Funding you earn now, next payment 23:00 UTC+0.0257%/8h= +28.1% APRpaid last 24h −0.026%
Price spread now: Injective against Bybit+0.190%68s7-day average +1.043% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+1.160%+$116 on $10k
+Price spread, last 3 days (all we have)+0.871%+$87 · spread now +0.190%, 7d avg +1.043%
=Funding pays, the price is against you. Injective is 0.853% cheaper against Bybit than usual: you would sell low and buy high (spread +0.190% now, against its 7-day average of +1.043%). If the spread goes back, that is −$85 on $10k: about 11 days of funding at the current rate (+$8 a day). At the pace of the last 7 days (+1.160% in total) that is about 5.2 days. The two prices were read 68 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 | Bybit MORPHOUSDT | 2.6380 | −0.0594 | get 0.0297% / 4h | 1h 30m | $8.5M | $9.4M | 25x |
| Short | Injective MORPHO/USDC PERP | 2.6430 | −0.0337 | pay 0.0042% / 1h | 30m 11s | $37 | $242K | 5.5x |
Bybit MORPHOUSDT
Injective MORPHO/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Bybit. 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
- $53.97
- Price spread: +0.190% → +1.043%
- −$85.35
- Slippage, 4 orders
- no order book: not counted
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$42.4
- Costs to cover
- 0.110%
- Break-even
- 12.5 days
Slippage unknown: Bybit: live order book, 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 Bybit live order book, 3 min ago | 1.90 bp | 19.6 bp −$20 | 75.2 bp −$752 | 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 | −0.1863% | 1h | 2.6346 | −0.129% | $82K | $149K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1643% | 1h | 2.6369 | −0.042% | $11K | $812 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.1208% | 1h | 2.6302 | −0.296% | $864 | $13K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0710% | 1h | 2.6356 | −0.091% | $24K | $1.8M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0614% | 4h | 2.6383 | +0.011% | $29K | $146K | 10x | as long as short |
| Bybit MORPHOUSDTlong | −0.0594% | 4h | 2.6380 | long leg | $8.5M | $9.4M | 25x | |
| Injective MORPHO/USDC PERPshort | −0.0337% | 1h | 2.6430 | +0.190% | $37 | $242K | 5.5x | |
| Coinbase International MORPHO-PERP-INTX | −0.0312% | 1h | 2.6413 | +0.125% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0192% | 4h | 2.6372 | −0.030% | $640K | $244K | 20x | as long as short |
| Gate MORPHO_USDT | −0.0174% | 4h | 2.6395 | +0.057% | $767K | $533K | 50x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Polymarket Perps MORPHO-USD
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 | −0.0153% | 4h | 2.6362 | −0.068% | $10K | $34K | 10x | as long as short |
| Phoenix MORPHO | −0.0090% | 1h | 2.6435 | +0.208% | $34K | $484K | 5x | as long as short |
| Variational Omni MORPHO | −0.0085% | 4h | 2.6392 | +0.044% | $627K | $1.2M | — | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6358 | −0.084% | $16 | — | 10x | as long as short |
| Extended MORPHO-USD | +0.0040% | 1h | 2.6359 | −0.080% | $103K | $301K | 10x | as long as short |
| Binance MORPHOUSDT | +0.0043% | 4h | 2.6359 | −0.080% | $16.1M | $25.8M | 75x | as long as short |
| MEXC MORPHO_USDT | +0.0048% | 4h | 2.6362 | −0.068% | $5.4M | $1.1M | 100x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6406 | +0.099% | $314K | $334K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6350 | −0.112% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6418 | +0.144% | $6.2M | $7.1M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6404 | +0.091% | $57K | $31K | 20x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6379 | −0.004% | $3.2M | $4.4M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6384 | +0.015% | $590K | $270K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6353 | −0.102% | $2.9M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6369 | −0.042% | — | $1.5M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6367 | −0.049% | $22K | $4K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6406 | +0.097% | $1K | — | 100x | as long as short |
Orderly PERP_MORPHO_USDC
Phoenix MORPHO
Variational Omni MORPHO
Reya MORPHORUSDPERP
Extended MORPHO-USD
Binance MORPHOUSDT
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]