Funding you earn now, next payment 04:00 UTC−0.1307%/8h= −143.1% APRnext payment −$1.63 per $10,000 · paid last 24h −0.303%
Price spread now: Deribit against Hyperliquid−0.211%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
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 airdropHyperliquid: Season 2 · farm boardneeds both histories
Both sides work against this trade now: funding costs −$39 a day on $10k at the current rate, and Deribit is 0.211% cheaper against Hyperliquid than usual: you would sell low and buy high (−$21 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid MORPHO | 2.6102 | 0.0100 | pay 0.0013% / 1h | 6m 13s | $6.0M | $6.8M | 5x |
| Short | Deribit MORPHO_USDC-PERPETUAL | 2.6047 | −0.1207 | pay 0.0151% / 1h | 6m 13s | $11K | $1K | 10x |
Hyperliquid MORPHO
Deribit MORPHO_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Hyperliquid. 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
- −$274.42
- Price spread: −0.211% → 0.000%
- −$21.07
- Slippage, 4 orders
- no order book: not counted
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$311.49
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Hyperliquid: live order book, 6 min ago; Deribit: 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 Hyperliquid live order book, 6 min ago | 3.06 bp | 15.6 bp −$16 | doesn't fit | doesn't fit | doesn't fit |
| Sell Deribit no order-book sample | — | — | — | — | — |
Deribit: 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 | −0.1663% | 1h | 2.6046 | −0.214% | $81K | $127K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUALshort | −0.1207% | 1h | 2.6047 | −0.211% | $11K | $1K | 10x | |
| 01 Exchange MORPHOUSD | −0.1008% | 1h | 2.5972 | −0.498% | $853 | $9K | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0276% | 4h | 2.6069 | −0.127% | $34K | $140K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0224% | 1h | 2.6092 | −0.038% | $75K | $41K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6040 | −0.238% | $637K | $241K | 20x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0156% | 1h | 2.6062 | −0.153% | $25K | $1.6M | 5x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0140% | 4h | 2.6049 | −0.203% | $10K | $34K | 10x | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.6046 | −0.215% | $16 | — | 10x | as long as short |
| Phoenix MORPHO | 0.0000% | 1h | 2.6113 | +0.042% | $43K | $370K | 5x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Polymarket Perps MORPHO-USD
Orderly PERP_MORPHO_USDC
Reya MORPHORUSDPERP
Phoenix MORPHOShow 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 | +1.257% | $37 | $242K | 5.5x | as long as short |
| Gate MORPHO_USDT | +0.0040% | 4h | 2.6038 | −0.245% | $762K | $483K | 50x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6077 | −0.097% | $313K | $309K | 5x | as long as short |
| Bybit MORPHOUSDT | +0.0099% | 4h | 2.6060 | −0.161% | $8.1M | $8.7M | 25x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6028 | −0.283% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHOlong | +0.0100% | 1h | 2.6102 | long leg | $6.0M | $6.8M | 5x | |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6076 | −0.098% | $57K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6039 | −0.243% | $15.7M | $24.7M | 75x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6071 | −0.119% | $3.2M | $4.2M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6042 | −0.230% | $5.9M | $833K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6064 | −0.146% | $593K | $252K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6040 | −0.238% | $2.8M | $1.7M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6051 | −0.195% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6095 | −0.026% | $622K | $675K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6043 | −0.226% | $21K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6039 | −0.242% | $100K | $348K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6076 | −0.100% | $1K | — | 100x | as long as short |
Injective MORPHO/USDC PERP
Gate MORPHO_USDT
Lighter MORPHO
Bybit MORPHOUSDT
Paradex MORPHO-USD-PERP
Aster MORPHOUSDT
Binance MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]