Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.016%

Price spread now: Variational Omni against Reya−0.087%7-day average — · you buy dearer than you sell

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

Long on Reya Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · Variational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.087% cheaper against Reya than usual: you would sell low and buy high (spread −0.087% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 4.9 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya MORPHORUSDPERP	2.5948	−0.0005	get 0.0001% / 1h	33m 33s	$16	—	10x
Short	Variational Omni MORPHO	2.5925	0.0055	get 0.0028% / 4h	1h 33m	$618K	$677K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Reya. 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 ReyabpFee Variational OmnibpOrdersPrice spread, now −0.087%Rate

Funding earned: $12.59
Price spread: −0.087% → 0.000%: −$8.73
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$2.15
Costs to cover: 0.060%
Break-even: 8.2 days

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 16 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 Reya no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 16 min ago	6.56 bp	doesn't fit	66.3 bp −$663	doesn't fit	doesn't fit

Reya: 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
Deribit MORPHO_USDC-PERPETUAL	−0.1408%	1h	2.5895	−0.205%	$11K	$2K	10x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1379%	1h	2.5875	−0.282%	$82K	$131K	20x	as long as short
01 Exchange MORPHOUSD	−0.1144%	1h	2.5879	−0.266%	$850	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0432%	1h	2.5910	−0.147%	$73K	$40K	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0392%	4h	2.5926	−0.085%	$30K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0358%	1h	2.5954	+0.023%	$28K	$1.5M	5x	as long as short
Bybit MORPHOUSDT	−0.0220%	4h	2.5960	+0.046%	$7.9M	$8.6M	25x	as long as short
BloFin MORPHO-USDT	−0.0182%	4h	2.5857	−0.351%	$634K	$240K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0142%	4h	2.5893	−0.212%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0092%	1h	2.5934	−0.054%	$33K	$339K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERPlong	−0.0005%	1h	2.5948	long leg	$16	—	10x
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.857%	$37	$242K	5.5x	as long as short
Variational Omni MORPHOshort	+0.0055%	4h	2.5925	−0.087%	$618K	$677K	—
Gate MORPHO_USDT	+0.0072%	4h	2.5925	−0.089%	$763K	$510K	50x	as long as short
Extended MORPHO-USD	+0.0088%	1h	2.5919	−0.111%	$99K	$346K	10x	as long as short
MEXC MORPHO_USDT	+0.0088%	4h	2.5933	−0.058%	$6.3M	$899K	100x	as long as short
Binance MORPHOUSDT	+0.0089%	4h	2.5932	−0.062%	$15.7M	$24.6M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5962	+0.053%	$312K	$294K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5930	−0.070%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5996	+0.185%	$5.9M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5963	+0.058%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5965	+0.065%	$3.2M	$4.2M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5933	−0.058%	$589K	$258K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5937	−0.043%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5944	−0.016%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5896	−0.201%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.5931	−0.065%	$1K	—	100x	as long as short