Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1043%/8h= −114.2% APRpaid last 24h −0.106%

Price spread now: Kraken Futures against GRVT+0.085%7-day average +0.048% · you sell dearer than you buy

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

Long on GRVT Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.124%+$12 on $10k

Price spread, last 4 days (all we have)+0.241%+$24 · spread now +0.085%, 7d avg +0.048%

Together, before fees+0.365%+ Points / potential airdropGRVT: Active · farm board+$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.037% dearer against GRVT than usual: you sell high and buy low (spread +0.085% now, against its 7-day average of +0.048%): +$4 on $10k if it goes back. Holding the pair costs −$31 a day in funding at the current rate, which eats that in about 3 hours. Mind the row above: over the last 7 days funding on this pair paid +0.124%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.124% in total (about 6.4% 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	GRVT MORPHO_USDT_Perp	2.5958	−0.0330	get 0.0165% / 4h	1h 42m	$30K	$134K	10x
Short	Kraken Futures PF_MORPHOUSD	2.5980	−0.1373	pay 0.0172% / 1h	42m 56s	$82K	$128K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GRVTbpFee Kraken FuturesbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$219.09
Price spread: +0.085% → +0.048%: $3.71
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$234.38
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 64 min ago; Kraken Futures: live order book, 64 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 GRVT live order book, 64 min ago	1.35 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 64 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
Deribit MORPHO_USDC-PERPETUAL	−0.1477%	1h	2.6010	+0.202%	$11K	$2K	10x	as long as short
Kraken Futures PF_MORPHOUSDshort	−0.1373%	1h	2.5980	+0.085%	$82K	$128K	20x
01 Exchange MORPHOUSD	−0.1080%	1h	2.5968	+0.040%	$853	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0432%	1h	2.5819	−0.534%	$72K	$39K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0395%	1h	2.6037	+0.306%	$26K	$1.5M	5x	as long as short
GRVT MORPHO_USDT_Perplong	−0.0330%	4h	2.5958	long leg	$30K	$134K	10x
BloFin MORPHO-USDT	−0.0200%	4h	2.5973	+0.059%	$637K	$241K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0132%	4h	2.6013	+0.214%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0092%	1h	2.5997	+0.152%	$33K	$339K	5x	as long as short
Bybit MORPHOUSDT	−0.0027%	4h	2.6017	+0.229%	$8.0M	$8.6M	25x	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	2.6011	+0.204%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.820%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6046	+0.339%	$313K	$294K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6000	+0.164%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6048	+0.348%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6044	+0.332%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.5990	+0.124%	$15.8M	$24.5M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5998	+0.156%	$3.2M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6019	+0.237%	$766K	$509K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.5997	+0.152%	$6.2M	$895K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6041	+0.321%	$592K	$258K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6017	+0.229%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5994	+0.140%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.5960	+0.011%	$618K	$677K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6002	+0.171%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.5990	+0.126%	$99K	$346K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6063	+0.407%	$1K	—	100x	as long as short