Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.2143%/8h= −234.7% APRpaid last 24h +0.094%

Price spread now: Kraken Futures against BingX−0.112%53s7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$143as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1311.312% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.114%−$11 on $10k

Price spread, last 3 days (all we have)+0.093%+$9 · spread now −0.112%, 7d avg +0.012%

Together, before fees−0.020%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$64 a day on $10k at the current rate, and Kraken Futures is 0.124% cheaper against BingX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.012%). Swap the legs. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.114% in total (about -5.9% 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	BingX MORPHO-USDT	2.6710	0.0100	pay 0.0050% / 4h	2h 57m	—	$1.4M	—
Short	Kraken Futures PF_MORPHOUSD	2.6680	−0.2043	pay 0.0255% / 1h	57m 25s	$84K	$152K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$450.05
Price spread: −0.112% → +0.012%: −$12.41
Slippage, 4 orders: −$111.19
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$593.66
Costs to cover: 1.312%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; Kraken Futures: live order book, 29 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 BingX live order book, 5 min ago	4.48 bp	19.7 bp −$20	38.4 bp −$384	357.9 bp −$35.8K	708.1 bp −$354.1K
Sell Kraken Futures live order book, 29 min ago	17.81 bp	64.4 bp −$64	191.7 bp −$1,917	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	−0.2043%	1h	2.6680	−0.112%	$84K	$152K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1434%	1h	2.6683	−0.101%	$10K	$623	10x	as long as short
01 Exchange MORPHOUSD	−0.1176%	1h	2.6607	−0.386%	$874	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0655%	1h	2.6686	−0.090%	$25K	$2.0M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0532%	4h	2.6764	+0.202%	$41K	$151K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.7020	+1.161%	$38	$123K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0335%	4h	2.6720	+0.037%	$8.8M	$10.2M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6813	+0.386%	$77K	$46K	25x	as long as short
Gate MORPHO_USDT	−0.0228%	4h	2.6704	−0.022%	$763K	$517K	50x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6776	+0.247%	$654K	$206K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0200%	4h	2.6683	−0.101%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6697	−0.048%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0059%	1h	2.6824	+0.427%	$34K	$470K	5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6727	+0.064%	$318K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6650	−0.224%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6733	+0.086%	$6.4M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6753	+0.162%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6668	−0.156%	$16.4M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6710	0.000%	$3.2M	$4.6M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6671	−0.146%	$5.4M	$1.1M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6759	+0.183%	$603K	$270K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6736	+0.097%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDTlong	+0.0100%	4h	2.6710	long leg	—	$1.4M	—
Variational Omni MORPHO	+0.0100%	4h	2.6815	+0.395%	$651K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6701	−0.034%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6675	−0.132%	$104K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0193% / S −16.5420%	1h	2.6719	+0.034%	$1K	—	100x	as long as short