MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0284%/8h= −31.2% APRnext payment −$1.42 per $10,000 · paid last 24h −0.009%

Price spread now: Bybit against Variational Omni+0.449%7-day average +0.034% · you sell dearer than you buy

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

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.009%−$1 on $10k

Price spread, last 3 days (all we have)−0.426%−$43 · spread now +0.449%, 7d avg +0.034%

Together, before fees−0.435%+ Points / potential airdropVariational Omni: Active · farm board−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.414% dearer against Variational Omni than usual: you sell high and buy low (spread +0.449% now, against its 7-day average of +0.034%): +$41 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 4.9 days. At the pace of the last 3 days (−0.009% in total) that is about 5 months.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.009% in total (about -1.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.42 per $10,000. 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	Variational Omni MORPHO	2.6431	−0.0088	get 0.0044% / 4h	56m 15s	$628K	$1.2M	—
Short	Bybit MORPHOUSDT	2.6550	−0.0372	pay 0.0186% / 4h	56m 15s	$8.5M	$9.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Variational Omni. 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 Variational OmnibpFee BybitbpOrdersPrice spread, now +0.449%Rate

Funding earned: −$59.74
Price spread: +0.449% → +0.034%: $41.43
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$29.32
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Bybit: live order book, 2 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 Variational Omni RFQ quote, 3 min ago	6.51 bp	doesn't fit	67.8 bp −$678	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.88 bp	12.9 bp −$13	65.9 bp −$659	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	−0.1752%	1h	2.6545	+0.429%	$82K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0803%	1h	2.6568	+0.517%	$11K	$812	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0566%	4h	2.6430	−0.006%	$29K	$134K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.005%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDTshort	−0.0372%	4h	2.6550	+0.449%	$8.5M	$9.3M	25x
01 Exchange MORPHOUSD	−0.0368%	1h	2.6554	+0.464%	$873	$12K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6654	+0.842%	$77K	$43K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0278%	1h	2.6576	+0.547%	$26K	$1.7M	5x	as long as short
BloFin MORPHO-USDT	−0.0223%	4h	2.6558	+0.479%	$639K	$251K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0145%	4h	2.6558	+0.479%	$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	−0.0126%	4h	2.6582	+0.570%	$773K	$531K	50x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6642	+0.797%	$44K	$477K	5x	as long as short
Variational Omni MORPHOlong	−0.0088%	4h	2.6431	long leg	$628K	$1.2M	—
Reya MORPHORUSDPERP	−0.0004%	1h	2.6563	+0.498%	$16	—	10x	as long as short
Extended MORPHO-USD	+0.0016%	1h	2.6555	+0.469%	$103K	$301K	10x	as long as short
MEXC MORPHO_USDT	+0.0016%	4h	2.6562	+0.494%	$5.4M	$939K	100x	as long as short
Binance MORPHOUSDT	+0.0020%	4h	2.6548	+0.441%	$16.2M	$25.8M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6606	+0.662%	$317K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6533	+0.385%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6636	+0.774%	$6.3M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6587	+0.588%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6526	+0.358%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6593	+0.611%	$595K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6569	+0.520%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6547	+0.437%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6560	+0.486%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −0.3373%	1h	2.6591	+0.603%	$1K	—	100x	as long as short