MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0272%/8h= +29.8% APRnext payment +$0.34 per $10,000 · paid last 24h +0.003%

Price spread now: Lighter against Extended+0.168%7-day average +0.279% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$720.720% of the position

Long on Extended Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 4 days (all we have)+0.358%+$36 · spread now +0.168%, 7d avg +0.279%

Together, before fees+0.433%+ Points / potential airdropExtended: Active · Lighter: Season 3 · farm board+$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.110% cheaper against Extended than usual: you would sell low and buy high (spread +0.168% now, against its 7-day average of +0.279%). If the spread goes back, that is −$11 on $10k: about 32 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.074% in total) that is about 10 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.074% in total (about 3.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.34 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	Extended MORPHO-USD	2.5769	−0.0176	get 0.0022% / 1h	54m 02s	$99K	$375K	10x
Short	Lighter MORPHO	2.5812	0.0096	get 0.0012% / 1h	54m 02s	$311K	$283K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Extended. 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 ExtendedbpFee LighterbpOrdersPrice spread, now +0.168%Rate

Funding earned: $57.12
Price spread: +0.168% → +0.279%: −$11.05
Slippage, 4 orders: −$67.05
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Lighter: 0 bp × 2 orders: $0
Net: −$25.98
Costs to cover: 0.720%
Break-even: 10.2 days

Slippage from Extended: live order book, 43 min ago; Lighter: live order book, 26 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 Extended live order book, 43 min ago	2.71 bp	22.2 bp −$22	236.5 bp −$2,365	doesn't fit	doesn't fit
Sell Lighter live order book, 26 min ago	11.39 bp	16.1 bp −$16	161.1 bp −$1,611	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_MORPHOUSD	−0.2470%	1h	2.5732	−0.141%	$84K	$134K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1183%	1h	2.5775	+0.024%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0984%	1h	2.5742	−0.104%	$846	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5579	−0.736%	$70K	$37K	25x	as long as short
Variational Omni MORPHO	−0.0458%	4h	2.5776	+0.027%	$614K	$526K	—	as long as short
BloFin MORPHO-USDT	−0.0413%	4h	2.5739	−0.116%	$635K	$238K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0338%	4h	2.5774	+0.022%	$30K	$123K	10x	as long as short
Orderly PERP_MORPHO_USDC	−0.0275%	4h	2.5762	−0.026%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0198%	4h	2.5770	+0.005%	$54K	$49K	20x	as long as short
Phoenix MORPHO	−0.0185%	1h	2.5793	+0.094%	$33K	$308K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MORPHO-USDlong	−0.0176%	1h	2.5769	long leg	$99K	$375K	10x
Binance MORPHOUSDT	−0.0173%	4h	2.5776	+0.028%	$15.5M	$24.0M	75x	as long as short
MEXC MORPHO_USDT	−0.0172%	4h	2.5773	+0.016%	$6.3M	$909K	100x	as long as short
Gate MORPHO_USDT	−0.0050%	4h	2.5778	+0.036%	$759K	$483K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5790	+0.084%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.566%	$37	$242K	5.5x	as long as short
Lighter MORPHOshort	+0.0096%	1h	2.5812	+0.168%	$311K	$283K	5x
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5779	+0.039%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5828	+0.230%	$5.9M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5796	+0.106%	$7.8M	$8.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5782	+0.051%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5782	+0.051%	$586K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5787	+0.071%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5785	+0.063%	—	$1.4M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5823	+0.210%	$25K	$1.4M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5783	+0.055%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5809	+0.156%	$1K	—	100x	as long as short