Funding you earn now, next payment 01:00 UTC−0.0498%/8h= −54.5% APRpaid last 24h −0.094%
Price spread now: Orderly against Hyperliquid−0.456%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+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 against this trade now: funding costs −$15 a day on $10k at the current rate, and Orderly is 0.456% cheaper against Hyperliquid than usual: you would sell low and buy high (−$46 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid MORPHO | 2.6734 | 0.0351 | pay 0.0044% / 1h | 18m 10s | $6.3M | $7.0M | 5x |
| Short | Orderly PERP_MORPHO_USDC | 2.6612 | −0.0146 | pay 0.0073% / 4h | 3h 18m | $10K | $34K | 10x |
Hyperliquid MORPHO
Orderly PERP_MORPHO_USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly against Hyperliquid. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$104.49
- Price spread: −0.456% → 0.000%
- −$45.63
- Slippage, 4 orders
- no order book: not counted
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- −$165.13
- Costs to cover
- 0.150%
- Break-even
- never at this rate
Slippage unknown: Hyperliquid: live order book, 4 min ago; Orderly: 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, 4 min ago | 1.87 bp | 18.2 bp −$18 | doesn't fit | doesn't fit | doesn't fit |
| Sell Orderly no order-book sample | — | — | — | — | — |
Orderly: 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 | −0.1827% | 1h | 2.6599 | −0.504% | $80K | $132K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0538% | 1h | 2.6629 | −0.393% | $11K | $785 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0456% | 1h | 2.6519 | −0.804% | $871 | $13K | 5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0280% | 1h | 2.6635 | −0.370% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6586 | −0.554% | $642K | $229K | 20x | as long as short |
| Orderly PERP_MORPHO_USDCshort | −0.0146% | 4h | 2.6612 | −0.456% | $10K | $34K | 10x | |
| Variational Omni MORPHO | −0.0112% | 4h | 2.6621 | −0.424% | $634K | $1.0M | — | as long as short |
| Phoenix MORPHO | −0.0030% | 1h | 2.6643 | −0.340% | $44K | $474K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0029% | 1h | 2.6600 | −0.501% | $24K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0016% | 4h | 2.6605 | −0.483% | $41K | $133K | 10x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Variational Omni MORPHO
Phoenix MORPHO
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6598 | −0.508% | $16 | — | 10x | as long as short |
| Gate MORPHO_USDT | +0.0032% | 4h | 2.6645 | −0.333% | $770K | $524K | 50x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | −1.137% | $37 | $242K | 5.5x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6738 | +0.015% | $320K | $325K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6539 | −0.728% | $5K | $3 | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6605 | −0.483% | $58K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6651 | −0.310% | $16.2M | $25.9M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6638 | −0.359% | $8.5M | $9.2M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6664 | −0.262% | $3.2M | $4.5M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6646 | −0.329% | $5.6M | $905K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6638 | −0.359% | $595K | $266K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6666 | −0.254% | $2.9M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6653 | −0.303% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6624 | −0.411% | $22K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6615 | −0.444% | $104K | $358K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0187% / S −0.4126% | 1h | 2.6623 | −0.415% | $1K | — | 100x | as long as short |
| Hyperliquid MORPHOlong | +0.0351% | 1h | 2.6734 | long leg | $6.3M | $7.0M | 5x |
Reya MORPHORUSDPERP
Gate MORPHO_USDT
Injective MORPHO/USDC PERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Aster MORPHOUSDT
Binance MORPHOUSDT
Bybit MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]