Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.048%

Price spread now: Injective against Bitget+1.975%7-day average +1.072% · you sell dearer than you buy

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

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.814%+$81 on $10k

Price spread, last 4 days (all we have)−2.015%−$202 · spread now +1.975%, 7d avg +1.072%

Together, before fees−1.202%−$120 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.904% dearer against Bitget than usual: you sell high and buy low (spread +1.975% now, against its 7-day average of +1.072%): +$90 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 45 days. Mind the row above: over the last 7 days funding on this pair paid +0.814%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MORPHOUSDT	2.5918	0.0100	pay 0.0050% / 4h	1h 37m	$2.8M	$1.6M	75x
Short	Injective MORPHO/USDC PERP	2.6430	0.0033	get 0.0004% / 1h	37m 12s	$37	$242K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now +1.975%Rate

Funding earned: −$14
Price spread: +1.975% → +1.072%: $90.39
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $64.37
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Bitget: live order book, 5 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 Bitget live order book, 5 min ago	2.31 bp	24.5 bp −$24	77.0 bp −$770	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	−0.1376%	1h	2.5937	+0.072%	$82K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1328%	1h	2.5937	+0.073%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.1120%	1h	2.5869	−0.189%	$850	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0432%	1h	2.5948	+0.116%	$73K	$40K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0389%	1h	2.5948	+0.116%	$25K	$1.5M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0358%	4h	2.5956	+0.147%	$30K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0203%	4h	2.5946	+0.108%	$7.9M	$8.6M	25x	as long as short
BloFin MORPHO-USDT	−0.0188%	4h	2.5927	+0.035%	$636K	$240K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0139%	4h	2.5934	+0.062%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0092%	1h	2.6008	+0.347%	$33K	$339K	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	−0.0005%	1h	2.5934	+0.060%	$16	—	10x	as long as short
Injective MORPHO/USDC PERPshort	+0.0033%	1h	2.6430	+1.975%	$37	$242K	5.5x
Gate MORPHO_USDT	+0.0070%	4h	2.5942	+0.093%	$763K	$510K	50x	as long as short
Binance MORPHOUSDT	+0.0094%	4h	2.5931	+0.052%	$15.7M	$24.5M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5984	+0.253%	$312K	$294K	5x	as long as short
Extended MORPHO-USD	+0.0096%	1h	2.5926	+0.031%	$99K	$346K	10x	as long as short
MEXC MORPHO_USDT	+0.0096%	4h	2.5929	+0.042%	$6.2M	$896K	100x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5917	−0.004%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5979	+0.235%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5986	+0.261%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5941	+0.089%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5974	+0.216%	$590K	$258K	50x	as long as short
Bitget MORPHOUSDTlong	+0.0100%	4h	2.5918	long leg	$2.8M	$1.6M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.5939	+0.081%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.5955	+0.145%	$619K	$677K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5931	+0.050%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.5972	+0.208%	$1K	—	100x	as long as short