MORPHO

Alert

Funding spread now, next payment 18:00 UTC−0.0572%/8h

next payment, per $10,000−$0.72paid, last 24h−0.068%paid, last 7 days−0.238%to open and close $10k−$38

Long on Hyperliquid Short on Polymarket Perps

The current rate is far above what this pair has been paying: over the last 7 days it paid -0.238% in total (about -12.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.72 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	2.6781	0.0100	pay 0.0013% / 1h	0m 13s	$6.4M	$7.1M	5x
Short	Polymarket Perps MORPHO-USD	2.6731	−0.0472	pay 0.0059% / 1h	0m 13s	$27K	$2.7M	5x

Funding history

latest

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Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee HyperliquidbpFee Polymarket PerpsbpOrdersRate

Funding earned: −$120.12
Slippage, 4 orders: −$20.8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$157.92
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Polymarket Perps: live order book, 5 min ago.

Price risk

price view

Price gap now: −0.187%
Avg gap 7d: −0.107%

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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, 3 min ago	1.31 bp	9.3 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	1.88 bp	5.9 bp −$6	6.1 bp −$61	doesn't fit	doesn't fit

MORPHO on 26 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Deribit MORPHO_USDC-PERPETUAL	−0.1057%	1h	$10K	$745	10x	as long as short
Kraken Futures PF_MORPHOUSD	−0.0937%	1h	$84K	$167K	20x	as long as short
01 Exchange MORPHOUSD	−0.0872%	1h	$877	$11K	5x	as long as short
Gate MORPHO_USDT	−0.0664%	4h	$766K	$550K	50x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0472%	1h	$27K	$2.7M	5x
Coinbase International MORPHO-PERP-INTX	−0.0336%	1h	$77K	$47K	25x	as long as short
BloFin MORPHO-USDT	−0.0231%	4h	$668K	$205K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0203%	4h	$10K	$34K	10x	as long as short
Bybit MORPHOUSDT	−0.0154%	4h	$8.8M	$10.3M	25x	as long as short
Phoenix MORPHO	−0.0059%	1h	$34K	$517K	5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0004%	1h	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0008%	4h	$4.8M	$1.2M	100x	as long as short
Binance MORPHOUSDT	+0.0013%	4h	$16.5M	$27.5M	75x	as long as short
Extended MORPHO-USD	+0.0016%	1h	$101K	$304K	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	$38	$34K	5.5x	as long as short
Variational Omni MORPHO	+0.0062%	4h	$652K	$1.4M	—	as long as short
Lighter MORPHO	+0.0096%	1h	$315K	$367K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0099%	8h	$5K	$3	5x	as long as short
Hyperliquid MORPHOlong	+0.0100%	1h	$6.4M	$7.1M	5x
Aster MORPHOUSDT	+0.0100%	4h	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	$3.2M	$4.6M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	$595K	$346K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	$2.9M	$2.1M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	$22K	$2K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.0698%	1h	$2K	—	100x	as long as short