Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0031%/8h= −3.4% APRpaid last 24h −0.039%

Price spread now: Injective against MEXC−0.429%85s7-day average +1.096% · you buy dearer than you sell

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

Long on MEXC Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.089%+$109 on $10k

Price spread, last 3 days (all we have)+0.909%+$91 · spread now −0.429%, 7d avg +1.096%

Together, before fees+1.998%+$200 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Injective is 1.525% cheaper against MEXC than usual: you would sell low and buy high (−$153 if the spread goes back to its 7-day average of +1.096%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.089%, so the current rate has only just turned against you. The two prices were read 85 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	MEXC MORPHO_USDT	2.6544	0.0064	pay 0.0032% / 4h	3h 55m	$5.5M	$899K	100x
Short	Injective MORPHO/USDC PERP	2.6430	0.0033	get 0.0004% / 1h	55m 56s	$37	$242K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against MEXC. 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 MEXCbpFee InjectivebpOrdersPrice spread, now −0.429%Rate

Funding earned: −$6.44
Price spread: −0.429% → +1.096%: −$152.52
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$162.98
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 2 min ago; Injective: no order-book sample. 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 MEXC live order book, 2 min ago	1.32 bp	6.7 bp −$7	47.4 bp −$474	185.9 bp −$18.6K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	−0.1834%	1h	2.6509	−0.133%	$81K	$139K	20x	as long as short
Bybit MORPHOUSDT	−0.1714%	4h	2.6530	−0.053%	$8.4M	$9.3M	25x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1030%	1h	2.6521	−0.087%	$11K	$788	10x	as long as short
01 Exchange MORPHOUSD	−0.0920%	1h	2.6469	−0.283%	$870	$12K	5x	as long as short
Gate MORPHO_USDT	−0.0592%	4h	2.6536	−0.030%	$769K	$515K	50x	as long as short
Polymarket Perps MORPHO-USD	−0.0554%	1h	2.6499	−0.170%	$28K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0444%	4h	2.6547	+0.011%	$41K	$146K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0280%	1h	2.6537	−0.026%	$76K	$43K	25x	as long as short
Variational Omni MORPHO	−0.0242%	4h	2.6501	−0.160%	$631K	$1.0M	—	as long as short
BloFin MORPHO-USDT	−0.0215%	4h	2.6499	−0.170%	$637K	$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	−0.0146%	4h	2.6518	−0.098%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6558	+0.053%	$44K	$474K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6501	−0.163%	$16	—	10x	as long as short
Injective MORPHO/USDC PERPshort	+0.0033%	1h	2.6430	−0.429%	$37	$242K	5.5x
Extended MORPHO-USD	+0.0064%	1h	2.6544	+0.002%	$103K	$295K	10x	as long as short
MEXC MORPHO_USDTlong	+0.0064%	4h	2.6544	long leg	$5.5M	$899K	100x
Binance MORPHOUSDT	+0.0065%	4h	2.6537	−0.026%	$16.1M	$26.0M	75x	as long as short
Aster MORPHOUSDT	+0.0073%	4h	2.6565	+0.078%	$58K	$30K	20x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6575	+0.116%	$316K	$324K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6493	−0.191%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6597	+0.200%	$6.3M	$7.0M	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6518	−0.098%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6545	+0.004%	$594K	$267K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6562	+0.068%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6536	−0.030%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6517	−0.102%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6537	−0.027%	$1K	—	100x	as long as short