MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0779%/8h= −85.3% APRnext payment −$0.97 per $10,000 · paid last 24h −0.087%

Price spread now: Polymarket Perps against Hyperliquid−0.230%7-day average −0.111% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$440.445% of the position

Long on Hyperliquid Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.265%−$26 on $10k

Price spread, last 7 days+0.227%+$23 · spread now −0.230%, 7d avg −0.111%

Together, before fees−0.038%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and Polymarket Perps is 0.120% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.111%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.265% in total (about -13.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.97 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	2.6476	0.0100	pay 0.0013% / 1h	3m 17s	$6.2M	$7.1M	5x
Short	Polymarket Perps MORPHO-USD	2.6415	−0.0679	pay 0.0085% / 1h	3m 17s	$24K	$1.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.230%Rate

Funding earned: −$163.6
Price spread: −0.230% → −0.111%: −$11.96
Slippage, 4 orders: −$27.48
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$220.04
Costs to cover: 0.445%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Polymarket Perps: live order book, 5 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, 9 min ago	1.89 bp	10.9 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	3.03 bp	7.7 bp −$8	8.0 bp −$80	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	−0.1859%	1h	2.6407	−0.262%	$81K	$152K	20x	as long as short
01 Exchange MORPHOUSD	−0.1168%	1h	2.6343	−0.502%	$866	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0922%	1h	2.6419	−0.215%	$11K	$812	10x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0679%	1h	2.6415	−0.230%	$24K	$1.7M	5x
GRVT MORPHO_USDT_Perp	−0.0576%	4h	2.6390	−0.325%	$29K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0432%	4h	2.6420	−0.212%	$8.4M	$9.3M	25x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	−0.174%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6469	−0.026%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0217%	4h	2.6391	−0.321%	$639K	$249K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0145%	4h	2.6417	−0.223%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0126%	4h	2.6413	−0.238%	$767K	$534K	50x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6435	−0.155%	$43K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0080%	4h	2.6401	−0.282%	$627K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6416	−0.228%	$16	—	10x	as long as short
Extended MORPHO-USD	+0.0016%	1h	2.6403	−0.275%	$103K	$301K	10x	as long as short
Binance MORPHOUSDT	+0.0016%	4h	2.6413	−0.238%	$16.1M	$25.8M	75x	as long as short
MEXC MORPHO_USDT	+0.0018%	4h	2.6410	−0.249%	$5.4M	$1.1M	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6453	−0.087%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6409	−0.251%	$5K	$3	5x	as long as short
Hyperliquid MORPHOlong	+0.0100%	1h	2.6476	long leg	$6.2M	$7.1M	5x
Aster MORPHOUSDT	+0.0100%	4h	2.6422	−0.202%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6427	−0.185%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6435	−0.155%	$591K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6420	−0.212%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6413	−0.238%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6415	−0.230%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −0.3373%	1h	2.6439	−0.138%	$1K	—	100x	as long as short