MORPHO

Alert

Funding spread now, next payment 18:00 UTC+0.0554%/8h

next payment, per $10,000+$0.69paid, last 24h+0.068%paid, last 7 days+0.238%to open and close $10k−$44

Long on Polymarket Perps Short on Hyperliquid

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 +$0.69 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	Polymarket Perps MORPHO-USD	2.7082	−0.0454	get 0.0057% / 1h	42m 04s	$27K	$2.8M	5x
Short	Hyperliquid MORPHO	2.7129	0.0100	get 0.0013% / 1h	42m 04s	$6.6M	$7.8M	5x

Funding history

latest

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Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee Polymarket PerpsbpFee HyperliquidbpOrdersRate

Funding earned: $116.26
Slippage, 4 orders: −$27.33
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $71.93
Break-even: 2.7 days

Slippage from Polymarket Perps: live order book, 3 min ago; Hyperliquid: live order book, 2 min ago.

Price risk

price view

Price gap now: +0.174%
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 Polymarket Perps live order book, 3 min ago	2.76 bp	7.8 bp −$8	8.0 bp −$80	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	1.10 bp	14.3 bp −$14	doesn't fit	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	−0.1114%	1h	$11K	$443	10x	as long as short
01 Exchange MORPHOUSD	−0.0952%	1h	$888	$11K	5x	as long as short
Kraken Futures PF_MORPHOUSD	−0.0922%	1h	$93K	$173K	20x	as long as short
Gate MORPHO_USDT	−0.0556%	4h	$763K	$538K	50x	as long as short
Polymarket Perps MORPHO-USDlong	−0.0454%	1h	$27K	$2.8M	5x
Coinbase International MORPHO-PERP-INTX	−0.0336%	1h	$79K	$49K	25x	as long as short
BloFin MORPHO-USDT	−0.0233%	4h	$674K	$222K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0175%	4h	$10K	$34K	10x	as long as short
Bybit MORPHOUSDT	−0.0111%	4h	$8.9M	$10.7M	25x	as long as short
Phoenix MORPHO	−0.0059%	1h	$35K	$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	+0.0006%	4h	$4.8M	$1.2M	100x	as long as short
Binance MORPHOUSDT	+0.0007%	4h	$16.7M	$28.9M	75x	as long as short
Extended MORPHO-USD	+0.0008%	1h	$102K	$304K	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	$38	$34K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	$319K	$364K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	$5K	$3	5x	as long as short
Hyperliquid MORPHOshort	+0.0100%	1h	$6.6M	$7.8M	5x
Aster MORPHOUSDT	+0.0100%	4h	$59K	$32K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	$3.2M	$5.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	$656K	$357K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	$3.0M	$2.3M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	$664K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	$23K	$2K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0197% / S −0.0897%	1h	$2K	—	100x	as long as short