MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0437%/8h= −47.9% APRnext payment −$0.55 per $10,000 · paid last 24h −0.063%

Price spread now: Injective against Hyperliquid−0.215%93s7-day average +0.958% · you buy dearer than you sell

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

Long on Hyperliquid Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.084%+$108 on $10k

Price spread, last 3 days (all we have)+1.287%+$129 · spread now −0.215%, 7d avg +0.958%

Together, before fees+2.370%+ Points / potential airdropHyperliquid: Season 2 · farm board+$237 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Injective is 1.173% cheaper against Hyperliquid than usual: you would sell low and buy high (−$117 if the spread goes back to its 7-day average of +0.958%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.084%, so the current rate has only just turned against you. The two prices were read 93 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MORPHO	2.6487	0.0100	pay 0.0013% / 1h	11m 36s	$6.2M	$7.1M	5x
Short	Injective MORPHO/USDC PERP	2.6430	−0.0337	pay 0.0042% / 1h	11m 36s	$37	$242K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.215%Rate

Funding earned: −$91.79
Price spread: −0.215% → +0.958%: −$117.35
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$218.16
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Injective: 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, 11 min ago	0.75 bp	17.7 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.280%	$81K	$151K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1224%	1h	2.6426	−0.230%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.1168%	1h	2.6352	−0.510%	$866	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0697%	1h	2.6412	−0.283%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0574%	4h	2.6418	−0.261%	$29K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0437%	4h	2.6428	−0.223%	$8.5M	$9.3M	25x	as long as short
Injective MORPHO/USDC PERPshort	−0.0337%	1h	2.6430	−0.215%	$37	$242K	5.5x
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6469	−0.068%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0207%	4h	2.6438	−0.185%	$639K	$249K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6428	−0.223%	$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	−0.0126%	4h	2.6419	−0.257%	$767K	$533K	50x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6439	−0.181%	$43K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0062%	4h	2.6437	−0.190%	$629K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6419	−0.257%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0030%	4h	2.6420	−0.253%	$5.4M	$1.1M	100x	as long as short
Binance MORPHOUSDT	+0.0031%	4h	2.6415	−0.273%	$16.1M	$25.8M	75x	as long as short
Extended MORPHO-USD	+0.0032%	1h	2.6415	−0.273%	$103K	$301K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6458	−0.109%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6415	−0.273%	$5K	$3	5x	as long as short
Hyperliquid MORPHOlong	+0.0100%	1h	2.6487	long leg	$6.2M	$7.1M	5x
Aster MORPHOUSDT	+0.0100%	4h	2.6425	−0.234%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6439	−0.181%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6450	−0.140%	$591K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6428	−0.223%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6430	−0.215%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6426	−0.230%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6458	−0.108%	$1K	—	100x	as long as short