MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0672%/8h= +73.6% APRnext payment +$0.84 per $10,000 · paid last 24h +0.050%

Price spread now: Extended against Polymarket Perps−0.029%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$580.580% of the position

Long on Polymarket Perps Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.214%+$21 on $10k

Price spread, last 7 days−0.133%−$13 · spread now −0.029%, 7d avg −0.057%

Together, before fees+0.081%+ Points / potential airdropExtended: Active · farm board+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Extended is 0.028% dearer against Polymarket Perps than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.057%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.214% in total (about 11.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.84 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	Polymarket Perps MORPHO-USD	2.6499	−0.0568	get 0.0071% / 1h	40m 55s	$26K	$1.9M	5x
Short	Extended MORPHO-USD	2.6491	0.0104	get 0.0013% / 1h	40m 55s	$103K	$301K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Polymarket Perps. 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 Polymarket PerpsbpFee ExtendedbpOrdersPrice spread, now −0.029%Rate

Funding earned: $141.2
Price spread: −0.029% → −0.057%: $2.81
Slippage, 4 orders: −$44.97
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $86.05
Costs to cover: 0.580%
Break-even: 2.7 days

Slippage from Polymarket Perps: live order book, 3 min ago; Extended: live order book, 46 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 Polymarket Perps live order book, 3 min ago	2.64 bp	7.4 bp −$7	7.8 bp −$78	doesn't fit	doesn't fit
Sell Extended live order book, 46 min ago	2.23 bp	21.3 bp −$21	222.9 bp −$2,229	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	−0.2058%	1h	2.6488	−0.043%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1144%	1h	2.6506	+0.026%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1064%	1h	2.6474	−0.094%	$870	$12K	5x	as long as short
Polymarket Perps MORPHO-USDlong	−0.0568%	1h	2.6499	long leg	$26K	$1.9M	5x
GRVT MORPHO_USDT_Perp	−0.0550%	4h	2.6452	−0.179%	$29K	$162K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.147%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6527	+0.106%	$76K	$46K	25x	as long as short
Bybit MORPHOUSDT	−0.0202%	4h	2.6515	+0.060%	$8.6M	$10.1M	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6503	+0.015%	$652K	$221K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0183%	4h	2.6505	+0.023%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0148%	4h	2.6509	+0.038%	$760K	$523K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6479	−0.075%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6506	+0.028%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6580	+0.305%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6507	+0.029%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6552	+0.198%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6535	+0.135%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6491	−0.028%	$16.2M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6517	+0.068%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6490	−0.034%	$5.3M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6530	+0.117%	$622K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6524	+0.094%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6524	+0.094%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6515	+0.061%	$643K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6500	+0.004%	$22K	$3K	5x	as long as short
Extended MORPHO-USDshort	+0.0104%	1h	2.6491	−0.029%	$103K	$301K	10x
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6526	+0.104%	$1K	—	100x	as long as short