MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0528%/8h= −57.8% APRnext payment −$0.66 per $10,000 · paid last 24h −0.014%

Price spread now: Coinbase International against Lighter−0.722%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Coinbase International is 0.722% cheaper against Lighter than usual: you would sell low and buy high (−$72 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.061%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.061% in total (about 3.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.66 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	Lighter MORPHO	2.6020	0.0096	pay 0.0012% / 1h	31m 34s	$313K	$294K	5x
Short	Coinbase International MORPHO-PERP-INTX	2.5832	−0.0432	pay 0.0054% / 1h	31m 34s	$72K	$40K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Lighter. 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 LighterbpFee Coinbase InternationalbpOrdersPrice spread, now −0.722%Rate

Funding earned: −$110.88
Price spread: −0.722% → 0.000%: −$72.18
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$193.06
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 3 min ago; Coinbase International: 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 Lighter live order book, 3 min ago	12.75 bp	12.8 bp −$13	128.1 bp −$1,281	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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
Deribit MORPHO_USDC-PERPETUAL	−0.1479%	1h	2.5978	−0.161%	$11K	$2K	10x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1375%	1h	2.5951	−0.265%	$82K	$131K	20x	as long as short
01 Exchange MORPHOUSD	−0.1144%	1h	2.5951	−0.264%	$853	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTXshort	−0.0432%	1h	2.5832	−0.722%	$72K	$40K	25x
GRVT MORPHO_USDT_Perp	−0.0398%	4h	2.5958	−0.237%	$30K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0343%	1h	2.6021	+0.005%	$28K	$1.5M	5x	as long as short
Bybit MORPHOUSDT	−0.0205%	4h	2.6030	+0.039%	$8.0M	$8.6M	25x	as long as short
BloFin MORPHO-USDT	−0.0178%	4h	2.5937	−0.318%	$638K	$240K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0143%	4h	2.5976	−0.168%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0092%	1h	2.5934	−0.330%	$33K	$339K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0005%	1h	2.6006	−0.055%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.576%	$37	$242K	5.5x	as long as short
Variational Omni MORPHO	+0.0055%	4h	2.5925	−0.363%	$618K	$677K	—	as long as short
Gate MORPHO_USDT	+0.0084%	4h	2.6012	−0.030%	$765K	$511K	50x	as long as short
Extended MORPHO-USD	+0.0088%	1h	2.6001	−0.073%	$99K	$346K	10x	as long as short
MEXC MORPHO_USDT	+0.0090%	4h	2.5999	−0.080%	$6.3M	$899K	100x	as long as short
Binance MORPHOUSDT	+0.0096%	4h	2.6000	−0.076%	$15.8M	$24.6M	75x	as long as short
Lighter MORPHOlong	+0.0096%	1h	2.6020	long leg	$313K	$294K	5x
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6004	−0.061%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6062	+0.162%	$5.9M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6035	+0.057%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6013	−0.026%	$3.2M	$4.2M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6029	+0.035%	$589K	$260K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6012	−0.030%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6021	+0.005%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5987	−0.126%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6013	−0.025%	$1K	—	100x	as long as short