Funding you earn now, next payment 00:00 UTC−0.1017%/8h= −111.4% APRnext payment −$1.27 per $10,000 · paid last 24h −0.266%
Price spread now: Deribit against Lighter−0.155%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 airdropLighter: Season 3 · farm boardneeds both histories
Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and Deribit is 0.155% cheaper against Lighter than usual: you would sell low and buy high (−$15 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 | Lighter MORPHO | 2.6480 | 0.0096 | pay 0.0012% / 1h | 34m 01s | $315K | $331K | 5x |
| Short | Deribit MORPHO_USDC-PERPETUAL | 2.6439 | −0.0921 | pay 0.0115% / 1h | 34m 01s | $11K | $812 | 10x |
Lighter MORPHO
Deribit MORPHO_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Lighter. 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
- −$213.6
- Price spread: −0.155% → 0.000%
- −$15.48
- Slippage, 4 orders
- no order book: not counted
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$236.08
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Lighter: live order book, 35 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 Lighter live order book, 35 min ago | 13.48 bp | 19.3 bp −$19 | 175.0 bp −$1,750 | 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 | −0.1758% | 1h | 2.6445 | −0.132% | $82K | $140K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUALshort | −0.0921% | 1h | 2.6439 | −0.155% | $11K | $812 | 10x | |
| 01 Exchange MORPHOUSD | −0.0896% | 1h | 2.6360 | −0.453% | $866 | $12K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0546% | 1h | 2.6428 | −0.196% | $26K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0536% | 4h | 2.6479 | −0.003% | $29K | $134K | 10x | as long as short |
| Injective MORPHO/USDC PERP | −0.0405% | 1h | 2.6430 | −0.189% | $37 | $242K | 5.5x | as long as short |
| Bybit MORPHOUSDT | −0.0398% | 4h | 2.6450 | −0.113% | $8.4M | $9.2M | 25x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0360% | 1h | 2.6508 | +0.106% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0195% | 4h | 2.6445 | −0.132% | $638K | $252K | 20x | as long as short |
| Variational Omni MORPHO | −0.0145% | 4h | 2.6472 | −0.030% | $629K | $1.0M | — | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Injective MORPHO/USDC PERP
Bybit MORPHOUSDT
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Variational Omni MORPHOShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_MORPHO_USDC | −0.0145% | 4h | 2.6432 | −0.181% | $10K | $34K | 10x | as long as short |
| Gate MORPHO_USDT | −0.0110% | 4h | 2.6471 | −0.034% | $769K | $532K | 50x | as long as short |
| Phoenix MORPHO | −0.0060% | 1h | 2.6522 | +0.159% | $43K | $477K | 5x | as long as short |
| Extended MORPHO-USD | −0.0008% | 1h | 2.6436 | −0.166% | $103K | $298K | 10x | as long as short |
| Binance MORPHOUSDT | −0.0005% | 4h | 2.6445 | −0.132% | $16.0M | $25.9M | 75x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6432 | −0.180% | $16 | — | 10x | as long as short |
| MEXC MORPHO_USDT | −0.0004% | 4h | 2.6431 | −0.185% | $5.5M | $948K | 100x | as long as short |
| Lighter MORPHOlong | +0.0096% | 1h | 2.6480 | long leg | $315K | $331K | 5x | |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6422 | −0.219% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6510 | +0.113% | $6.2M | $7.0M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6472 | −0.031% | $58K | $31K | 20x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6454 | −0.098% | $3.2M | $4.5M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6472 | −0.030% | $593K | $270K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6455 | −0.094% | $2.9M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6464 | −0.060% | — | $1.5M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6440 | −0.151% | $22K | $4K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0154% / S −0.2700% | 1h | 2.6460 | −0.075% | $1K | — | 100x | as long as short |
Orderly PERP_MORPHO_USDC
Gate MORPHO_USDT
Phoenix MORPHO
Extended MORPHO-USD
Binance MORPHOUSDT
Reya MORPHORUSDPERP
MEXC MORPHO_USDT
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]