Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0047%/8h= −5.2% APRpaid last 24h −0.029%

Price spread now: Gate against Injective−1.547%69s7-day average −1.057% · you buy dearer than you sell

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

Long on Injective Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−1.146%−$115 on $10k

Price spread, last 4 days (all we have)+0.431%+$43 · spread now −1.547%, 7d avg −1.057%

Together, before fees−0.715%−$71 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.491% cheaper against Injective than usual: you would sell low and buy high (−$49 if the spread goes back to its 7-day average of −1.057%). Swap the legs. The two prices were read 69 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	Injective MORPHO/USDC PERP	2.6430	0.0033	pay 0.0004% / 1h	50m 01s	$37	$242K	5.5x
Short	Gate MORPHO_USDT	2.6021	−0.0014	pay 0.0007% / 4h	50m 01s	$753K	$478K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Injective. 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 InjectivebpFee GatebpOrdersPrice spread, now −1.547%Rate

Funding earned: −$9.94
Price spread: −1.547% → −1.057%: −$49.07
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$74.03
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Gate: live order book, 7 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 Injective no order-book sample	—	—	—	—	—
Sell Gate live order book, 7 min ago	6.88 bp	45.4 bp −$45	doesn't fit	doesn't fit	doesn't fit

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	−0.1666%	1h	2.5998	−1.633%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1247%	1h	2.6005	−1.608%	$11K	$759	10x	as long as short
01 Exchange MORPHOUSD	−0.0856%	1h	2.5951	−1.812%	$853	$9K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0272%	1h	2.6019	−1.555%	$25K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0230%	4h	2.6115	−1.192%	$34K	$150K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6172	−0.976%	$75K	$42K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6026	−1.529%	$636K	$239K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0154%	4h	2.6006	−1.604%	$10K	$34K	10x	as long as short
Gate MORPHO_USDTshort	−0.0014%	4h	2.6021	−1.547%	$753K	$478K	50x
Reya MORPHORUSDPERP	−0.0005%	1h	2.6010	−1.589%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	0.0000%	1h	2.6144	−1.082%	$43K	$370K	5x	as long as short
Injective MORPHO/USDC PERPlong	+0.0033%	1h	2.6430	long leg	$37	$242K	5.5x
Lighter MORPHO	+0.0096%	1h	2.6047	−1.448%	$313K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6041	−1.470%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6048	−1.445%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6052	−1.429%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.5986	−1.681%	$15.7M	$25.3M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5997	−1.638%	$8.2M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6011	−1.585%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.5990	−1.665%	$5.8M	$789K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6048	−1.445%	$591K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6000	−1.627%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6020	−1.551%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6035	−1.493%	$622K	$843K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6004	−1.612%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.5997	−1.637%	$100K	$348K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6037	−1.488%	$1K	—	100x	as long as short