Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1622%/8h= +177.6% APRpaid last 24h −0.129%

Price spread now: BloFin against Kraken Futures+0.188%57s7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1201.198% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.574%+$57 on $10k

Price spread, last 3 days (all we have)−0.306%−$31 · spread now +0.188%, 7d avg −0.026%

Together, before fees+0.268%+$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$49 a day on $10k at the current rate, and BloFin is 0.214% dearer against Kraken Futures than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.026%. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.574% in total (about 29.9% 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	Kraken Futures PF_MORPHOUSD	2.6676	−0.1822	get 0.0228% / 1h	13m 32s	$81K	$125K	20x
Short	BloFin MORPHO-USDT	2.6726	−0.0200	pay 0.0100% / 4h	3h 13m	$647K	$230K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Kraken Futures. 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 Kraken FuturesbpFee BloFinbpOrdersPrice spread, now +0.188%Rate

Funding earned: $340.63
Price spread: +0.188% → −0.026%: $21.37
Slippage, 4 orders: −$97.81
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $242.19
Costs to cover: 1.198%
Break-even: 2.0 days

Slippage from Kraken Futures: live order book, 59 min ago; BloFin: live order book, 58 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 Kraken Futures live order book, 59 min ago	18.87 bp	32.4 bp −$32	3596.1 bp −$36.0K	doesn't fit	doesn't fit
Sell BloFin live order book, 58 min ago	0.19 bp	8.4 bp −$8	17.9 bp −$179	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_MORPHOUSDlong	−0.1822%	1h	2.6676	long leg	$81K	$125K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.0460%	1h	2.6723	+0.177%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0432%	1h	2.6712	+0.135%	$878	$13K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0280%	1h	2.6715	+0.147%	$77K	$43K	25x	as long as short
BloFin MORPHO-USDTshort	−0.0200%	4h	2.6726	+0.188%	$647K	$230K	20x
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6714	+0.143%	$10K	$34K	10x	as long as short
Variational Omni MORPHO	−0.0077%	4h	2.6631	−0.169%	$634K	$926K	—	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6758	+0.308%	$44K	$474K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0016%	1h	2.6740	+0.240%	$25K	$1.7M	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6741	+0.244%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MORPHO_USDT_Perp	+0.0022%	4h	2.6706	+0.112%	$41K	$133K	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	−0.922%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6821	+0.543%	$321K	$325K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6741	+0.243%	$5K	$3	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6735	+0.223%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6734	+0.218%	$16.2M	$25.5M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6746	+0.263%	$8.6M	$9.0M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6756	+0.300%	$3.2M	$4.4M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6739	+0.237%	$772K	$525K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6735	+0.222%	$5.6M	$905K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6741	+0.244%	$598K	$263K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6745	+0.259%	$3.0M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6749	+0.274%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6721	+0.169%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6729	+0.199%	$102K	$362K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0187% / S −0.4126%	1h	2.6724	+0.179%	$1K	—	100x	as long as short
Hyperliquid MORPHO	+0.0356%	1h	2.6792	+0.435%	$6.3M	$7.0M	5x	as long as short