MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1662%/8h= −182.0% APRnext payment −$2.08 per $10,000 · paid last 24h −0.135%

Price spread now: Kraken Futures against Lighter−0.219%7-day average −0.206% · you buy dearer than you sell

Net, funding: paid 7d − costs−$130as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$970.971% of the position

Long on Lighter Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.325%−$33 on $10k

Price spread, last 4 days (all we have)−0.176%−$18 · spread now −0.219%, 7d avg −0.206%

Together, before fees−0.501%+ Points / potential airdropLighter: Season 3 · farm board−$50 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.206%, so right now this pair is about funding alone: −$50 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.325% in total (about -17.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.08 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	2.5833	0.0096	pay 0.0012% / 1h	31m 34s	$311K	$295K	5x
Short	Kraken Futures PF_MORPHOUSD	2.5776	−0.1566	pay 0.0196% / 1h	31m 34s	$81K	$129K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Lighter. 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 LighterbpFee Kraken FuturesbpOrdersPrice spread, now −0.219%Rate

Funding earned: −$349
Price spread: −0.219% → −0.206%: −$1.35
Slippage, 4 orders: −$87.14
Fee Lighter: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$447.5
Costs to cover: 0.971%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; Kraken Futures: live order book, 16 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, 8 min ago	7.64 bp	17.8 bp −$18	130.2 bp −$1,302	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 16 min ago	10.99 bp	44.0 bp −$44	143.8 bp −$1,438	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_MORPHOUSDshort	−0.1566%	1h	2.5776	−0.219%	$81K	$129K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1299%	1h	2.5784	−0.190%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.0888%	1h	2.5713	−0.465%	$845	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0410%	4h	2.5809	−0.093%	$32K	$134K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.5835	+0.008%	$73K	$39K	25x	as long as short
BloFin MORPHO-USDT	−0.0177%	4h	2.5803	−0.116%	$634K	$241K	20x	as long as short
Phoenix MORPHO	−0.0154%	1h	2.5858	+0.097%	$33K	$330K	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0131%	4h	2.5789	−0.170%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5777	−0.218%	$15	—	10x	as long as short
Polymarket Perps MORPHO-USD	+0.0011%	1h	2.5790	−0.166%	$25K	$1.5M	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.311%	$37	$242K	5.5x	as long as short
MEXC MORPHO_USDT	+0.0086%	4h	2.5783	−0.194%	$6.2M	$909K	100x	as long as short
Extended MORPHO-USD	+0.0088%	1h	2.5775	−0.223%	$103K	$343K	10x	as long as short
Binance MORPHOUSDT	+0.0089%	4h	2.5759	−0.288%	$15.6M	$24.1M	75x	as long as short
Lighter MORPHOlong	+0.0096%	1h	2.5833	long leg	$311K	$295K	5x
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5785	−0.185%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5811	−0.085%	$5.9M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5773	−0.233%	$57K	$31K	20x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5776	−0.221%	$7.9M	$8.5M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5780	−0.205%	$3.2M	$4.0M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.5794	−0.151%	$755K	$487K	50x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5822	−0.043%	$593K	$246K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5768	−0.252%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5791	−0.163%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.5866	+0.128%	$615K	$677K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5776	−0.221%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S +0.0037%	1h	2.5819	−0.054%	$6K	—	100x	as long as short