Funding you earn now, next payment 22:00 UTC+0.1864%/8h= +204.1% APRpaid last 24h −0.091%
Price spread now: Bybit against Kraken Futures+0.031%7-day average +0.026% · you sell dearer than you buy
Net, funding: paid 7d − costs−$139as in the Funding arb table
Net, price: spread back to 7d avg − costs−$147as in the Price arb table
costs, in and out, $10k−$1481.475% of the position
Funding, last 7 days+0.089%+$9 on $10k
+Price spread, last 3 days (all we have)+0.017%+$2 · spread now +0.031%, 7d avg +0.026%
=The price spread sits at its 7-day average of +0.026%, so right now this pair is about funding alone: +$56 a day on $10k at the current rate.
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 | Kraken Futures PF_MORPHOUSD | 2.6460 | −0.2060 | get 0.0258% / 1h | 45m 00s | $82K | $148K | 20x |
| Short | Bybit MORPHOUSDT | 2.6468 | −0.0196 | pay 0.0098% / 4h | 2h 45m | $8.6M | $10.1M | 25x |
Kraken Futures PF_MORPHOUSD
Bybit MORPHOUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Kraken Futures. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $391.36
- Price spread: +0.031% → +0.026%
- $0.48
- Slippage, 4 orders
- −$126.51
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- $244.33
- Costs to cover
- 1.475%
- Break-even
- 2.6 days
Slippage from Kraken Futures: live order book, 42 min ago; Bybit: live order book, 3 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, 42 min ago | 17.81 bp | 29.0 bp −$29 | 4415.2 bp −$44.2K | doesn't fit | doesn't fit |
| Sell Bybit live order book, 3 min ago | 1.88 bp | 27.4 bp −$27 | 86.7 bp −$867 | 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 | −0.2060% | 1h | 2.6460 | long leg | $82K | $148K | 20x | |
| 01 Exchange MORPHOUSD | −0.1144% | 1h | 2.6440 | −0.075% | $869 | $12K | 5x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0882% | 1h | 2.6466 | +0.023% | $11K | $911 | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0621% | 1h | 2.6471 | +0.042% | $26K | $1.9M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0564% | 4h | 2.6519 | +0.223% | $29K | $162K | 10x | as long as short |
| Injective MORPHO/USDC PERP | −0.0385% | 1h | 2.6460 | 0.000% | $37 | $161K | 5.5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0296% | 1h | 2.6527 | +0.254% | $76K | $46K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6472 | +0.046% | $650K | $221K | 20x | as long as short |
| Bybit MORPHOUSDTshort | −0.0196% | 4h | 2.6468 | +0.031% | $8.6M | $10.1M | 25x | |
| Orderly PERP_MORPHO_USDC | −0.0188% | 4h | 2.6454 | −0.022% | $10K | $34K | 10x | as long as short |
01 Exchange MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Injective MORPHO/USDC PERP
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDCShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | −0.0168% | 4h | 2.6475 | +0.057% | $759K | $522K | 50x | as long as short |
| Phoenix MORPHO | −0.0030% | 1h | 2.6530 | +0.265% | $34K | $493K | 5x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6469 | +0.034% | $16 | — | 10x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6504 | +0.167% | $316K | $335K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6480 | +0.077% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6494 | +0.129% | $6.2M | $7.2M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6494 | +0.128% | $58K | $33K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6449 | −0.042% | $16.2M | $26.9M | 75x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6472 | +0.046% | $3.2M | $4.5M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6440 | −0.075% | $5.3M | $1.2M | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6488 | +0.106% | $621K | $272K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6463 | +0.012% | $2.9M | $2.0M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6472 | +0.046% | — | $1.5M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6515 | +0.209% | $643K | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6450 | −0.037% | $22K | $3K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6446 | −0.052% | $103K | $301K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6478 | +0.067% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Phoenix MORPHO
Reya MORPHORUSDPERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]