What is Morpho?
Morpho is a decentralized lending protocol on Ethereum and other networks. Anyone can create lending markets with their own collateral and risk settings, and vaults route deposits across those markets. MORPHO is the governance token, used to vote on protocol decisions.
The MORPHO perpetual tracks the price of Morpho, settles in USDC and never expires. It trades on Hyperliquid's main exchange. You can go long or short with up to 5× leverage, around the clock.
Contract details
- Market
MORPHO, main exchange- Tracks
- The price of Morpho
- Settlement
- USDC, no expiry
- Leverage
- 5× at any size
- Margin
- Cross or isolated
- Size step
- 0.1 MORPHO
- Funding
- Paid every hour
- Fees on Hypurr Desk
- 0.07% market, 0.04% limit
- Trading hours
- Around the clock, every day
Size a MORPHO trade from its stop
Hypurr Desk asks where your stop goes and how much of your account you are willing to lose there, then works out the size. An example at 2.3978, from when this page was built:
- Account
- $1,000.00
- Risk
- 1% = $10.00
- Stop
- 2% below entry, at 2.3498
- Size
- 199.0 MORPHO ($476.95)
- Loss at the stop, fees included
- $10.00
- Leverage
- 5× cross, $95.39 margin
The stop sets the loss, not the leverage: leverage only decides how much margin the position ties up. Move the stop and the size follows, so a wider stop means a smaller position and the same loss. The stop is placed on the exchange with the entry. How risk sizing works.
Questions about MORPHO
What is the maximum leverage on MORPHO?
5×. Hypurr Desk sizes each order from your stop, so the leverage follows from how much you choose to risk.
How often is funding paid on MORPHO?
Every hour. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. The current rate is shown at the top of this page.
What does it cost to trade MORPHO on Hypurr Desk?
At the exchange's base tier, 0.07% of the position value for market orders and 0.04% for limit orders that rest on the book, including the 0.025% Hypurr Desk fee. There is no subscription and no sign-up.
Do I own MORPHO when I trade this market?
No. A perpetual tracks the price of Morpho and settles gains and losses in USDC. You never hold the coins, and positions can be closed out if losses use up their margin.
