MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1951%/8h= +213.6% APRnext payment +$2.44 per $10,000 · paid last 24h −0.069%

Price spread now: Lighter against Kraken Futures+0.175%7-day average +0.203% · you sell dearer than you buy

Net, funding: paid 7d − costs−$115as in the Funding arb table

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

costs, in and out, $10k−$1361.364% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.217%+$22 on $10k

Price spread, last 3 days (all we have)+0.103%+$10 · spread now +0.175%, 7d avg +0.203%

Together, before fees+0.320%+ Points / potential airdropLighter: Season 3 · farm board+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.028% cheaper against Kraken Futures than usual: you would sell low and buy high (spread +0.175% now, against its 7-day average of +0.203%). If the spread goes back, that is −$3 on $10k: about 1 hour of funding at the current rate (+$59 a day). At the pace of the last 7 days (+0.217% in total) that is about 22 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.217% in total (about 11.3% 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	Kraken Futures PF_MORPHOUSD	2.6458	−0.1855	get 0.0232% / 1h	42m 21s	$83K	$150K	20x
Short	Lighter MORPHO	2.6504	0.0096	get 0.0012% / 1h	42m 21s	$315K	$333K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kraken Futures. 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 Kraken FuturesbpFee LighterbpOrdersPrice spread, now +0.175%Rate

Funding earned: $409.7
Price spread: +0.175% → +0.203%: −$2.83
Slippage, 4 orders: −$126.43
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $270.44
Costs to cover: 1.364%
Break-even: 2.4 days

Slippage from Kraken Futures: live order book, 40 min ago; Lighter: live order book, 32 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 Kraken Futures live order book, 40 min ago	44.08 bp	50.4 bp −$50	3917.4 bp −$39.2K	doesn't fit	doesn't fit
Sell Lighter live order book, 32 min ago	14.65 bp	16.9 bp −$17	164.1 bp −$1,641	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_MORPHOUSDlong	−0.1855%	1h	2.6458	long leg	$83K	$150K	20x
01 Exchange MORPHOUSD	−0.1152%	1h	2.6408	−0.190%	$868	$13K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1147%	1h	2.6457	−0.005%	$11K	$911	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0608%	1h	2.6463	+0.018%	$26K	$1.7M	5x	as long as short
Bybit MORPHOUSDT	−0.0591%	4h	2.6470	+0.045%	$8.5M	$9.5M	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0572%	4h	2.6428	−0.114%	$29K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	−0.107%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6427	−0.118%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0178%	4h	2.6433	−0.095%	$642K	$244K	20x	as long as short
Gate MORPHO_USDT	−0.0166%	4h	2.6485	+0.101%	$771K	$530K	50x	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	−0.0155%	4h	2.6451	−0.027%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6468	+0.037%	$34K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0014%	4h	2.6447	−0.040%	$628K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6466	+0.030%	$16	—	10x	as long as short
Extended MORPHO-USD	+0.0088%	1h	2.6456	−0.007%	$103K	$301K	10x	as long as short
MEXC MORPHO_USDT	+0.0088%	4h	2.6462	+0.014%	$5.2M	$1.1M	100x	as long as short
Binance MORPHOUSDT	+0.0089%	4h	2.6462	+0.016%	$16.1M	$26.1M	75x	as long as short
Lighter MORPHOshort	+0.0096%	1h	2.6504	+0.175%	$315K	$333K	5x
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6451	−0.026%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6525	+0.252%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6485	+0.101%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6466	+0.029%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6479	+0.079%	$619K	$263K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6482	+0.090%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6466	+0.029%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6454	−0.016%	$22K	$3K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6500	+0.160%	$1K	—	100x	as long as short