Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0554%/8h= −60.7% APRpaid last 24h −0.015%

Price spread now: Variational Omni against Lighter+0.056%7-day average −0.215% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.078%−$8 on $10k

Price spread, last 4 days (all we have)−0.045%−$4 · spread now +0.056%, 7d avg −0.215%

Together, before fees−0.123%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.271% dearer against Lighter than usual: you sell high and buy low (spread +0.056% now, against its 7-day average of −0.215%): +$27 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 39 hours. At the pace of the last 4 days (−0.078% in total) that is about 13 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.078% in total (about -7.8% 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	Lighter MORPHO	2.5761	0.0096	pay 0.0012% / 1h	55m 37s	$311K	$283K	5x
Short	Variational Omni MORPHO	2.5776	−0.0458	pay 0.0229% / 4h	3h 55m	$614K	$526K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 LighterbpFee Variational OmnibpOrdersPrice spread, now +0.056%Rate

Funding earned: −$116.37
Price spread: +0.056% → −0.215%: $27.08
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$89.29
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 24 min ago; Variational Omni: RFQ quote, 48 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 Lighter live order book, 24 min ago	11.39 bp	11.4 bp −$11	115.3 bp −$1,153	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 48 min ago	4.65 bp	doesn't fit	64.3 bp −$643	doesn't fit	doesn't fit

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	−0.2472%	1h	2.5720	−0.159%	$84K	$134K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1300%	1h	2.5760	−0.005%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.1024%	1h	2.5690	−0.277%	$844	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5627	−0.521%	$70K	$37K	25x	as long as short
Variational Omni MORPHOshort	−0.0458%	4h	2.5776	+0.056%	$614K	$526K	—
BloFin MORPHO-USDT	−0.0416%	4h	2.5778	+0.065%	$635K	$238K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0338%	4h	2.5774	+0.051%	$30K	$123K	10x	as long as short
Gate MORPHO_USDT	−0.0326%	4h	2.5770	+0.034%	$758K	$483K	50x	as long as short
Orderly PERP_MORPHO_USDC	−0.0274%	4h	2.5747	−0.056%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0192%	4h	2.5752	−0.038%	$54K	$49K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	−0.0185%	1h	2.5793	+0.123%	$33K	$308K	5x	as long as short
Extended MORPHO-USD	−0.0176%	1h	2.5712	−0.191%	$99K	$375K	10x	as long as short
MEXC MORPHO_USDT	−0.0174%	4h	2.5713	−0.187%	$6.3M	$909K	100x	as long as short
Binance MORPHOUSDT	−0.0173%	4h	2.5719	−0.164%	$15.5M	$24.0M	75x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5765	+0.016%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.596%	$37	$242K	5.5x	as long as short
Lighter MORPHOlong	+0.0096%	1h	2.5761	long leg	$311K	$283K	5x
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5714	−0.184%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5771	+0.038%	$5.9M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5747	−0.056%	$7.8M	$8.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5732	−0.114%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5764	+0.010%	$586K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5740	−0.083%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5753	−0.032%	—	$1.4M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5805	+0.170%	$25K	$1.4M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5759	−0.009%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5783	+0.086%	$1K	—	100x	as long as short