Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.048%

Price spread now: Injective against OKX+2.486%99s7-day average +1.043% · you sell dearer than you buy

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

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.746%+$75 on $10k

Price spread, last 4 days (all we have)−3.684%−$368 · spread now +2.486%, 7d avg +1.043%

Together, before fees−2.938%−$294 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.443% dearer against OKX than usual: you sell high and buy low (spread +2.486% now, against its 7-day average of +1.043%): +$144 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2 months. Mind the row above: over the last 7 days funding on this pair paid +0.746%, so the current rate has only just turned against you. The two prices were read 99 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	OKX MORPHO-USDT-SWAP	2.5789	0.0100	pay 0.0050% / 4h	3h 53m	$3.2M	$4.1M	20x
Short	Injective MORPHO/USDC PERP	2.6430	0.0033	get 0.0004% / 1h	53m 41s	$37	$242K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now +2.486%Rate

Funding earned: −$14
Price spread: +2.486% → +1.043%: $144.3
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $120.28
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: OKX: live order book, 4 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 OKX live order book, 4 min ago	2.13 bp	24.6 bp −$25	doesn't fit	doesn't fit	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	−0.2470%	1h	2.5732	−0.220%	$84K	$134K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1183%	1h	2.5775	−0.054%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0952%	1h	2.5757	−0.124%	$846	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5579	−0.814%	$70K	$37K	25x	as long as short
Variational Omni MORPHO	−0.0458%	4h	2.5776	−0.051%	$614K	$526K	—	as long as short
BloFin MORPHO-USDT	−0.0413%	4h	2.5739	−0.194%	$635K	$238K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0338%	4h	2.5774	−0.056%	$30K	$123K	10x	as long as short
Orderly PERP_MORPHO_USDC	−0.0275%	4h	2.5762	−0.105%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0198%	4h	2.5770	−0.074%	$54K	$49K	20x	as long as short
Phoenix MORPHO	−0.0185%	1h	2.5793	+0.016%	$33K	$308K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MORPHO-USD	−0.0176%	1h	2.5769	−0.078%	$99K	$375K	10x	as long as short
MEXC MORPHO_USDT	−0.0172%	4h	2.5773	−0.062%	$6.3M	$909K	100x	as long as short
Binance MORPHOUSDT	−0.0171%	4h	2.5774	−0.056%	$15.5M	$23.9M	75x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5790	+0.005%	$15	—	10x	as long as short
Injective MORPHO/USDC PERPshort	+0.0033%	1h	2.6430	+2.486%	$37	$242K	5.5x
Gate MORPHO_USDT	+0.0042%	4h	2.5789	0.000%	$759K	$483K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5814	+0.099%	$311K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5783	−0.024%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5829	+0.155%	$5.9M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5788	−0.004%	$7.8M	$8.4M	25x	as long as short
OKX MORPHO-USDT-SWAPlong	+0.0100%	4h	2.5789	long leg	$3.2M	$4.1M	20x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5791	+0.008%	$586K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5789	0.000%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5786	−0.012%	—	$1.4M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5823	+0.132%	$25K	$1.4M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5783	−0.023%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5809	+0.078%	$1K	—	100x	as long as short