Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0242%/8h= −26.5% APRpaid last 24h +0.033%

Price spread now: Variational Omni against Injective−1.892%7-day average −1.059% · you buy dearer than you sell

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.031%+$3 on $10k

Price spread, last 4 days (all we have)+2.451%+$245 · spread now −1.892%, 7d avg −1.059%

Together, before fees+2.482%+ Points / potential airdropVariational Omni: Active · farm board+$248 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Variational Omni is 0.833% cheaper against Injective than usual: you would sell low and buy high (−$83 if the spread goes back to its 7-day average of −1.059%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.031% in total (about 3.1% 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	Injective MORPHO/USDC PERP	2.6430	0.0033	pay 0.0004% / 1h	41m 09s	$37	$242K	5.5x
Short	Variational Omni MORPHO	2.5930	−0.0208	pay 0.0104% / 4h	41m 09s	$618K	$676K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −1.892%Rate

Funding earned: −$50.78
Price spread: −1.892% → −1.059%: −$83.34
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$134.14
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 3 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 Variational Omni RFQ quote, 3 min ago	4.65 bp	doesn't fit	64.3 bp −$643	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
Deribit MORPHO_USDC-PERPETUAL	−0.1754%	1h	2.5892	−2.036%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.1472%	1h	2.5819	−2.312%	$848	$9K	5x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1234%	1h	2.5851	−2.191%	$84K	$133K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0598%	4h	2.5896	−2.020%	$30K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0507%	4h	2.5920	−1.930%	$7.9M	$8.7M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0496%	1h	2.5910	−1.967%	$71K	$37K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0402%	1h	2.5907	−1.979%	$24K	$1.4M	5x	as long as short
Variational Omni MORPHOshort	−0.0208%	4h	2.5930	−1.892%	$618K	$676K	—
Phoenix MORPHO	−0.0185%	1h	2.5911	−1.964%	$33K	$336K	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0183%	4h	2.5891	−2.039%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin MORPHO-USDT	−0.0128%	4h	2.5887	−2.054%	$632K	$239K	20x	as long as short
Gate MORPHO_USDT	−0.0072%	4h	2.5899	−2.009%	$758K	$503K	50x	as long as short
Binance MORPHOUSDT	−0.0032%	4h	2.5891	−2.041%	$15.6M	$24.5M	75x	as long as short
Extended MORPHO-USD	−0.0032%	1h	2.5888	−2.051%	$99K	$342K	10x	as long as short
MEXC MORPHO_USDT	−0.0032%	4h	2.5890	−2.043%	$6.3M	$903K	100x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5894	−2.028%	$16	—	10x	as long as short
Injective MORPHO/USDC PERPlong	+0.0033%	1h	2.6430	long leg	$37	$242K	5.5x
Lighter MORPHO	+0.0096%	1h	2.5918	−1.939%	$312K	$287K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5885	−2.063%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5940	−1.853%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5928	−1.899%	$55K	$45K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5906	−1.983%	$3.2M	$4.2M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5927	−1.903%	$591K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5884	−2.066%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5896	−2.020%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5891	−2.039%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.5926	−1.905%	$1K	—	100x	as long as short