Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1124%/8h= +123.1% APRpaid last 24h +0.191%

Price spread now: Variational Omni against 01 Exchange+0.252%48s7-day average — · you sell dearer than you buy

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

Long on 01 Exchange Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

Both sides work for this trade now. Funding pays +$34 a day on $10k at the current rate, and Variational Omni is 0.252% dearer against 01 Exchange than usual: you sell high and buy low: +$25 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 48 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	01 Exchange MORPHOUSD	2.5995	−0.1024	get 0.0128% / 1h	59m 49s	$854	$9K	5x
Short	Variational Omni MORPHO	2.6060	0.0100	get 0.0050% / 4h	3h 59m	$621K	$675K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against 01 Exchange. 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 01 ExchangebpFee Variational OmnibpOrdersPrice spread, now +0.252%Rate

Funding earned: $236.04
Price spread: +0.252% → 0.000%: $25.17
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $254.21
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: 01 Exchange: no order-book sample; Variational Omni: RFQ quote, 64 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 64 min ago	6.55 bp	doesn't fit	69.7 bp −$697	doesn't fit	doesn't fit

01 Exchange: 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	−0.1664%	1h	2.6036	+0.159%	$81K	$126K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1167%	1h	2.6067	+0.277%	$11K	$1K	10x	as long as short
01 Exchange MORPHOUSDlong	−0.1024%	1h	2.5995	long leg	$854	$9K	5x
GRVT MORPHO_USDT_Perp	−0.0288%	4h	2.6054	+0.227%	$34K	$140K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6092	+0.373%	$75K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6039	+0.169%	$637K	$241K	20x	as long as short
Polymarket Perps MORPHO-USD	−0.0154%	1h	2.6064	+0.265%	$25K	$1.6M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0140%	4h	2.6062	+0.258%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6046	+0.198%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6073	+0.300%	$43K	$370K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.673%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0044%	4h	2.6066	+0.273%	$763K	$483K	50x	as long as short
Bybit MORPHOUSDT	+0.0080%	4h	2.6070	+0.289%	$8.1M	$8.6M	25x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6108	+0.434%	$313K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6050	+0.212%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6106	+0.427%	$6.1M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6094	+0.383%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6053	+0.224%	$15.8M	$24.6M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6083	+0.339%	$3.2M	$4.1M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6054	+0.227%	$5.9M	$835K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6081	+0.331%	$595K	$252K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6076	+0.312%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6079	+0.323%	—	$1.4M	—	as long as short
Variational Omni MORPHOshort	+0.0100%	4h	2.6060	+0.252%	$621K	$675K	—
SoDEX MORPHO-USD	+0.0100%	1h	2.6062	+0.258%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6045	+0.192%	$100K	$348K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6084	+0.344%	$1K	—	100x	as long as short