Funding you earn now, next payment 07:00 UTC−0.1504%/8h= −164.7% APRnext payment −$1.88 per $10,000 · paid last 24h −0.298%
Price spread now: Deribit against Lighter−0.257%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories
Both sides work against this trade now: funding costs −$45 a day on $10k at the current rate, and Deribit is 0.257% cheaper against Lighter than usual: you would sell low and buy high (−$26 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 | Lighter MORPHO | 2.5962 | 0.0096 | pay 0.0012% / 1h | 33m 25s | $312K | $294K | 5x |
| Short | Deribit MORPHO_USDC-PERPETUAL | 2.5895 | −0.1408 | pay 0.0176% / 1h | 33m 25s | $11K | $2K | 10x |
Lighter MORPHO
Deribit MORPHO_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Lighter. 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
- −$315.8
- Price spread: −0.257% → 0.000%
- −$25.73
- Slippage, 4 orders
- no order book: not counted
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$348.53
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Lighter: live order book, 1 min ago; Deribit: 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 Lighter live order book, 1 min ago | 12.75 bp | 12.8 bp −$13 | 128.1 bp −$1,281 | doesn't fit | doesn't fit |
| Sell Deribit no order-book sample | — | — | — | — | — |
Deribit: 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit MORPHO_USDC-PERPETUALshort | −0.1408% | 1h | 2.5895 | −0.257% | $11K | $2K | 10x | |
| Kraken Futures PF_MORPHOUSD | −0.1379% | 1h | 2.5875 | −0.334% | $82K | $131K | 20x | as long as short |
| 01 Exchange MORPHOUSD | −0.1144% | 1h | 2.5879 | −0.319% | $850 | $9K | 5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0432% | 1h | 2.5910 | −0.200% | $73K | $40K | 25x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0392% | 4h | 2.5926 | −0.138% | $30K | $134K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0358% | 1h | 2.5954 | −0.030% | $28K | $1.5M | 5x | as long as short |
| Bybit MORPHOUSDT | −0.0220% | 4h | 2.5960 | −0.007% | $7.9M | $8.6M | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0182% | 4h | 2.5857 | −0.404% | $634K | $240K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0142% | 4h | 2.5893 | −0.265% | $10K | $34K | 10x | as long as short |
| Phoenix MORPHO | −0.0092% | 1h | 2.5934 | −0.107% | $33K | $339K | 5x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Coinbase International MORPHO-PERP-INTX
GRVT MORPHO_USDT_Perp
Polymarket Perps MORPHO-USD
Bybit MORPHOUSDT
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Phoenix MORPHOShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.5948 | −0.053% | $16 | — | 10x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +1.803% | $37 | $242K | 5.5x | as long as short |
| Variational Omni MORPHO | +0.0055% | 4h | 2.5925 | −0.140% | $618K | $677K | — | as long as short |
| Gate MORPHO_USDT | +0.0072% | 4h | 2.5925 | −0.142% | $763K | $510K | 50x | as long as short |
| Extended MORPHO-USD | +0.0088% | 1h | 2.5919 | −0.164% | $99K | $346K | 10x | as long as short |
| MEXC MORPHO_USDT | +0.0088% | 4h | 2.5933 | −0.111% | $6.3M | $899K | 100x | as long as short |
| Binance MORPHOUSDT | +0.0089% | 4h | 2.5932 | −0.115% | $15.7M | $24.6M | 75x | as long as short |
| Lighter MORPHOlong | +0.0096% | 1h | 2.5962 | long leg | $312K | $294K | 5x | |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.5930 | −0.122% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.5996 | +0.132% | $5.9M | $7.1M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.5963 | +0.005% | $58K | $33K | 20x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.5965 | +0.012% | $3.2M | $4.2M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.5933 | −0.111% | $589K | $258K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.5937 | −0.096% | $2.8M | $1.6M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.5944 | −0.069% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.5896 | −0.253% | $21K | $4K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.5931 | −0.118% | $1K | — | 100x | as long as short |
Reya MORPHORUSDPERP
Injective MORPHO/USDC PERP
Variational Omni MORPHO
Gate MORPHO_USDT
Extended MORPHO-USD
MEXC MORPHO_USDT
Binance MORPHOUSDT
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]