Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0178%/8h= +19.5% APRpaid last 24h +0.020%

Price spread now: Injective against Orderly−0.632%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Injective is 0.632% cheaper against Orderly than usual: you would sell low and buy high (spread −0.632% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$63 on $10k: about 12 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MORPHO_USDC	2.6598	−0.0145	get 0.0072% / 4h	3h 20m	$10K	$34K	10x
Short	Injective MORPHO/USDC PERP	2.6430	0.0033	get 0.0004% / 1h	20m 57s	$37	$242K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now −0.632%Rate

Funding earned: $37.35
Price spread: −0.632% → 0.000%: −$63.16
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$31.83
Costs to cover: 0.060%
Break-even: 13.0 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and 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	−0.1829%	1h	2.6568	−0.113%	$80K	$132K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0689%	1h	2.6613	+0.056%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0440%	1h	2.6567	−0.117%	$873	$13K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0280%	1h	2.6746	+0.556%	$77K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6633	+0.132%	$638K	$229K	20x	as long as short
Orderly PERP_MORPHO_USDClong	−0.0145%	4h	2.6598	long leg	$10K	$34K	10x
Variational Omni MORPHO	−0.0112%	4h	2.6621	+0.085%	$634K	$1.0M	—	as long as short
Polymarket Perps MORPHO-USD	−0.0034%	1h	2.6608	+0.038%	$24K	$1.7M	5x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6753	+0.583%	$44K	$474K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6606	+0.031%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERPshort	+0.0033%	1h	2.6430	−0.632%	$37	$242K	5.5x
Gate MORPHO_USDT	+0.0050%	4h	2.6627	+0.109%	$770K	$523K	50x	as long as short
GRVT MORPHO_USDT_Perp	+0.0070%	4h	2.6728	+0.491%	$41K	$133K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6716	+0.445%	$320K	$325K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6621	+0.085%	$5K	$3	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6647	+0.184%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6597	−0.005%	$16.1M	$25.8M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6626	+0.105%	$8.4M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6608	+0.038%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6600	+0.008%	$5.6M	$904K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6643	+0.169%	$595K	$266K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6604	+0.023%	$3.0M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6621	+0.086%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6607	+0.034%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6592	−0.023%	$104K	$367K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −0.4126%	1h	2.6624	+0.096%	$1K	—	100x	as long as short
Hyperliquid MORPHO	+0.0350%	1h	2.6667	+0.260%	$6.3M	$7.0M	5x	as long as short