MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0518%/8h= −56.7% APRnext payment −$0.65 per $10,000 · paid last 24h −0.050%

Price spread now: Polymarket Perps against Extended+0.116%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$590.587% of the position

Long on Extended Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.214%−$21 on $10k

Price spread, last 7 days+0.047%+$5 · spread now +0.116%, 7d avg +0.057%

Together, before fees−0.168%+ Points / potential airdropExtended: Active · farm board−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.058% dearer against Extended than usual: you sell high and buy low (spread +0.116% now, against its 7-day average of +0.057%): +$6 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.214% in total) that is about 46 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.214% in total (about -11.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.65 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	2.6523	0.0104	pay 0.0013% / 1h	27m 48s	$103K	$301K	10x
Short	Polymarket Perps MORPHO-USD	2.6554	−0.0414	pay 0.0052% / 1h	27m 48s	$26K	$1.8M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Extended. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Polymarket PerpsbpOrdersPrice spread, now +0.116%Rate

Funding earned: −$108.73
Price spread: +0.116% → +0.057%: $5.85
Slippage, 4 orders: −$45.71
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$161.59
Costs to cover: 0.587%
Break-even: never at this rate

Slippage from Extended: live order book, 59 min ago; Polymarket Perps: live order book, 1 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, 59 min ago	2.23 bp	21.6 bp −$22	258.9 bp −$2,589	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 1 min ago	2.45 bp	6.8 bp −$7	7.6 bp −$76	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	−0.2055%	1h	2.6526	+0.009%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1142%	1h	2.6538	+0.055%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0888%	1h	2.6531	+0.029%	$872	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0436%	4h	2.6505	−0.070%	$29K	$154K	10x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0414%	1h	2.6554	+0.116%	$26K	$1.8M	5x
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.239%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6523	−0.001%	$76K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6522	−0.005%	$646K	$222K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0174%	4h	2.6532	+0.033%	$10K	$34K	10x	as long as short
Bybit MORPHOUSDT	−0.0116%	4h	2.6542	+0.071%	$8.6M	$10.1M	25x	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	−0.0110%	4h	2.6537	+0.052%	$761K	$523K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6539	+0.059%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6544	+0.077%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6588	+0.244%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6539	+0.058%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6575	+0.195%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6558	+0.131%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6536	+0.048%	$16.3M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6564	+0.154%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6534	+0.040%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6542	+0.071%	$622K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6550	+0.101%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6551	+0.105%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6509	−0.055%	$643K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6535	+0.044%	$22K	$3K	5x	as long as short
Extended MORPHO-USDlong	+0.0104%	1h	2.6523	long leg	$103K	$301K	10x
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6554	+0.115%	$1K	—	100x	as long as short