Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0444%/8h= +48.6% APRpaid last 24h −0.033%

Price spread now: Injective against Variational Omni+2.416%91s7-day average +1.059% · you sell dearer than you buy

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.031%−$3 on $10k

Price spread, last 4 days (all we have)−2.975%−$297 · spread now +2.416%, 7d avg +1.059%

Together, before fees−3.006%+ Points / potential airdropVariational Omni: Active · farm board−$301 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Injective is 1.357% dearer against Variational Omni than usual: you sell high and buy low: +$136 more if the spread goes back to its 7-day average of +1.059%. The two prices were read 91 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.031% in total (about -3.1% 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	Variational Omni MORPHO	2.5807	−0.0411	get 0.0205% / 4h	1m 34s	$615K	$526K	—
Short	Injective MORPHO/USDC PERP	2.6430	0.0033	get 0.0004% / 1h	1m 34s	$37	$242K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Variational OmnibpFee InjectivebpOrdersPrice spread, now +2.416%Rate

Funding earned: $93.22
Price spread: +2.416% → +1.059%: $135.74
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $228.94
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 43 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 Variational Omni RFQ quote, 43 min ago	4.65 bp	doesn't fit	68.7 bp −$687	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
01 Exchange MORPHOUSD	−0.1424%	1h	2.5703	−0.401%	$845	$9K	5x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1239%	1h	2.5737	−0.268%	$84K	$134K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1223%	1h	2.5759	−0.184%	$11K	$3K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0688%	4h	2.5799	−0.029%	$30K	$135K	10x	as long as short
Bybit MORPHOUSDT	−0.0578%	4h	2.5774	−0.126%	$7.8M	$8.4M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0496%	1h	2.5786	−0.079%	$70K	$37K	25x	as long as short
Variational Omni MORPHOlong	−0.0411%	4h	2.5807	long leg	$615K	$526K	—
BloFin MORPHO-USDT	−0.0403%	4h	2.5764	−0.165%	$629K	$238K	20x	as long as short
Polymarket Perps MORPHO-USD	−0.0382%	1h	2.5788	−0.072%	$25K	$1.4M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0262%	4h	2.5752	−0.211%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	−0.0185%	1h	2.5800	−0.025%	$33K	$336K	5x	as long as short
Gate MORPHO_USDT	−0.0180%	4h	2.5820	+0.052%	$760K	$506K	50x	as long as short
Extended MORPHO-USD	−0.0168%	1h	2.5747	−0.231%	$99K	$375K	10x	as long as short
Binance MORPHOUSDT	−0.0168%	4h	2.5755	−0.201%	$15.5M	$23.8M	75x	as long as short
MEXC MORPHO_USDT	−0.0164%	4h	2.5754	−0.203%	$6.2M	$910K	100x	as long as short
Aster MORPHOUSDT	−0.0158%	4h	2.5756	−0.195%	$54K	$48K	20x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5758	−0.186%	$15	—	10x	as long as short
Injective MORPHO/USDC PERPshort	+0.0033%	1h	2.6430	+2.416%	$37	$242K	5.5x
Lighter MORPHO	+0.0096%	1h	2.5783	−0.089%	$311K	$288K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5736	−0.272%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5803	−0.014%	$5.9M	$7.0M	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5763	−0.169%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5791	−0.060%	$587K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5772	−0.134%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5769	−0.145%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5756	−0.196%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5782	−0.095%	$1K	—	100x	as long as short