Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1758%/8h= −192.5% APRpaid last 24h +0.052%

Price spread now: Kraken Futures against Binance−0.064%7-day average +0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$1000.998% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.176%−$18 on $10k

Price spread, last 3 days (all we have)+0.120%+$12 · spread now −0.064%, 7d avg +0.052%

Together, before fees−0.056%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$53 a day on $10k at the current rate, and Kraken Futures is 0.116% cheaper against Binance than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.052%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.176% in total (about -9.2% a year). A funding rate is set anew for every payment. 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	Binance MORPHOUSDT	2.6421	−0.0003	get 0.0002% / 4h	31m 29s	$16.0M	$25.9M	75x
Short	Kraken Futures PF_MORPHOUSD	2.6404	−0.1761	pay 0.0220% / 1h	31m 29s	$82K	$140K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$369.17
Price spread: −0.064% → +0.052%: −$11.59
Slippage, 4 orders: −$79.77
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$480.53
Costs to cover: 0.998%
Break-even: never at this rate

Slippage from Binance: live order book, 10 min ago; Kraken Futures: live order book, 46 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 Binance live order book, 10 min ago	1.70 bp	15.3 bp −$15	33.2 bp −$332	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 46 min ago	10.03 bp	43.3 bp −$43	140.7 bp −$1,407	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	−0.1761%	1h	2.6404	−0.064%	$82K	$140K	20x
01 Exchange MORPHOUSD	−0.0928%	1h	2.6360	−0.230%	$866	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0884%	1h	2.6432	+0.043%	$11K	$812	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0548%	4h	2.6445	+0.093%	$29K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0535%	1h	2.6425	+0.016%	$26K	$1.7M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	+0.035%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0396%	4h	2.6434	+0.050%	$8.4M	$9.2M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6508	+0.330%	$76K	$43K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0145%	4h	2.6431	+0.039%	$10K	$34K	10x	as long as short
Variational Omni MORPHO	−0.0145%	4h	2.6472	+0.194%	$629K	$1.0M	—	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin MORPHO-USDT	−0.0117%	4h	2.6450	+0.111%	$639K	$252K	20x	as long as short
Gate MORPHO_USDT	−0.0104%	4h	2.6475	+0.205%	$770K	$532K	50x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6496	+0.285%	$43K	$477K	5x	as long as short
Extended MORPHO-USD	−0.0008%	1h	2.6426	+0.020%	$103K	$298K	10x	as long as short
MEXC MORPHO_USDT	−0.0006%	4h	2.6430	+0.035%	$5.5M	$951K	100x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6422	+0.005%	$16	—	10x	as long as short
Binance MORPHOUSDTlong	−0.0003%	4h	2.6421	long leg	$16.0M	$25.9M	75x
Lighter MORPHO	+0.0096%	1h	2.6476	+0.208%	$315K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6418	−0.012%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6498	+0.292%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6470	+0.188%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6429	+0.031%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6473	+0.198%	$593K	$270K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6454	+0.126%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6452	+0.118%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6432	+0.043%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0154% / S −0.2700%	1h	2.6467	+0.176%	$1K	—	100x	as long as short