MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.1761%/8h= −192.8% APRnext payment −$2.20 per $10,000 · paid last 24h +0.004%

Price spread now: Kraken Futures against Coinbase International−0.106%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.293%−$29 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$53 a day on $10k at the current rate, and Kraken Futures is 0.106% cheaper against Coinbase International than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.293% in total (about -15.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.20 per $10,000. 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	Coinbase International MORPHO-PERP-INTX	2.6527	−0.0296	get 0.0037% / 1h	47m 56s	$76K	$46K	25x
Short	Kraken Futures PF_MORPHOUSD	2.6499	−0.2057	pay 0.0257% / 1h	47m 56s	$82K	$148K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Coinbase International. 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 Coinbase InternationalbpFee Kraken FuturesbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$369.83
Price spread: −0.106% → 0.000%: −$10.62
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$400.45
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Kraken Futures: live order book, 39 min ago. Net counts fees only.

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 Coinbase International no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 39 min ago	17.81 bp	64.4 bp −$64	191.7 bp −$1,917	doesn't fit	doesn't fit

Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.2057%	1h	2.6499	−0.106%	$82K	$148K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1293%	1h	2.6531	+0.015%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1256%	1h	2.6470	−0.215%	$870	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0632%	4h	2.6610	+0.313%	$30K	$162K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0618%	1h	2.6522	−0.019%	$25K	$1.9M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6670	+0.539%	$37	$142K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTXlong	−0.0296%	1h	2.6527	long leg	$76K	$46K	25x
Bybit MORPHOUSDT	−0.0236%	4h	2.6530	+0.011%	$8.6M	$10.1M	25x	as long as short
Gate MORPHO_USDT	−0.0212%	4h	2.6528	+0.004%	$759K	$521K	50x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6487	−0.151%	$649K	$216K	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	−0.0192%	4h	2.6524	−0.011%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6664	+0.516%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6518	−0.033%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6561	+0.130%	$316K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6540	+0.048%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6576	+0.183%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6533	+0.021%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6529	+0.006%	$16.3M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6537	+0.038%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6514	−0.049%	$5.3M	$1.1M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6525	−0.008%	$598K	$272K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6519	−0.030%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6521	−0.023%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6630	+0.389%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6522	−0.019%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6526	−0.003%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6551	+0.090%	$1K	—	100x	as long as short