MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1184%/8h= −129.6% APRnext payment −$1.48 per $10,000 · paid last 24h −0.295%

Price spread now: Deribit against Hyperliquid+0.039%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Deribit

What this pair did over the last

the charts below follow

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 airdropHyperliquid: Season 2 · farm boardneeds both histories

The price spread pays, funding is against you. Deribit is 0.039% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.039% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$36 a day in funding at the current rate, which eats that in about 3 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MORPHO	2.6200	0.0100	pay 0.0013% / 1h	41m 43s	$6.1M	$7.0M	5x
Short	Deribit MORPHO_USDC-PERPETUAL	2.6210	−0.1084	pay 0.0135% / 1h	41m 43s	$11K	$955	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpFee DeribitbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$248.55
Price spread: +0.039% → 0.000%: $3.89
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$260.66
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; Deribit: 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 Hyperliquid live order book, 10 min ago	1.90 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.1674%	1h	2.6191	−0.033%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUALshort	−0.1084%	1h	2.6210	+0.039%	$11K	$955	10x
01 Exchange MORPHOUSD	−0.0552%	1h	2.6194	−0.022%	$861	$9K	5x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6158	−0.160%	$639K	$243K	20x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0192%	1h	2.6327	+0.485%	$75K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0157%	4h	2.6204	+0.016%	$10K	$34K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0120%	4h	2.6077	−0.469%	$32K	$142K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0068%	1h	2.6196	−0.015%	$25K	$1.8M	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6194	−0.021%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6097	−0.392%	$43K	$392K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.879%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0046%	4h	2.6196	−0.015%	$755K	$503K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6178	−0.082%	$314K	$308K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6227	+0.103%	$5K	$3	5x	as long as short
Hyperliquid MORPHOlong	+0.0100%	1h	2.6200	long leg	$6.1M	$7.0M	5x
Aster MORPHOUSDT	+0.0100%	4h	2.6180	−0.074%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6144	−0.212%	$15.8M	$25.7M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6197	−0.011%	$8.3M	$9.5M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6172	−0.106%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6151	−0.186%	$5.8M	$840K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6190	−0.037%	$596K	$254K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6182	−0.068%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6198	−0.007%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6105	−0.360%	$622K	$907K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6205	+0.020%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6173	−0.104%	$101K	$350K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6221	+0.082%	$1K	—	100x	as long as short