Funding you earn now, next payment 23:00 UTC−0.1490%/8h= −163.1% APRpaid last 24h −0.197%
Price spread now: Deribit against Orderly+0.102%55s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
The price spread pays, funding is against you. Deribit is 0.102% dearer against Orderly than usual: you sell high and buy low (spread +0.102% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$45 a day in funding at the current rate, which eats that in about 6 hours. The two prices were read 55 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 | Orderly PERP_MORPHO_USDC | 2.6355 | −0.0152 | get 0.0076% / 4h | 1h 28m | $10K | $34K | 10x |
| Short | Deribit MORPHO_USDC-PERPETUAL | 2.6382 | −0.1642 | pay 0.0205% / 1h | 28m 22s | $11K | $812 | 10x |
Orderly PERP_MORPHO_USDC
Deribit MORPHO_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Orderly. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$312.86
- Price spread: +0.102% → 0.000%
- $10.24
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$315.61
- Costs to cover
- 0.130%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Deribit: 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 Orderly no order-book sample | — | — | — | — | — |
| Sell Deribit no order-book sample | — | — | — | — | — |
Orderly and Deribit: 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 | −0.1864% | 1h | 2.6328 | −0.103% | $82K | $149K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUALshort | −0.1642% | 1h | 2.6382 | +0.102% | $11K | $812 | 10x | |
| 01 Exchange MORPHOUSD | −0.1208% | 1h | 2.6331 | −0.091% | $865 | $13K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0702% | 1h | 2.6385 | +0.114% | $24K | $1.8M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0612% | 4h | 2.6361 | +0.024% | $29K | $146K | 10x | as long as short |
| Bybit MORPHOUSDT | −0.0559% | 4h | 2.6373 | +0.068% | $8.5M | $9.4M | 25x | as long as short |
| Injective MORPHO/USDC PERP | −0.0337% | 1h | 2.6430 | +0.285% | $37 | $242K | 5.5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0312% | 1h | 2.6413 | +0.220% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0202% | 4h | 2.6368 | +0.049% | $640K | $244K | 20x | as long as short |
| Gate MORPHO_USDT | −0.0166% | 4h | 2.6385 | +0.114% | $766K | $533K | 50x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Bybit MORPHOUSDT
Injective MORPHO/USDC PERP
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Gate MORPHO_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_MORPHO_USDClong | −0.0152% | 4h | 2.6355 | long leg | $10K | $34K | 10x | |
| Phoenix MORPHO | −0.0090% | 1h | 2.6408 | +0.201% | $34K | $484K | 5x | as long as short |
| Variational Omni MORPHO | −0.0085% | 4h | 2.6392 | +0.139% | $627K | $1.2M | — | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6361 | +0.023% | $16 | — | 10x | as long as short |
| MEXC MORPHO_USDT | +0.0038% | 4h | 2.6381 | +0.099% | $5.4M | $1.1M | 100x | as long as short |
| Binance MORPHOUSDT | +0.0038% | 4h | 2.6365 | +0.038% | $16.1M | $25.8M | 75x | as long as short |
| Extended MORPHO-USD | +0.0040% | 1h | 2.6357 | +0.006% | $103K | $301K | 10x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6418 | +0.239% | $315K | $334K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6381 | +0.099% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6425 | +0.266% | $6.2M | $7.1M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6404 | +0.186% | $58K | $31K | 20x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6364 | +0.034% | $3.2M | $4.4M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6396 | +0.156% | $590K | $269K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6386 | +0.118% | $2.9M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6367 | +0.046% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6374 | +0.072% | $22K | $4K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6391 | +0.138% | $1K | — | 100x | as long as short |
Phoenix MORPHO
Variational Omni MORPHO
Reya MORPHORUSDPERP
MEXC MORPHO_USDT
Binance MORPHOUSDT
Extended MORPHO-USD
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]