Funding you earn now, next payment 06:00 UTC−0.0101%/8h= −11.0% APRnext payment −$0.13 per $10,000 · paid last 24h −0.031%
Price spread now: Reya against Lighter−0.166%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 · Reya: Active · farm boardneeds both histories
Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Reya is 0.166% cheaper against Lighter than usual: you would sell low and buy high (−$17 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 | 2.5836 | 0.0096 | pay 0.0012% / 1h | 33m 07s | $311K | $295K | 5x |
| Short | Reya MORPHORUSDPERP | 2.5793 | −0.0005 | pay 0.0001% / 1h | 33m 07s | $15 | — | 10x |
Lighter MORPHO
Reya MORPHORUSDPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Reya 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
- −$21.12
- Price spread: −0.166% → 0.000%
- −$16.56
- Slippage, 4 orders
- no order book: not counted
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Reya: 3 bp × 2 orders
- −$6
- Net
- −$43.67
- Costs to cover
- 0.060%
- Break-even
- never at this rate
Slippage unknown: Lighter: live order book, 6 min ago; Reya: 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, 6 min ago | 7.64 bp | 17.8 bp −$18 | 130.2 bp −$1,302 | doesn't fit | doesn't fit |
| Sell Reya no order-book sample | — | — | — | — | — |
Reya: 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 | −0.1565% | 1h | 2.5789 | −0.183% | $81K | $129K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1221% | 1h | 2.5789 | −0.181% | $11K | $2K | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0888% | 1h | 2.5756 | −0.309% | $846 | $9K | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0394% | 4h | 2.5854 | +0.070% | $33K | $134K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0216% | 1h | 2.5827 | −0.034% | $73K | $39K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0177% | 4h | 2.5803 | −0.127% | $634K | $241K | 20x | as long as short |
| Phoenix MORPHO | −0.0154% | 1h | 2.5858 | +0.086% | $33K | $330K | 5x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0131% | 4h | 2.5789 | −0.181% | $10K | $34K | 10x | as long as short |
| Reya MORPHORUSDPERPshort | −0.0005% | 1h | 2.5793 | −0.166% | $15 | — | 10x | |
| Polymarket Perps MORPHO-USD | +0.0016% | 1h | 2.5809 | −0.104% | $25K | $1.5M | 5x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Phoenix MORPHO
Orderly PERP_MORPHO_USDC
Polymarket Perps MORPHO-USDShow 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 | +2.300% | $37 | $242K | 5.5x | as long as short |
| Extended MORPHO-USD | +0.0088% | 1h | 2.5791 | −0.172% | $103K | $343K | 10x | as long as short |
| MEXC MORPHO_USDT | +0.0088% | 4h | 2.5790 | −0.177% | $6.2M | $909K | 100x | as long as short |
| Binance MORPHOUSDT | +0.0089% | 4h | 2.5797 | −0.150% | $15.6M | $24.0M | 75x | as long as short |
| Lighter MORPHOlong | +0.0096% | 1h | 2.5836 | long leg | $311K | $295K | 5x | |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.5790 | −0.176% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.5835 | −0.003% | $5.9M | $6.8M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.5807 | −0.110% | $57K | $31K | 20x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.5810 | −0.100% | $7.9M | $8.5M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.5830 | −0.022% | $3.2M | $4.0M | 20x | as long as short |
| Gate MORPHO_USDT | +0.0100% | 4h | 2.5803 | −0.127% | $766K | $487K | 50x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.5828 | −0.030% | $593K | $246K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.5806 | −0.115% | $2.8M | $1.6M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.5813 | −0.088% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.5866 | +0.117% | $615K | $677K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.5794 | −0.162% | $21K | $4K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0157% / S +0.0037% | 1h | 2.5817 | −0.071% | $6K | — | 100x | as long as short |
Injective MORPHO/USDC PERP
Extended MORPHO-USD
MEXC MORPHO_USDT
Binance MORPHOUSDT
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Bybit MORPHOUSDT
OKX MORPHO-USDT-SWAP
Gate MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]