Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0244%/8h= +26.7% APRpaid last 24h +0.029%

Price spread now: Hyperliquid against Variational Omni+0.357%7-day average +0.121% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.038%+$4 on $10k

Price spread, last 3 days (all we have)+0.069%+$7 · spread now +0.357%, 7d avg +0.121%

Together, before fees+0.107%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Hyperliquid is 0.236% dearer against Variational Omni than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.121%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.038% in total (about 4.2% 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	Variational Omni MORPHO	2.6501	−0.0144	get 0.0072% / 4h	16m 42s	$630K	$1.0M	—
Short	Hyperliquid MORPHO	2.6596	0.0100	get 0.0013% / 1h	16m 42s	$6.3M	$7.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.357%Rate

Funding earned: $51.25
Price spread: +0.357% → +0.121%: $23.6
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $65.85
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Hyperliquid: live order book, 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 Variational Omni RFQ quote, 2 min ago	6.49 bp	doesn't fit	68.4 bp −$684	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.32 bp	14.6 bp −$15	doesn't fit	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	−0.1755%	1h	2.6496	−0.019%	$81K	$143K	20x	as long as short
01 Exchange MORPHOUSD	−0.0856%	1h	2.6474	−0.103%	$870	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0730%	1h	2.6503	+0.006%	$11K	$812	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0490%	4h	2.6537	+0.135%	$41K	$145K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0464%	1h	2.6529	+0.104%	$28K	$1.7M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.270%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6555	+0.202%	$76K	$43K	25x	as long as short
Bybit MORPHOUSDT	−0.0347%	4h	2.6500	−0.005%	$8.4M	$9.2M	25x	as long as short
BloFin MORPHO-USDT	−0.0209%	4h	2.6538	+0.138%	$637K	$253K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0145%	4h	2.6494	−0.028%	$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
Variational Omni MORPHOlong	−0.0144%	4h	2.6501	long leg	$630K	$1.0M	—
Gate MORPHO_USDT	−0.0072%	4h	2.6524	+0.085%	$771K	$532K	50x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6556	+0.206%	$44K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6505	+0.014%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0030%	4h	2.6522	+0.078%	$5.5M	$961K	100x	as long as short
Extended MORPHO-USD	+0.0032%	1h	2.6515	+0.052%	$103K	$298K	10x	as long as short
Binance MORPHOUSDT	+0.0036%	4h	2.6522	+0.078%	$16.0M	$26.0M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6569	+0.256%	$316K	$331K	5x	as long as short
Aster MORPHOUSDT	+0.0097%	4h	2.6520	+0.069%	$58K	$30K	20x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6528	+0.099%	$5K	$3	5x	as long as short
Hyperliquid MORPHOshort	+0.0100%	1h	2.6596	+0.357%	$6.3M	$7.0M	5x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6514	+0.047%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6533	+0.119%	$594K	$268K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6531	+0.112%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6511	+0.036%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6516	+0.055%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6519	+0.065%	$1K	—	100x	as long as short