Sprite deformation in shader?

I was wondering if there is any performant way in doing sprite derformation using shaders?

One idea I had was to subdivide the sprites mesh (which is only 4 vertices) in the tesselation shader to create as many vertices as I want, and then just use the vertex shader to deform the sprite, but I'm not sure thats performant or a good idea at all.

So anyone have a better idea? Just making the sprite "wavy" would be a good example of something I want to achieve. :-)