Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1663%/8h= −182.1% APRpaid last 24h −0.066%

Price spread now: Kraken Futures against Gate−0.136%7-day average +0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$166as in the Funding arb table

Net, price: spread back to 7d avg − costs−$180as in the Price arb table

costs, in and out, $10k−$1631.627% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 4 days (all we have)+0.265%+$27 · spread now −0.136%, 7d avg +0.036%

Together, before fees+0.236%+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$50 a day on $10k at the current rate, and Kraken Futures is 0.172% cheaper against Gate than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.036%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.029% in total (about -1.5% 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	Gate MORPHO_USDT	2.5853	0.0100	pay 0.0050% / 4h	2h 40m	$768K	$483K	50x
Short	Kraken Futures PF_MORPHOUSD	2.5818	−0.1563	pay 0.0195% / 1h	40m 49s	$81K	$129K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. 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 GatebpFee Kraken FuturesbpOrdersPrice spread, now −0.136%Rate

Funding earned: −$349.32
Price spread: −0.136% → +0.036%: −$17.2
Slippage, 4 orders: −$137.7
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$529.21
Costs to cover: 1.627%
Break-even: never at this rate

Slippage from Gate: live order book, 6 min ago; Kraken Futures: live order book, 6 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 Gate live order book, 6 min ago	1.74 bp	49.9 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 6 min ago	10.99 bp	44.0 bp −$44	143.8 bp −$1,438	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	−0.1563%	1h	2.5818	−0.136%	$81K	$129K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1334%	1h	2.5838	−0.058%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.0904%	1h	2.5794	−0.228%	$848	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0388%	4h	2.5911	+0.225%	$33K	$134K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.5870	+0.066%	$73K	$39K	25x	as long as short
BloFin MORPHO-USDT	−0.0176%	4h	2.5829	−0.093%	$636K	$243K	20x	as long as short
Phoenix MORPHO	−0.0154%	1h	2.5870	+0.066%	$33K	$330K	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0133%	4h	2.5840	−0.050%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5855	+0.009%	$16	—	10x	as long as short
Polymarket Perps MORPHO-USD	+0.0003%	1h	2.5862	+0.035%	$26K	$1.5M	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.232%	$37	$242K	5.5x	as long as short
Binance MORPHOUSDT	+0.0085%	4h	2.5800	−0.206%	$15.6M	$24.0M	75x	as long as short
Extended MORPHO-USD	+0.0088%	1h	2.5801	−0.201%	$104K	$348K	10x	as long as short
MEXC MORPHO_USDT	+0.0088%	4h	2.5811	−0.162%	$5.9M	$874K	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5857	+0.016%	$311K	$295K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5850	−0.011%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5853	+0.002%	$5.9M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5813	−0.155%	$57K	$31K	20x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5824	−0.112%	$8.0M	$8.5M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5825	−0.108%	$3.2M	$4.0M	20x	as long as short
Gate MORPHO_USDTlong	+0.0100%	4h	2.5853	long leg	$768K	$483K	50x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5858	+0.019%	$594K	$247K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5826	−0.104%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5822	−0.120%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.5841	−0.046%	$615K	$677K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5836	−0.066%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0163% / S +0.0035%	1h	2.5874	+0.081%	$6K	—	100x	as long as short