Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.032%
Price spread now: Lighter against Bybit+0.430%7-day average +0.194% · you sell dearer than you buy
Net, funding: paid 7d − costs−$113as in the Funding arb table
Net, price: spread back to 7d avg − costs−$103as in the Price arb table
costs, in and out, $10k−$1261.262% of the position
Funding, last 7 days+0.131%+$13 on $10k
+Price spread, last 4 days (all we have)−0.028%−$3 · spread now +0.430%, 7d avg +0.194%
=Together, before fees+0.104%+ Points / potential airdropLighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.236% dearer against Bybit than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of +0.194%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit MORPHOUSDT | 2.6610 | 0.0100 | pay 0.0050% / 4h | 3h 19m | $8.4M | $9.2M | 25x |
| Short | Lighter MORPHO | 2.6724 | 0.0096 | get 0.0012% / 1h | 19m 45s | $320K | $325K | 5x |
Bybit MORPHOUSDT
Lighter MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$0.84
- Price spread: +0.430% → +0.194%
- $23.6
- Slippage, 4 orders
- −$115.15
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$103.39
- Costs to cover
- 1.262%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 3 min ago; Lighter: live order book, 45 min ago.
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 Bybit live order book, 3 min ago | 1.88 bp | 17.5 bp −$17 | 60.5 bp −$605 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 45 min ago | 21.76 bp | 25.7 bp −$26 | 182.3 bp −$1,823 | doesn't fit | doesn't fit |
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 | −0.1829% | 1h | 2.6581 | −0.110% | $80K | $132K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0651% | 1h | 2.6614 | +0.015% | $11K | $785 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0448% | 1h | 2.6574 | −0.135% | $873 | $13K | 5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0280% | 1h | 2.6527 | −0.312% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6633 | +0.086% | $638K | $229K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0146% | 4h | 2.6605 | −0.019% | $10K | $34K | 10x | as long as short |
| Variational Omni MORPHO | −0.0112% | 4h | 2.6621 | +0.040% | $634K | $1.0M | — | as long as short |
| Polymarket Perps MORPHO-USD | −0.0032% | 1h | 2.6603 | −0.026% | $24K | $1.7M | 5x | as long as short |
| Phoenix MORPHO | −0.0030% | 1h | 2.6753 | +0.537% | $44K | $474K | 5x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6593 | −0.065% | $16 | — | 10x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Variational Omni MORPHO
Polymarket Perps MORPHO-USD
Phoenix MORPHO
Reya MORPHORUSDPERPShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | +0.0020% | 4h | 2.6627 | +0.064% | $770K | $524K | 50x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | −0.676% | $37 | $242K | 5.5x | as long as short |
| GRVT MORPHO_USDT_Perp | +0.0070% | 4h | 2.6728 | +0.445% | $41K | $133K | 10x | as long as short |
| Lighter MORPHOshort | +0.0096% | 1h | 2.6724 | +0.430% | $320K | $325K | 5x | |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6579 | −0.117% | $5K | $3 | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6637 | +0.100% | $58K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6613 | +0.012% | $16.1M | $25.8M | 75x | as long as short |
| Bybit MORPHOUSDTlong | +0.0100% | 4h | 2.6610 | long leg | $8.4M | $9.2M | 25x | |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6622 | +0.045% | $3.2M | $4.5M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6620 | +0.038% | $5.6M | $904K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6642 | +0.120% | $595K | $266K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6605 | −0.019% | $2.9M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6615 | +0.019% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6613 | +0.011% | $22K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6610 | 0.000% | $104K | $364K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −0.4126% | 1h | 2.6615 | +0.020% | $1K | — | 100x | as long as short |
| Hyperliquid MORPHO | +0.0354% | 1h | 2.6677 | +0.253% | $6.3M | $7.0M | 5x | as long as short |
Gate MORPHO_USDT
Injective MORPHO/USDC PERP
GRVT MORPHO_USDT_Perp
Paradex MORPHO-USD-PERP
Aster MORPHOUSDT
Binance MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]
Hyperliquid MORPHO