MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0003%/8h= −0.3% APRnext payment −$0.00 per $10,000 · paid last 24h −0.038%

Price spread now: Polymarket Perps against Injective−1.899%111s7-day average −1.000% · you buy dearer than you sell

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

Long on Injective Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−1.142%−$114 on $10k

Price spread, last 4 days (all we have)+0.739%+$74 · spread now −1.899%, 7d avg −1.000%

Together, before fees−0.403%−$40 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.900% cheaper against Injective than usual: you would sell low and buy high, −$90 on $10k if it goes back to its 7-day average of −1.000%. The two prices were read 111 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	55m 29s	$37	$242K	5.5x
Short	Polymarket Perps MORPHO-USD	2.5928	0.0030	get 0.0004% / 1h	55m 29s	$24K	$1.5M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −1.899%Rate

Funding earned: −$0.62
Price spread: −1.899% → −1.000%: −$89.97
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$98.61
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Polymarket Perps: live order book, 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 Polymarket Perps live order book, 3 min ago	3.87 bp	8.2 bp −$8	8.4 bp −$84	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
Kraken Futures PF_MORPHOUSD	−0.1557%	1h	2.5922	−1.924%	$80K	$127K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1137%	1h	2.5925	−1.911%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.0864%	1h	2.5872	−2.111%	$850	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0460%	4h	2.5950	−1.815%	$33K	$134K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.5944	−1.839%	$74K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0195%	4h	2.5872	−2.111%	$636K	$243K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0129%	4h	2.5933	−1.880%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0061%	1h	2.5945	−1.835%	$33K	$330K	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5909	−1.972%	$16	—	10x	as long as short
Polymarket Perps MORPHO-USDshort	+0.0030%	1h	2.5928	−1.899%	$24K	$1.5M	5x

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	2.5964	−1.765%	$312K	$294K	5x	as long as short
Extended MORPHO-USD	+0.0096%	1h	2.5902	−1.998%	$99K	$343K	10x	as long as short
MEXC MORPHO_USDT	+0.0096%	4h	2.5909	−1.971%	$6.0M	$823K	100x	as long as short
Binance MORPHOUSDT	+0.0096%	4h	2.5908	−1.974%	$15.7M	$24.0M	75x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5918	−1.936%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5957	−1.790%	$5.9M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5946	−1.833%	$57K	$30K	20x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5932	−1.884%	$8.0M	$8.5M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5942	−1.846%	$3.2M	$4.0M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.5921	−1.926%	$772K	$479K	50x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5941	−1.850%	$595K	$246K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5897	−2.017%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5919	−1.933%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.5945	−1.833%	$616K	$677K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5919	−1.933%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.5940	−1.855%	$1K	—	100x	as long as short