Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.048%

Price spread now: Injective against BingX+1.393%87s7-day average +1.018% · you sell dearer than you buy

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

Long on BingX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.920%+$92 on $10k

Price spread, last 4 days (all we have)−0.382%−$38 · spread now +1.393%, 7d avg +1.018%

Together, before fees+0.538%+$54 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.374% dearer against BingX than usual: you sell high and buy low (spread +1.393% now, against its 7-day average of +1.018%): +$37 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 19 days. Mind the row above: over the last 7 days funding on this pair paid +0.920%, so the current rate has only just turned against you. The two prices were read 87 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	BingX MORPHO-USDT	2.6067	0.0100	pay 0.0050% / 4h	3h 57m	—	$1.4M	—
Short	Injective MORPHO/USDC PERP	2.6430	0.0033	get 0.0004% / 1h	57m 55s	$37	$242K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. 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 BingXbpFee InjectivebpOrdersPrice spread, now +1.393%Rate

Funding earned: −$14
Price spread: +1.393% → +1.018%: $37.42
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $13.4
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: BingX: live order book, 9 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 BingX live order book, 9 min ago	1.92 bp	18.0 bp −$18	41.7 bp −$417	395.8 bp −$39.6K	711.9 bp −$355.9K
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	−0.2169%	1h	2.6030	−0.143%	$81K	$126K	20x	as long as short
01 Exchange MORPHOUSD	−0.1056%	1h	2.5989	−0.299%	$854	$9K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0938%	1h	2.6054	−0.050%	$11K	$1K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0288%	4h	2.6054	−0.050%	$34K	$140K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0239%	1h	2.6058	−0.035%	$25K	$1.6M	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.6082	+0.058%	$75K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6020	−0.180%	$636K	$241K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0140%	4h	2.6050	−0.065%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6041	−0.099%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6073	+0.023%	$43K	$322K	5x	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	+1.393%	$37	$242K	5.5x
Lighter MORPHO	+0.0096%	1h	2.6101	+0.129%	$313K	$293K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6056	−0.043%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6112	+0.173%	$6.1M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6090	+0.090%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6046	−0.079%	$15.8M	$24.4M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6065	−0.008%	$8.1M	$8.6M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6078	+0.042%	$3.2M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6055	−0.046%	$763K	$469K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6044	−0.088%	$5.9M	$819K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6079	+0.046%	$595K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6061	−0.023%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDTlong	+0.0100%	4h	2.6067	long leg	—	$1.4M	—
Variational Omni MORPHO	+0.0100%	4h	2.6060	−0.025%	$621K	$675K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6047	−0.077%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6034	−0.126%	$101K	$352K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6071	+0.015%	$1K	—	100x	as long as short