Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.048%

Price spread now: BingX against Injective−1.824%57s7-day average −1.023% · you buy dearer than you sell

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

Long on Injective Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.886%−$89 on $10k

Price spread, last 4 days (all we have)+0.724%+$72 · spread now −1.824%, 7d avg −1.023%

Together, before fees−0.162%−$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.801% cheaper against Injective than usual: you would sell low and buy high (spread −1.824% now, against its 7-day average of −1.023%). If the spread goes back, that is −$80 on $10k: about 40 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.886%, so the current rate has only just turned in your favour. The two prices were read 57 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	10m 22s	$37	$242K	5.5x
Short	BingX MORPHO-USDT	2.5948	0.0100	get 0.0050% / 4h	3h 10m	—	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −1.824%Rate

Funding earned: $14
Price spread: −1.824% → −1.023%: −$80.1
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: −$76.12
Costs to cover: 0.100%
Break-even: 45.1 days

Slippage unknown: Injective: no order-book sample; BingX: live order book, 6 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 BingX live order book, 6 min ago	2.31 bp	14.5 bp −$14	31.2 bp −$312	247.7 bp −$24.8K	627.0 bp −$313.5K

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	−0.2179%	1h	2.5905	−1.988%	$81K	$124K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1713%	1h	2.5925	−1.911%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.0976%	1h	2.5893	−2.032%	$851	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0514%	4h	2.5967	−1.753%	$34K	$140K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.5993	−1.653%	$74K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.5952	−1.809%	$635K	$240K	20x	as long as short
Polymarket Perps MORPHO-USD	−0.0160%	1h	2.5972	−1.733%	$24K	$1.5M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0133%	4h	2.5931	−1.888%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0061%	1h	2.6000	−1.627%	$43K	$337K	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5949	−1.819%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERPlong	+0.0033%	1h	2.6430	long leg	$37	$242K	5.5x
Lighter MORPHO	+0.0096%	1h	2.5960	−1.778%	$312K	$294K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5963	−1.766%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6009	−1.593%	$6.0M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5959	−1.780%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.5925	−1.911%	$15.7M	$24.0M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5935	−1.873%	$8.0M	$8.5M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5918	−1.937%	$3.2M	$4.0M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.5966	−1.756%	$772K	$478K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.5950	−1.816%	$6.0M	$840K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5984	−1.687%	$597K	$246K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5932	−1.884%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDTshort	+0.0100%	4h	2.5948	−1.824%	—	$1.4M	—
Variational Omni MORPHO	+0.0100%	4h	2.5970	−1.740%	$619K	$675K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5919	−1.933%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.5908	−1.976%	$99K	$346K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.5974	−1.726%	$1K	—	100x	as long as short