Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0485%/8h= −53.1% APRpaid last 24h −0.029%

Price spread now: Injective against OKX+0.038%58s7-day average +1.087% · you sell dearer than you buy

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

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.173%+$117 on $10k

Price spread, last 3 days (all we have)+0.952%+$95 · spread now +0.038%, 7d avg +1.087%

Together, before fees+2.126%+$213 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Injective is 1.049% cheaper against OKX than usual: you would sell low and buy high (−$105 if the spread goes back to its 7-day average of +1.087%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.173%, so the current rate has only just turned against you. The two prices were read 58 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	OKX MORPHO-USDT-SWAP	2.6600	0.0100	pay 0.0050% / 4h	2h 14m	$3.2M	$4.5M	20x
Short	Injective MORPHO/USDC PERP	2.6610	−0.0385	pay 0.0048% / 1h	14m 27s	$37	$198K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now +0.038%Rate

Funding earned: −$101.78
Price spread: +0.038% → +1.087%: −$104.91
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$216.71
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 3 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 OKX live order book, 3 min ago	2.63 bp	20.7 bp −$21	179.0 bp −$1,790	doesn't fit	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	−0.2052%	1h	2.6559	−0.153%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1253%	1h	2.6570	−0.113%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0856%	1h	2.6513	−0.327%	$871	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0399%	1h	2.6581	−0.071%	$26K	$1.8M	5x	as long as short
Injective MORPHO/USDC PERPshort	−0.0385%	1h	2.6610	+0.038%	$37	$198K	5.5x
GRVT MORPHO_USDT_Perp	−0.0344%	4h	2.6601	+0.004%	$30K	$154K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.064%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6593	−0.026%	$645K	$223K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0170%	4h	2.6580	−0.075%	$10K	$34K	10x	as long as short
Bybit MORPHOUSDT	−0.0163%	4h	2.6578	−0.083%	$8.6M	$9.9M	25x	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	−0.0098%	4h	2.6591	−0.034%	$774K	$547K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6639	+0.147%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6580	−0.076%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6609	+0.035%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6557	−0.163%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6642	+0.158%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6585	−0.058%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6570	−0.113%	$16.3M	$26.7M	75x	as long as short
OKX MORPHO-USDT-SWAPlong	+0.0100%	4h	2.6600	long leg	$3.2M	$4.5M	20x
MEXC MORPHO_USDT	+0.0100%	4h	2.6568	−0.120%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6601	+0.004%	$623K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6582	−0.068%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6593	−0.026%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6594	−0.023%	$647K	$1.2M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6574	−0.098%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6563	−0.139%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6609	+0.035%	$1K	—	100x	as long as short