Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0110%/8h= −12.0% APRpaid last 24h +0.029%

Price spread now: Variational Omni against Injective+0.760%91s7-day average −1.047% · you sell dearer than you buy

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.026%+$3 on $10k

Price spread, last 3 days (all we have)−1.057%−$106 · spread now +0.760%, 7d avg −1.047%

Together, before fees−1.031%+ Points / potential airdropVariational Omni: Active · farm board−$103 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 1.807% dearer against Injective than usual: you sell high and buy low (spread +0.760% now, against its 7-day average of −1.047%): +$181 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 55 days. The two prices were read 91 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	13m 44s	$37	$242K	5.5x
Short	Variational Omni MORPHO	2.6631	−0.0077	pay 0.0038% / 4h	3h 13m	$634K	$926K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.760%Rate

Funding earned: −$23.09
Price spread: +0.760% → −1.047%: $180.74
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $157.64
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, just now. 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 Variational Omni RFQ quote, just now	4.60 bp	doesn't fit	51.5 bp −$515	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	−0.1822%	1h	2.6676	+0.930%	$81K	$125K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0460%	1h	2.6723	+1.109%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0440%	1h	2.6702	+1.029%	$877	$13K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0280%	1h	2.6715	+1.078%	$77K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6726	+1.120%	$647K	$230K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6714	+1.075%	$10K	$34K	10x	as long as short
Variational Omni MORPHOshort	−0.0077%	4h	2.6631	+0.760%	$634K	$926K	—
Phoenix MORPHO	−0.0030%	1h	2.6644	+0.810%	$44K	$474K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0023%	1h	2.6714	+1.075%	$25K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0018%	4h	2.6607	+0.669%	$41K	$133K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0004%	1h	2.6718	+1.090%	$16	—	10x	as long as short
Injective MORPHO/USDC PERPlong	+0.0033%	1h	2.6430	long leg	$37	$242K	5.5x
Lighter MORPHO	+0.0096%	1h	2.6821	+1.478%	$321K	$325K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6741	+1.175%	$5K	$3	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6735	+1.156%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6733	+1.146%	$16.2M	$25.5M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6743	+1.184%	$8.6M	$9.0M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6754	+1.226%	$3.2M	$4.4M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6740	+1.173%	$772K	$525K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6735	+1.154%	$5.6M	$905K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6741	+1.177%	$598K	$263K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6756	+1.233%	$3.0M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6749	+1.207%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6721	+1.101%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6729	+1.131%	$102K	$362K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0187% / S −0.4126%	1h	2.6724	+1.111%	$1K	—	100x	as long as short
Hyperliquid MORPHO	+0.0356%	1h	2.6792	+1.370%	$6.3M	$7.0M	5x	as long as short