MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0396%/8h= +43.4% APRnext payment +$0.50 per $10,000 · paid last 24h −0.050%

Price spread now: Hyperliquid against Coinbase International+0.045%49s7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

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

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Hyperliquid is 0.045% dearer against Coinbase International than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.128%, so the current rate has only just turned in your favour. The two prices were read 49 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 -0.128% in total (about -6.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.50 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	Coinbase International MORPHO-PERP-INTX	2.6527	−0.0296	get 0.0037% / 1h	38m 21s	$76K	$46K	25x
Short	Hyperliquid MORPHO	2.6539	0.0100	get 0.0013% / 1h	38m 21s	$6.2M	$7.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Coinbase International. 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 Coinbase InternationalbpFee HyperliquidbpOrdersPrice spread, now +0.045%Rate

Funding earned: $83.16
Price spread: +0.045% → 0.000%: $4.52
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $68.68
Costs to cover: 0.190%
Break-even: 1.2 days

Slippage unknown: Coinbase International: no order-book sample; Hyperliquid: live order book, 4 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 4 min ago	0.94 bp	14.5 bp −$14	doesn't fit	doesn't fit	doesn't fit

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
Kraken Futures PF_MORPHOUSD	−0.2063%	1h	2.6429	−0.370%	$82K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1108%	1h	2.6468	−0.222%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1008%	1h	2.6470	−0.215%	$870	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0543%	1h	2.6492	−0.132%	$26K	$1.9M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0500%	4h	2.6504	−0.088%	$29K	$154K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.253%	$37	$161K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0315%	4h	2.6510	−0.064%	$8.6M	$10.1M	25x	as long as short
Coinbase International MORPHO-PERP-INTXlong	−0.0296%	1h	2.6527	long leg	$76K	$46K	25x
BloFin MORPHO-USDT	−0.0200%	4h	2.6462	−0.245%	$648K	$221K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0183%	4h	2.6490	−0.139%	$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	−0.0176%	4h	2.6469	−0.219%	$759K	$523K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6516	−0.041%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6496	−0.118%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6555	+0.104%	$316K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6462	−0.246%	$5K	$3	5x	as long as short
Hyperliquid MORPHOshort	+0.0100%	1h	2.6539	+0.045%	$6.2M	$7.2M	5x
Aster MORPHOUSDT	+0.0100%	4h	2.6496	−0.117%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6487	−0.151%	$16.2M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6513	−0.053%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6484	−0.162%	$5.3M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6499	−0.106%	$621K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6490	−0.139%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6493	−0.128%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6500	−0.101%	$644K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6456	−0.268%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6477	−0.187%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6521	−0.021%	$1K	—	100x	as long as short