MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0665%/8h= +72.8% APRnext payment +$0.83 per $10,000 · paid last 24h +0.079%

Price spread now: Hyperliquid against Polymarket Perps+0.179%7-day average +0.110% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$460.458% of the position

Long on Polymarket Perps Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.258%+$26 on $10k

Price spread, last 7 days−0.146%−$15 · spread now +0.179%, 7d avg +0.110%

Together, before fees+0.112%+ Points / potential airdropHyperliquid: Season 2 · farm board+$11 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 Hyperliquid is 0.069% dearer against Polymarket Perps than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.110%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.258% in total (about 13.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.83 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	2.6535	−0.0565	get 0.0071% / 1h	42m 26s	$26K	$1.9M	5x
Short	Hyperliquid MORPHO	2.6582	0.0100	get 0.0013% / 1h	42m 26s	$6.2M	$7.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.179%Rate

Funding earned: $139.62
Price spread: +0.179% → +0.110%: $6.88
Slippage, 4 orders: −$28.78
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $100.72
Costs to cover: 0.458%
Break-even: 2.0 days

Slippage from Polymarket Perps: live order book, 1 min ago; Hyperliquid: live order book, 10 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, 1 min ago	2.64 bp	7.4 bp −$7	7.8 bp −$78	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	1.69 bp	14.8 bp −$15	doesn't fit	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	−0.2059%	1h	2.6474	−0.231%	$83K	$148K	20x	as long as short
01 Exchange MORPHOUSD	−0.1080%	1h	2.6488	−0.177%	$870	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0956%	1h	2.6500	−0.132%	$11K	$911	10x	as long as short
Polymarket Perps MORPHO-USDlong	−0.0565%	1h	2.6535	long leg	$26K	$1.9M	5x
GRVT MORPHO_USDT_Perp	−0.0550%	4h	2.6452	−0.314%	$29K	$162K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.283%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6527	−0.030%	$76K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6496	−0.147%	$652K	$221K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0186%	4h	2.6498	−0.139%	$10K	$34K	10x	as long as short
Bybit MORPHOUSDT	−0.0176%	4h	2.6550	+0.057%	$8.6M	$10.1M	25x	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	−0.0134%	4h	2.6525	−0.038%	$760K	$523K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6479	−0.211%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6534	−0.004%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6588	+0.199%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6532	−0.012%	$5K	$3	5x	as long as short
Hyperliquid MORPHOshort	+0.0100%	1h	2.6582	+0.179%	$6.2M	$7.2M	5x
Aster MORPHOUSDT	+0.0100%	4h	2.6541	+0.022%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6524	−0.041%	$16.3M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6549	+0.053%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6518	−0.064%	$5.3M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6538	+0.011%	$622K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6535	0.000%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6527	−0.030%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6515	−0.075%	$643K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6489	−0.173%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6512	−0.088%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6515	−0.074%	$1K	—	100x	as long as short