MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1950%/8h= −213.5% APRnext payment −$2.44 per $10,000 · paid last 24h +0.054%

Price spread now: Kraken Futures against Hyperliquid−0.218%7-day average −0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$145as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1281.283% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.165%−$16 on $10k

Price spread, last 3 days (all we have)+0.148%+$15 · spread now −0.218%, 7d avg −0.109%

Together, before fees−0.017%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$58 a day on $10k at the current rate, and Kraken Futures is 0.110% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.109%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.165% in total (about -8.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.44 per $10,000. 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	Hyperliquid MORPHO	2.6589	0.0100	pay 0.0013% / 1h	55m 50s	$6.2M	$7.2M	5x
Short	Kraken Futures PF_MORPHOUSD	2.6531	−0.1850	pay 0.0231% / 1h	55m 50s	$83K	$149K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Hyperliquid. 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 HyperliquidbpFee Kraken FuturesbpOrdersPrice spread, now −0.218%Rate

Funding earned: −$409.47
Price spread: −0.218% → −0.109%: −$10.99
Slippage, 4 orders: −$109.35
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$548.8
Costs to cover: 1.283%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Kraken Futures: live order book, 26 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 Hyperliquid live order book, 6 min ago	1.13 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 26 min ago	44.08 bp	49.3 bp −$49	125.7 bp −$1,257	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_MORPHOUSDshort	−0.1850%	1h	2.6531	−0.218%	$83K	$149K	20x
01 Exchange MORPHOUSD	−0.1264%	1h	2.6489	−0.376%	$870	$13K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1104%	1h	2.6547	−0.158%	$11K	$911	10x	as long as short
Bybit MORPHOUSDT	−0.0644%	4h	2.6537	−0.196%	$8.6M	$9.6M	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0544%	4h	2.6520	−0.258%	$29K	$154K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0540%	1h	2.6540	−0.184%	$26K	$1.8M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6610	+0.079%	$37	$198K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6617	+0.105%	$77K	$45K	25x	as long as short
Gate MORPHO_USDT	−0.0216%	4h	2.6527	−0.233%	$773K	$530K	50x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6503	−0.323%	$646K	$246K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0164%	4h	2.6550	−0.147%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6528	−0.229%	$34K	$484K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6550	−0.147%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6568	−0.078%	$316K	$333K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6551	−0.142%	$5K	$3	5x	as long as short
Hyperliquid MORPHOlong	+0.0100%	1h	2.6589	long leg	$6.2M	$7.2M	5x
Aster MORPHOUSDT	+0.0100%	4h	2.6558	−0.117%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6530	−0.222%	$16.2M	$26.2M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6550	−0.147%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6513	−0.286%	$5.5M	$1.0M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6545	−0.165%	$620K	$266K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6531	−0.218%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6547	−0.158%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6529	−0.225%	$644K	$1.2M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6545	−0.165%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6533	−0.212%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6573	−0.059%	$1K	—	100x	as long as short