Funding you earn now, next payment 23:00 UTC−0.0323%/8h= −35.3% APRpaid last 24h −0.035%
Price spread now: Injective against Variational Omni−0.066%106s7-day average +1.081% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.027%−$3 on $10k
+Price spread, last 3 days (all we have)+1.287%+$129 · spread now −0.066%, 7d avg +1.081%
=Together, before fees+1.260%+ Points / potential airdropVariational Omni: Active · farm board+$126 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 Injective is 1.147% cheaper against Variational Omni than usual: you would sell low and buy high (−$115 if the spread goes back to its 7-day average of +1.081%). Swap the legs. The two prices were read 106 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.027% in total (about -3.0% 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 | 2.6447 | −0.0014 | get 0.0007% / 4h | 1h 41m | $628K | $1.2M | — |
| Short | Injective MORPHO/USDC PERP | 2.6430 | −0.0337 | pay 0.0042% / 1h | 41m 29s | $37 | $242K | 5.5x |
Variational Omni MORPHO
Injective MORPHO/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Variational Omni. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$67.79
- Price spread: −0.066% → +1.081%
- −$114.67
- Slippage, 4 orders
- no order book: not counted
- Fee Variational Omni: 0 bp × 2 orders
- $0
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$182.47
- Costs to cover
- 0.000%
- Break-even
- never at this rate
Slippage unknown: Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 3 min ago | 6.49 bp | doesn't fit | 75.4 bp −$754 | 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 | −0.1855% | 1h | 2.6458 | +0.041% | $83K | $150K | 20x | as long as short |
| 01 Exchange MORPHOUSD | −0.1152% | 1h | 2.6412 | −0.134% | $868 | $13K | 5x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1147% | 1h | 2.6457 | +0.036% | $11K | $911 | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0616% | 1h | 2.6458 | +0.040% | $26K | $1.7M | 5x | as long as short |
| Bybit MORPHOUSDT | −0.0588% | 4h | 2.6466 | +0.070% | $8.5M | $9.5M | 25x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0572% | 4h | 2.6428 | −0.074% | $29K | $146K | 10x | as long as short |
| Injective MORPHO/USDC PERPshort | −0.0337% | 1h | 2.6430 | −0.066% | $37 | $242K | 5.5x | |
| Coinbase International MORPHO-PERP-INTX | −0.0312% | 1h | 2.6427 | −0.077% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0178% | 4h | 2.6433 | −0.055% | $642K | $244K | 20x | as long as short |
| Gate MORPHO_USDT | −0.0160% | 4h | 2.6479 | +0.119% | $771K | $530K | 50x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
Polymarket Perps MORPHO-USD
Bybit MORPHOUSDT
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Gate MORPHO_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_MORPHO_USDC | −0.0155% | 4h | 2.6442 | −0.021% | $10K | $34K | 10x | as long as short |
| Phoenix MORPHO | −0.0090% | 1h | 2.6514 | +0.251% | $34K | $484K | 5x | as long as short |
| Variational Omni MORPHOlong | −0.0014% | 4h | 2.6447 | long leg | $628K | $1.2M | — | |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6455 | +0.029% | $16 | — | 10x | as long as short |
| Binance MORPHOUSDT | +0.0086% | 4h | 2.6455 | +0.030% | $16.1M | $26.0M | 75x | as long as short |
| Extended MORPHO-USD | +0.0088% | 1h | 2.6469 | +0.083% | $103K | $301K | 10x | as long as short |
| MEXC MORPHO_USDT | +0.0088% | 4h | 2.6457 | +0.036% | $5.2M | $1.1M | 100x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6519 | +0.271% | $315K | $333K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6476 | +0.108% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6517 | +0.263% | $6.2M | $7.1M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6501 | +0.201% | $58K | $33K | 20x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6454 | +0.025% | $3.2M | $4.4M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6481 | +0.127% | $619K | $263K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6482 | +0.130% | $2.9M | $1.9M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6470 | +0.085% | — | $1.5M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6454 | +0.025% | $22K | $3K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6490 | +0.161% | $1K | — | 100x | as long as short |
Orderly PERP_MORPHO_USDC
Phoenix MORPHO
Reya MORPHORUSDPERP
Binance MORPHOUSDT
Extended MORPHO-USD
MEXC MORPHO_USDT
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]