Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1766%/8h= −193.4% APRpaid last 24h +0.091%

Price spread now: Kraken Futures against Bybit−0.324%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$154as in the Funding arb table

Net, price: spread back to 7d avg − costs−$175as in the Price arb table

costs, in and out, $10k−$1451.447% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.089%−$9 on $10k

Price spread, last 3 days (all we have)+0.276%+$28 · spread now −0.324%, 7d avg −0.026%

Together, before fees+0.188%+$19 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 0.299% cheaper against Bybit than usual: you would sell low and buy high (−$30 if the spread goes back to its 7-day average of −0.026%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.089% in total (about -4.6% 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	Bybit MORPHOUSDT	2.6520	−0.0296	get 0.0148% / 4h	2h 37m	$8.6M	$10.1M	25x
Short	Kraken Futures PF_MORPHOUSD	2.6434	−0.2062	pay 0.0258% / 1h	37m 33s	$82K	$148K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now −0.324%Rate

Funding earned: −$370.82
Price spread: −0.324% → −0.026%: −$29.86
Slippage, 4 orders: −$123.72
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$545.41
Costs to cover: 1.447%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 min ago; Kraken Futures: live order book, 49 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 Bybit live order book, 6 min ago	3.78 bp	25.8 bp −$26	95.2 bp −$952	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 49 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	−0.2062%	1h	2.6434	−0.324%	$82K	$148K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.0994%	1h	2.6498	−0.083%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0984%	1h	2.6492	−0.106%	$871	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0521%	1h	2.6515	−0.019%	$26K	$1.9M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0500%	4h	2.6504	−0.061%	$29K	$154K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.226%	$37	$161K	5.5x	as long as short
Bybit MORPHOUSDTlong	−0.0296%	4h	2.6520	long leg	$8.6M	$10.1M	25x
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6527	+0.026%	$76K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6462	−0.219%	$648K	$221K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0183%	4h	2.6490	−0.113%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0166%	4h	2.6482	−0.143%	$759K	$523K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6522	+0.008%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6522	+0.009%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6593	+0.275%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6508	−0.046%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6561	+0.155%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6523	+0.010%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6506	−0.053%	$16.2M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6541	+0.079%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6499	−0.079%	$5.3M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6509	−0.041%	$622K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6532	+0.045%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6504	−0.060%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6500	−0.075%	$644K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6488	−0.121%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6503	−0.065%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6521	+0.006%	$1K	—	100x	as long as short