Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.2269%/8h= −248.5% APRpaid last 24h −0.084%

Price spread now: Kraken Futures against Bitget+0.058%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$140as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1151.152% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.244%−$24 on $10k

Price spread, last 4 days (all we have)+0.010%+$1 · spread now +0.058%, 7d avg +0.036%

Together, before fees−0.233%−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.022% dearer against Bitget than usual: you sell high and buy low (spread +0.058% now, against its 7-day average of +0.036%): +$2 on $10k if it goes back. Holding the pair costs −$68 a day in funding at the current rate, which eats that in about under an hour. At the pace of the last 7 days (−0.244% in total) that is about 15 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.244% in total (about -12.7% 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	Bitget MORPHOUSDT	2.6006	0.0100	pay 0.0050% / 4h	3h 33m	$2.8M	$1.6M	75x
Short	Kraken Futures PF_MORPHOUSD	2.6021	−0.2169	pay 0.0271% / 1h	33m 01s	$81K	$124K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.058%Rate

Funding earned: −$476.59
Price spread: +0.058% → +0.036%: $2.16
Slippage, 4 orders: −$93.19
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$589.62
Costs to cover: 1.152%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; Kraken Futures: live order book, 19 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 Bitget live order book, 4 min ago	4.41 bp	24.2 bp −$24	75.0 bp −$750	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 19 min ago	13.77 bp	38.1 bp −$38	138.0 bp −$1,380	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	−0.2169%	1h	2.6021	+0.058%	$81K	$124K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1323%	1h	2.6020	+0.054%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.0928%	1h	2.5976	−0.115%	$854	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0518%	4h	2.6035	+0.112%	$34K	$140K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.6099	+0.358%	$75K	$41K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0213%	1h	2.6040	+0.131%	$24K	$1.5M	5x	as long as short
Bybit MORPHOUSDT	−0.0201%	4h	2.6020	+0.054%	$8.1M	$8.5M	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6018	+0.046%	$635K	$241K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0134%	4h	2.6032	+0.100%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0061%	1h	2.6057	+0.196%	$43K	$337K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0005%	1h	2.6034	+0.107%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.630%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0040%	4h	2.6027	+0.081%	$763K	$470K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6049	+0.165%	$313K	$293K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6022	+0.061%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6063	+0.219%	$6.0M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6046	+0.152%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.5992	−0.053%	$15.7M	$24.0M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6018	+0.046%	$3.2M	$4.0M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.5991	−0.058%	$6.0M	$836K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6048	+0.162%	$599K	$248K	50x	as long as short
Bitget MORPHOUSDTlong	+0.0100%	4h	2.6006	long leg	$2.8M	$1.6M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.6018	+0.046%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6050	+0.171%	$622K	$675K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6021	+0.058%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.5987	−0.075%	$101K	$344K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6056	+0.193%	$1K	—	100x	as long as short