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: Extended against Lighter−0.191%7-day average −0.279% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

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

Long on Lighter Short on Extended

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)−0.335%−$34 · spread now −0.191%, 7d avg −0.279%

Together, before fees−0.410%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.087% dearer against Lighter than usual: you sell high and buy low (spread −0.191% now, against its 7-day average of −0.279%): +$9 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 26 hours. At the pace of the last 7 days (−0.074% in total) that is about 8.2 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	Lighter MORPHO	2.5761	0.0096	pay 0.0012% / 1h	55m 26s	$311K	$283K	5x
Short	Extended MORPHO-USD	2.5712	−0.0176	pay 0.0022% / 1h	55m 26s	$99K	$375K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Lighter. 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 LighterbpFee ExtendedbpOrdersPrice spread, now −0.191%Rate

Funding earned: −$57.12
Price spread: −0.191% → −0.279%: $8.74
Slippage, 4 orders: −$67.05
Fee Lighter: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$120.42
Costs to cover: 0.720%
Break-even: never at this rate

Slippage from Lighter: live order book, 25 min ago; Extended: live order book, 42 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 Lighter live order book, 25 min ago	11.39 bp	11.4 bp −$11	115.3 bp −$1,153	doesn't fit	doesn't fit
Sell Extended live order book, 42 min ago	2.71 bp	22.3 bp −$22	299.3 bp −$2,993	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	−0.2472%	1h	2.5720	−0.159%	$84K	$134K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1300%	1h	2.5760	−0.005%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.1024%	1h	2.5690	−0.277%	$844	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5627	−0.521%	$70K	$37K	25x	as long as short
Variational Omni MORPHO	−0.0458%	4h	2.5776	+0.056%	$614K	$526K	—	as long as short
BloFin MORPHO-USDT	−0.0416%	4h	2.5778	+0.065%	$635K	$238K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0338%	4h	2.5774	+0.051%	$30K	$123K	10x	as long as short
Gate MORPHO_USDT	−0.0326%	4h	2.5770	+0.034%	$758K	$483K	50x	as long as short
Orderly PERP_MORPHO_USDC	−0.0274%	4h	2.5747	−0.056%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0192%	4h	2.5752	−0.038%	$54K	$49K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	−0.0185%	1h	2.5793	+0.123%	$33K	$308K	5x	as long as short
Extended MORPHO-USDshort	−0.0176%	1h	2.5712	−0.191%	$99K	$375K	10x
MEXC MORPHO_USDT	−0.0174%	4h	2.5733	−0.110%	$6.3M	$909K	100x	as long as short
Binance MORPHOUSDT	−0.0173%	4h	2.5728	−0.129%	$15.5M	$24.0M	75x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5746	−0.061%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.596%	$37	$242K	5.5x	as long as short
Lighter MORPHOlong	+0.0096%	1h	2.5761	long leg	$311K	$283K	5x
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5714	−0.184%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5787	+0.100%	$5.9M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5747	−0.056%	$7.8M	$8.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5741	−0.079%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5764	+0.010%	$586K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5740	−0.083%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5751	−0.040%	—	$1.4M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5767	+0.022%	$25K	$1.4M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5759	−0.009%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5765	+0.015%	$1K	—	100x	as long as short