MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0555%/8h= −60.7% APRnext payment −$0.69 per $10,000 · paid last 24h −0.068%

Price spread now: Polymarket Perps against Lighter−0.168%7-day average −0.217% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$510.513% of the position

Long on Lighter Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.306%−$31 on $10k

Price spread, last 4 days (all we have)−0.361%−$36 · spread now −0.168%, 7d avg −0.217%

Together, before fees−0.668%+ Points / potential airdropLighter: Season 3 · farm board−$67 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.048% dearer against Lighter than usual: you sell high and buy low (spread −0.168% now, against its 7-day average of −0.217%): +$5 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.306% in total) that is about 27 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.306% in total (about -16.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.69 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	2.6552	0.0096	pay 0.0012% / 1h	10m 22s	$316K	$331K	5x
Short	Polymarket Perps MORPHO-USD	2.6507	−0.0459	pay 0.0057% / 1h	10m 22s	$28K	$1.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.168%Rate

Funding earned: −$116.46
Price spread: −0.168% → −0.217%: $4.84
Slippage, 4 orders: −$43.28
Fee Lighter: 0 bp × 2 orders: $0
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$162.9
Costs to cover: 0.513%
Break-even: never at this rate

Slippage from Lighter: live order book, 59 min ago; Polymarket Perps: live order book, 3 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, 59 min ago	13.48 bp	19.3 bp −$19	175.0 bp −$1,750	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	2.83 bp	8.4 bp −$8	8.8 bp −$88	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	−0.1756%	1h	2.6477	−0.281%	$81K	$143K	20x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.6475	−0.289%	$870	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0655%	1h	2.6500	−0.195%	$11K	$812	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0460%	4h	2.6511	−0.154%	$41K	$146K	10x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0459%	1h	2.6507	−0.168%	$28K	$1.7M	5x
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.458%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6555	+0.012%	$76K	$43K	25x	as long as short
Bybit MORPHOUSDT	−0.0335%	4h	2.6510	−0.157%	$8.4M	$9.3M	25x	as long as short
BloFin MORPHO-USDT	−0.0187%	4h	2.6492	−0.225%	$638K	$253K	20x	as long as short
Variational Omni MORPHO	−0.0167%	4h	2.6481	−0.266%	$630K	$1.0M	—	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	−0.0147%	4h	2.6491	−0.229%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6531	−0.078%	$43K	$477K	5x	as long as short
Gate MORPHO_USDT	−0.0056%	4h	2.6514	−0.142%	$770K	$532K	50x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6506	−0.172%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0052%	4h	2.6513	−0.146%	$5.5M	$961K	100x	as long as short
Binance MORPHOUSDT	+0.0053%	4h	2.6513	−0.146%	$16.1M	$26.0M	75x	as long as short
Extended MORPHO-USD	+0.0056%	1h	2.6503	−0.184%	$103K	$298K	10x	as long as short
Aster MORPHOUSDT	+0.0082%	4h	2.6510	−0.155%	$58K	$30K	20x	as long as short
Lighter MORPHOlong	+0.0096%	1h	2.6552	long leg	$316K	$331K	5x
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6506	−0.172%	$5K	$3	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6516	−0.134%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6529	−0.085%	$594K	$268K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6523	−0.108%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6515	−0.138%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6485	−0.251%	$22K	$4K	5x	as long as short
Hyperliquid MORPHO	+0.0111%	1h	2.6578	+0.099%	$6.3M	$7.0M	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6533	−0.069%	$1K	—	100x	as long as short