MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0342%/8h= −37.4% APRnext payment −$1.71 per $10,000 · paid last 24h −0.015%

Price spread now: Variational Omni against OKX−0.238%7-day average −0.003% · you buy dearer than you sell

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

Long on OKX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.015%−$2 on $10k

Price spread, last 3 days (all we have)−0.048%−$5 · spread now −0.238%, 7d avg −0.003%

Together, before fees−0.064%+ Points / potential airdropVariational Omni: Active · farm board−$6 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 Variational Omni is 0.235% cheaper against OKX than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.003%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.015% in total (about -1.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.71 per $10,000. 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	OKX MORPHO-USDT-SWAP	2.6514	0.0100	pay 0.0050% / 4h	3h 44m	$3.2M	$4.5M	20x
Short	Variational Omni MORPHO	2.6451	−0.0242	pay 0.0121% / 4h	3h 44m	$628K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.238%Rate

Funding earned: −$71.82
Price spread: −0.238% → −0.003%: −$23.45
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$105.27
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 3 min ago; Variational Omni: RFQ quote, 4 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 OKX live order book, 3 min ago	0.94 bp	20.8 bp −$21	144.8 bp −$1,448	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	6.50 bp	doesn't fit	66.9 bp −$669	doesn't fit	doesn't fit

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	−0.1839%	1h	2.6436	−0.292%	$80K	$132K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0505%	1h	2.6476	−0.143%	$11K	$788	10x	as long as short
01 Exchange MORPHOUSD	−0.0480%	1h	2.6488	−0.098%	$870	$13K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0280%	1h	2.6453	−0.230%	$76K	$43K	25x	as long as short
Variational Omni MORPHOshort	−0.0242%	4h	2.6451	−0.238%	$628K	$1.0M	—
Polymarket Perps MORPHO-USD	−0.0200%	1h	2.6469	−0.170%	$28K	$1.7M	5x	as long as short
BloFin MORPHO-USDT	−0.0181%	4h	2.6453	−0.230%	$639K	$228K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0143%	4h	2.6457	−0.215%	$10K	$34K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0066%	4h	2.6431	−0.312%	$41K	$133K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6497	−0.064%	$43K	$474K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0004%	1h	2.6466	−0.182%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	−0.317%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0074%	4h	2.6497	−0.064%	$767K	$516K	50x	as long as short
Extended MORPHO-USD	+0.0088%	1h	2.6506	−0.029%	$102K	$402K	10x	as long as short
MEXC MORPHO_USDT	+0.0090%	4h	2.6505	−0.034%	$5.5M	$901K	100x	as long as short
Binance MORPHOUSDT	+0.0096%	4h	2.6513	−0.006%	$16.1M	$26.0M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6577	+0.239%	$318K	$325K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6505	−0.033%	$5K	$3	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6525	+0.043%	$58K	$30K	20x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6511	−0.011%	$8.4M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAPlong	+0.0100%	4h	2.6514	long leg	$3.2M	$4.5M	20x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6518	+0.015%	$594K	$266K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6511	−0.011%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6512	−0.008%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6464	−0.189%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6481	−0.125%	$1K	—	100x	as long as short
Hyperliquid MORPHO	+0.0334%	1h	2.6571	+0.215%	$6.3M	$7.0M	5x	as long as short