+0.162%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0059%	1h	2.6824	+0.464%	$34K	$470K	5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6786	+0.322%	$319K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6740	+0.148%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6737	+0.139%	$6.4M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6762	+0.233%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6674	−0.098%	$16.4M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6706	+0.022%	$3.2M	$4.6M	20x	as long as short
MEXC MORPHO_USDTlong	+0.0100%	4h	2.6700	long leg	$5.4M	$1.1M	100x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6762	+0.232%	$603K	$270K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6737	+0.139%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6715	+0.056%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6815	+0.432%	$651K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6701	+0.004%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6707	+0.027%	$104K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0193% / S −16.5420%	1h	2.6761	+0.227%	$1K	—	100x	as long as short