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: Hyperliquid against Kraken Futures+0.441%50s7-day average +0.110% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on Kraken Futures Short on Hyperliquid

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)−0.413%−$41 · spread now +0.441%, 7d avg +0.110%

Together, before fees−0.187%+ Points / potential airdropHyperliquid: Season 2 · farm board−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$56 a day on $10k at the current rate, and Hyperliquid is 0.331% dearer against Kraken Futures than usual: you sell high and buy low: +$33 more if the spread goes back to its 7-day average of +0.110%. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

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	Kraken Futures PF_MORPHOUSD	2.6527	−0.1753	get 0.0219% / 1h	51m 23s	$82K	$146K	20x
Short	Hyperliquid MORPHO	2.6644	0.0100	get 0.0013% / 1h	51m 23s	$6.3M	$7.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Kraken Futures. 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 Kraken FuturesbpFee HyperliquidbpOrdersPrice spread, now +0.441%Rate

Funding earned: $389.09
Price spread: +0.441% → +0.110%: $33.13
Slippage, 4 orders: −$79.7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $323.53
Costs to cover: 0.987%
Break-even: 1.2 days

Slippage from Kraken Futures: live order book, 26 min ago; Hyperliquid: live order book, 11 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 Kraken Futures live order book, 26 min ago	10.03 bp	26.4 bp −$26	3798.0 bp −$38.0K	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	1.13 bp	17.2 bp −$17	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_MORPHOUSDlong	−0.1753%	1h	2.6527	long leg	$82K	$146K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1143%	1h	2.6534	+0.027%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.0576%	1h	2.6552	+0.095%	$872	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0544%	4h	2.6528	+0.005%	$29K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0469%	1h	2.6575	+0.181%	$26K	$1.7M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.365%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0396%	4h	2.6590	+0.238%	$8.5M	$9.2M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6654	+0.479%	$77K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0225%	4h	2.6512	−0.056%	$636K	$250K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6574	+0.178%	$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	−0.0138%	4h	2.6580	+0.200%	$772K	$531K	50x	as long as short
Variational Omni MORPHO	−0.0070%	4h	2.6541	+0.055%	$631K	$1.1M	—	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6556	+0.110%	$44K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6574	+0.178%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0014%	4h	2.6574	+0.178%	$5.4M	$940K	100x	as long as short
Binance MORPHOUSDT	+0.0015%	4h	2.6575	+0.181%	$16.1M	$25.8M	75x	as long as short
Extended MORPHO-USD	+0.0016%	1h	2.6564	+0.139%	$103K	$301K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6614	+0.328%	$317K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6561	+0.130%	$5K	$3	5x	as long as short
Hyperliquid MORPHOshort	+0.0100%	1h	2.6644	+0.441%	$6.3M	$7.0M	5x
Aster MORPHOUSDT	+0.0100%	4h	2.6565	+0.142%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6574	+0.178%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6577	+0.189%	$595K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6587	+0.227%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6585	+0.219%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6528	+0.004%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −0.3373%	1h	2.6612	+0.321%	$1K	—	100x	as long as short