MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1953%/8h= −213.8% APRnext payment −$2.44 per $10,000 · paid last 24h +0.069%

Price spread now: Kraken Futures against Lighter−0.120%7-day average −0.203% · you buy dearer than you sell

Net, funding: paid 7d − costs−$158as in the Funding arb table

Net, price: spread back to 7d avg − costs−$128as in the Price arb table

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

Long on Lighter Short on Kraken Futures

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)−0.158%−$16 · spread now −0.120%, 7d avg −0.203%

Together, before fees−0.375%+ Points / potential airdropLighter: Season 3 · farm board−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.083% dearer against Lighter than usual: you sell high and buy low (spread −0.120% now, against its 7-day average of −0.203%): +$8 on $10k if it goes back. Holding the pair costs −$59 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 7 days (−0.217% in total) that is about 2.7 days.

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	Lighter MORPHO	2.6467	0.0096	pay 0.0012% / 1h	43m 01s	$315K	$333K	5x
Short	Kraken Futures PF_MORPHOUSD	2.6436	−0.1857	pay 0.0232% / 1h	43m 01s	$82K	$149K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Lighter. 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 LighterbpFee Kraken FuturesbpOrdersPrice spread, now −0.120%Rate

Funding earned: −$410.03
Price spread: −0.120% → −0.203%: $8.28
Slippage, 4 orders: −$126.43
Fee Lighter: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$538.18
Costs to cover: 1.364%
Break-even: never at this rate

Slippage from Lighter: live order book, 31 min ago; Kraken Futures: live order book, 39 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 Lighter live order book, 31 min ago	14.65 bp	19.9 bp −$20	169.4 bp −$1,694	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 39 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	−0.1857%	1h	2.6436	−0.120%	$82K	$149K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1186%	1h	2.6434	−0.127%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1152%	1h	2.6376	−0.346%	$867	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0606%	1h	2.6432	−0.134%	$26K	$1.7M	5x	as long as short
Bybit MORPHOUSDT	−0.0597%	4h	2.6440	−0.104%	$8.5M	$9.5M	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0572%	4h	2.6428	−0.149%	$29K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	−0.142%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6427	−0.153%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0178%	4h	2.6433	−0.130%	$642K	$244K	20x	as long as short
Gate MORPHO_USDT	−0.0176%	4h	2.6432	−0.134%	$770K	$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	−0.0156%	4h	2.6422	−0.172%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6468	+0.002%	$34K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0014%	4h	2.6447	−0.076%	$628K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6438	−0.113%	$16	—	10x	as long as short
Extended MORPHO-USD	+0.0088%	1h	2.6426	−0.156%	$103K	$301K	10x	as long as short
Binance MORPHOUSDT	+0.0089%	4h	2.6431	−0.138%	$16.1M	$26.1M	75x	as long as short
MEXC MORPHO_USDT	+0.0092%	4h	2.6429	−0.145%	$5.2M	$1.1M	100x	as long as short
Lighter MORPHOlong	+0.0096%	1h	2.6467	long leg	$315K	$333K	5x
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6415	−0.199%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6493	+0.096%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6458	−0.037%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6448	−0.074%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6473	+0.021%	$619K	$266K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6458	−0.036%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6432	−0.134%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6430	−0.142%	$22K	$3K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6454	−0.050%	$1K	—	100x	as long as short