MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1853%/8h= −202.9% APRnext payment −$2.32 per $10,000 · paid last 24h +0.024%

Price spread now: Kraken Futures against Hyperliquid−0.402%7-day average −0.110% · you buy dearer than you sell

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$128as in the Price arb table

costs, in and out, $10k−$990.987% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.227%−$23 on $10k

Price spread, last 3 days (all we have)+0.374%+$37 · spread now −0.402%, 7d avg −0.110%

Together, before fees+0.147%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$56 a day on $10k at the current rate, and Kraken Futures is 0.292% cheaper against Hyperliquid than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of −0.110%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.227% in total (about -11.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.32 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	Hyperliquid MORPHO	2.6634	0.0100	pay 0.0013% / 1h	51m 44s	$6.3M	$7.0M	5x
Short	Kraken Futures PF_MORPHOUSD	2.6527	−0.1753	pay 0.0219% / 1h	51m 44s	$82K	$146K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Hyperliquid. 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 HyperliquidbpFee Kraken FuturesbpOrdersPrice spread, now −0.402%Rate

Funding earned: −$389.09
Price spread: −0.402% → −0.110%: −$29.2
Slippage, 4 orders: −$79.7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$516.98
Costs to cover: 0.987%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Kraken Futures: live order book, 26 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 Hyperliquid live order book, 10 min ago	1.13 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 26 min ago	10.03 bp	43.3 bp −$43	140.7 bp −$1,407	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_MORPHOUSDshort	−0.1753%	1h	2.6527	−0.402%	$82K	$146K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1143%	1h	2.6534	−0.375%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.0560%	1h	2.6530	−0.390%	$872	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0544%	4h	2.6528	−0.397%	$29K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0459%	1h	2.6545	−0.334%	$26K	$1.7M	5x	as long as short
Bybit MORPHOUSDT	−0.0411%	4h	2.6560	−0.278%	$8.5M	$9.2M	25x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.766%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6654	+0.075%	$77K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0225%	4h	2.6512	−0.458%	$636K	$250K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6533	−0.379%	$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	−0.0144%	4h	2.6575	−0.222%	$772K	$531K	50x	as long as short
Variational Omni MORPHO	−0.0070%	4h	2.6541	−0.348%	$631K	$1.1M	—	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6556	−0.293%	$44K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6539	−0.358%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0014%	4h	2.6564	−0.263%	$5.4M	$940K	100x	as long as short
Binance MORPHOUSDT	+0.0015%	4h	2.6566	−0.255%	$16.1M	$25.8M	75x	as long as short
Extended MORPHO-USD	+0.0016%	1h	2.6562	−0.272%	$103K	$301K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6614	−0.076%	$317K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6543	−0.343%	$5K	$3	5x	as long as short
Hyperliquid MORPHOlong	+0.0100%	1h	2.6634	long leg	$6.3M	$7.0M	5x
Aster MORPHOUSDT	+0.0100%	4h	2.6549	−0.320%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6564	−0.263%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6560	−0.278%	$595K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6568	−0.248%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6573	−0.229%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6528	−0.398%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −0.3373%	1h	2.6573	−0.228%	$1K	—	100x	as long as short