Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0305%/8h= −33.4% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Lighter−0.274%7-day average −0.214% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.063%−$6 on $10k

Price spread, last 3 days (all we have)−0.393%−$39 · spread now −0.274%, 7d avg −0.214%

Together, before fees−0.457%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Variational Omni is 0.060% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.214%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.063% in total (about -6.9% a year). A funding rate is set anew for every payment. 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	Lighter MORPHO	2.6604	0.0096	pay 0.0012% / 1h	59m 52s	$317K	$331K	5x
Short	Variational Omni MORPHO	2.6531	−0.0209	pay 0.0104% / 4h	3h 59m	$631K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 LighterbpFee Variational OmnibpOrdersPrice spread, now −0.274%Rate

Funding earned: −$63.98
Price spread: −0.274% → −0.214%: −$6
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$69.98
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 5 min ago; Variational Omni: RFQ quote, 4 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 Lighter live order book, 5 min ago	21.76 bp	65.4 bp −$65	176.5 bp −$1,765	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	6.48 bp	doesn't fit	64.3 bp −$643	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	2.6540	−0.241%	$81K	$139K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1292%	1h	2.6551	−0.200%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.0872%	1h	2.6498	−0.400%	$871	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0474%	1h	2.6551	−0.200%	$28K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0450%	4h	2.6509	−0.357%	$41K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.655%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6546	−0.219%	$76K	$43K	25x	as long as short
Bybit MORPHOUSDT	−0.0359%	4h	2.6551	−0.200%	$8.4M	$9.3M	25x	as long as short
Variational Omni MORPHOshort	−0.0209%	4h	2.6531	−0.274%	$631K	$1.0M	—
BloFin MORPHO-USDT	−0.0193%	4h	2.6543	−0.230%	$638K	$239K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0145%	4h	2.6554	−0.189%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6547	−0.215%	$43K	$477K	5x	as long as short
Gate MORPHO_USDT	−0.0058%	4h	2.6564	−0.151%	$770K	$534K	50x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6551	−0.198%	$16	—	10x	as long as short
Extended MORPHO-USD	+0.0056%	1h	2.6538	−0.250%	$103K	$298K	10x	as long as short
MEXC MORPHO_USDT	+0.0058%	4h	2.6544	−0.227%	$5.5M	$962K	100x	as long as short
Binance MORPHOUSDT	+0.0059%	4h	2.6542	−0.235%	$16.1M	$26.1M	75x	as long as short
Aster MORPHOUSDT	+0.0063%	4h	2.6581	−0.086%	$58K	$30K	20x	as long as short
Lighter MORPHOlong	+0.0096%	1h	2.6604	long leg	$317K	$331K	5x
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6553	−0.194%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6621	+0.063%	$6.3M	$7.0M	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6539	−0.245%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6567	−0.140%	$595K	$267K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6582	−0.084%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6551	−0.200%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6550	−0.204%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6580	−0.090%	$1K	—	100x	as long as short