Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −11.0% APRnext payment −$0.13 per $10,000 · paid last 24h −0.031%
Price spread now: Reya against Lighter−0.107%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 · Reya: Active · farm boardneeds both histories
Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Reya is 0.107% cheaper against Lighter than usual: you would sell low and buy high (−$11 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 | 2.6458 | 0.0096 | pay 0.0012% / 1h | 11m 40s | $315K | $334K | 5x |
| Short | Reya MORPHORUSDPERP | 2.6430 | −0.0004 | pay 0.0001% / 1h | 11m 40s | $16 | — | 10x |
Lighter MORPHO
Reya MORPHORUSDPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Reya 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
- −$21.09
- Price spread: −0.107% → 0.000%
- −$10.7
- Slippage, 4 orders
- no order book: not counted
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Reya: 3 bp × 2 orders
- −$6
- Net
- −$37.79
- Costs to cover
- 0.060%
- Break-even
- never at this rate
Slippage unknown: Lighter: live order book, 63 min ago; Reya: 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, 63 min ago | 14.65 bp | 19.9 bp −$20 | 169.4 bp −$1,694 | doesn't fit | doesn't fit |
| Sell Reya no order-book sample | — | — | — | — | — |
Reya: 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 | −0.1858% | 1h | 2.6413 | −0.171% | $81K | $151K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1224% | 1h | 2.6426 | −0.122% | $11K | $812 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.1168% | 1h | 2.6362 | −0.364% | $866 | $13K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0700% | 1h | 2.6428 | −0.114% | $24K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0564% | 4h | 2.6426 | −0.121% | $29K | $134K | 10x | as long as short |
| Bybit MORPHOUSDT | −0.0437% | 4h | 2.6428 | −0.114% | $8.5M | $9.3M | 25x | 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 | 2.6469 | +0.041% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0207% | 4h | 2.6438 | −0.076% | $639K | $249K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0146% | 4h | 2.6428 | −0.114% | $10K | $34K | 10x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Bybit MORPHOUSDT
Injective MORPHO/USDC PERP
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDCShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | −0.0130% | 4h | 2.6416 | −0.159% | $767K | $533K | 50x | as long as short |
| Phoenix MORPHO | −0.0090% | 1h | 2.6439 | −0.073% | $43K | $484K | 5x | as long as short |
| Variational Omni MORPHO | −0.0062% | 4h | 2.6437 | −0.081% | $629K | $1.2M | — | as long as short |
| Reya MORPHORUSDPERPshort | −0.0004% | 1h | 2.6430 | −0.107% | $16 | — | 10x | |
| MEXC MORPHO_USDT | +0.0030% | 4h | 2.6420 | −0.144% | $5.4M | $1.1M | 100x | as long as short |
| Binance MORPHOUSDT | +0.0031% | 4h | 2.6419 | −0.149% | $16.1M | $25.8M | 75x | as long as short |
| Extended MORPHO-USD | +0.0032% | 1h | 2.6412 | −0.175% | $103K | $301K | 10x | as long as short |
| Lighter MORPHOlong | +0.0096% | 1h | 2.6458 | long leg | $315K | $334K | 5x | |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6415 | −0.164% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6487 | +0.109% | $6.2M | $7.1M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6421 | −0.139% | $58K | $31K | 20x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6440 | −0.069% | $3.2M | $4.4M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6450 | −0.031% | $591K | $269K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6430 | −0.107% | $2.9M | $1.9M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6430 | −0.107% | — | $1.5M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6426 | −0.122% | $22K | $4K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6458 | +0.001% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Phoenix MORPHO
Variational Omni MORPHO
MEXC MORPHO_USDT
Binance MORPHOUSDT
Extended MORPHO-USD
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]