MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0460%/8h= −50.4% APRnext payment −$0.58 per $10,000 · paid last 24h +0.020%

Price spread now: Coinbase International against Hyperliquid+0.208%7-day average — · you sell dearer than you buy

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

Long on Hyperliquid Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$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

The price spread pays, funding is against you. Coinbase International is 0.208% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.208% now, against zero (this spread has no 7-day history yet)): +$21 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 36 hours. Mind the row above: over the last 7 days funding on this pair paid +0.130%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.130% in total (about 6.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.58 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	Hyperliquid MORPHO	2.6453	0.0100	pay 0.0013% / 1h	30m 40s	$6.2M	$7.0M	5x
Short	Coinbase International MORPHO-PERP-INTX	2.6508	−0.0360	pay 0.0045% / 1h	30m 40s	$76K	$43K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Hyperliquid. 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 HyperliquidbpFee Coinbase InternationalbpOrdersPrice spread, now +0.208%Rate

Funding earned: −$96.6
Price spread: +0.208% → 0.000%: $20.79
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$94.81
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 1 min ago; Coinbase International: 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 Hyperliquid live order book, 1 min ago	2.26 bp	14.5 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

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	−0.1761%	1h	2.6398	−0.208%	$82K	$140K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0961%	1h	2.6403	−0.189%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.0936%	1h	2.6337	−0.439%	$865	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0548%	4h	2.6445	−0.029%	$29K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0535%	1h	2.6425	−0.106%	$26K	$1.7M	5x	as long as short
Bybit MORPHOUSDT	−0.0407%	4h	2.6410	−0.163%	$8.4M	$9.2M	25x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.087%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTXshort	−0.0360%	1h	2.6508	+0.208%	$76K	$43K	25x
Variational Omni MORPHO	−0.0151%	4h	2.6422	−0.117%	$628K	$1.0M	—	as long as short
Orderly PERP_MORPHO_USDC	−0.0145%	4h	2.6410	−0.163%	$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	−0.0112%	4h	2.6435	−0.068%	$768K	$532K	50x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6496	+0.163%	$43K	$477K	5x	as long as short
BloFin MORPHO-USDT	−0.0038%	4h	2.6440	−0.049%	$638K	$252K	20x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6422	−0.117%	$16	—	10x	as long as short
Binance MORPHOUSDT	−0.0003%	4h	2.6400	−0.200%	$15.9M	$25.9M	75x	as long as short
MEXC MORPHO_USDT	−0.0002%	4h	2.6390	−0.238%	$5.5M	$951K	100x	as long as short
Extended MORPHO-USD	0.0000%	1h	2.6392	−0.230%	$103K	$298K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6440	−0.048%	$315K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6385	−0.257%	$5K	$3	5x	as long as short
Hyperliquid MORPHOlong	+0.0100%	1h	2.6453	long leg	$6.2M	$7.0M	5x
Aster MORPHOUSDT	+0.0100%	4h	2.6437	−0.061%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6408	−0.170%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6421	−0.121%	$592K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6404	−0.185%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6413	−0.151%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6395	−0.219%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0154% / S −0.2700%	1h	2.6457	+0.014%	$1K	—	100x	as long as short