MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0074%/8h= +8.1% APRnext payment +$0.09 per $10,000 · paid last 24h +0.029%

Price spread now: Injective against Polymarket Perps−0.777%51s7-day average +1.032% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.312%+$131 on $10k

Price spread, last 3 days (all we have)+1.300%+$130 · spread now −0.777%, 7d avg +1.032%

Together, before fees+2.612%+$261 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 1.809% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.777% now, against its 7-day average of +1.032%). If the spread goes back, that is −$181 on $10k: about 3 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+1.312% in total) that is about 9.7 days. The two prices were read 51 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	Polymarket Perps MORPHO-USD	2.6637	−0.0480	get 0.0060% / 1h	50m 01s	$26K	$1.7M	5x
Short	Injective MORPHO/USDC PERP	2.6430	−0.0405	pay 0.0051% / 1h	50m 01s	$37	$242K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Polymarket Perps. 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 Polymarket PerpsbpFee InjectivebpOrdersPrice spread, now −0.777%Rate

Funding earned: $15.59
Price spread: −0.777% → +1.032%: −$180.94
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$173.37
Costs to cover: 0.080%
Break-even: 84.8 days

Slippage unknown: Polymarket Perps: live order book, 4 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 Polymarket Perps live order book, 4 min ago	2.45 bp	6.4 bp −$6	6.9 bp −$69	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	−0.1749%	1h	2.6592	−0.170%	$82K	$146K	20x	as long as short
01 Exchange MORPHOUSD	−0.0592%	1h	2.6603	−0.128%	$874	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0544%	4h	2.6528	−0.408%	$29K	$134K	10x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0537%	1h	2.6648	+0.041%	$11K	$812	10x	as long as short
Polymarket Perps MORPHO-USDlong	−0.0480%	1h	2.6637	long leg	$26K	$1.7M	5x
Injective MORPHO/USDC PERPshort	−0.0405%	1h	2.6430	−0.777%	$37	$242K	5.5x
Bybit MORPHOUSDT	−0.0384%	4h	2.6620	−0.064%	$8.5M	$9.2M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6654	+0.064%	$77K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0225%	4h	2.6567	−0.263%	$638K	$251K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6634	−0.011%	$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
Gate MORPHO_USDT	−0.0132%	4h	2.6611	−0.098%	$773K	$531K	50x	as long as short
Variational Omni MORPHO	−0.0109%	4h	2.6572	−0.245%	$630K	$1.0M	—	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6556	−0.304%	$44K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6630	−0.024%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0014%	4h	2.6620	−0.064%	$5.5M	$940K	100x	as long as short
Binance MORPHOUSDT	+0.0014%	4h	2.6619	−0.068%	$16.1M	$25.8M	75x	as long as short
Extended MORPHO-USD	+0.0016%	1h	2.6614	−0.087%	$103K	$301K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6663	+0.097%	$317K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6610	−0.100%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6690	+0.199%	$6.3M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6613	−0.090%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6620	−0.064%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6637	0.000%	$597K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6625	−0.045%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6619	−0.068%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6626	−0.041%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −0.3373%	1h	2.6659	+0.081%	$1K	—	100x	as long as short