Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.2010%/8h= +220.1% APRpaid last 24h −0.017%

Price spread now: OKX against Kraken Futures+0.272%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1481.484% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.213%+$21 on $10k

Price spread, last 3 days (all we have)−0.347%−$35 · spread now +0.272%, 7d avg −0.007%

Together, before fees−0.134%−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$60 a day on $10k at the current rate, and OKX is 0.278% dearer against Kraken Futures than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of −0.007%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.213% in total (about 11.1% 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	2.6232	−0.1910	get 0.0239% / 1h	27m 03s	$80K	$128K	20x
Short	OKX MORPHO-USDT-SWAP	2.6303	0.0100	get 0.0050% / 4h	2h 27m	$3.2M	$4.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 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 Kraken FuturesbpFee OKXbpOrdersPrice spread, now +0.272%Rate

Funding earned: $422.06
Price spread: +0.272% → −0.007%: $27.83
Slippage, 4 orders: −$128.37
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $301.52
Costs to cover: 1.484%
Break-even: 2.0 days

Slippage from Kraken Futures: live order book, 40 min ago; OKX: live order book, just now.

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, 40 min ago	18.16 bp	29.3 bp −$29	4331.0 bp −$43.3K	doesn't fit	doesn't fit
Sell OKX live order book, just now	2.47 bp	18.2 bp −$18	93.0 bp −$930	doesn't fit	doesn't fit

MORPHO on 26 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	−0.1910%	1h	2.6232	long leg	$80K	$128K	20x
01 Exchange MORPHOUSD	−0.0472%	1h	2.6250	+0.070%	$863	$10K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0359%	1h	2.6274	+0.161%	$11K	$785	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0232%	1h	2.6299	+0.257%	$75K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0152%	4h	2.6262	+0.115%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0117%	1h	2.6273	+0.157%	$25K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0010%	4h	2.6207	−0.095%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6271	+0.151%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0030%	1h	2.6267	+0.135%	$43K	$426K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.756%	$37	$242K	5.5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MORPHO	+0.0092%	4h	2.6221	−0.041%	$625K	$913K	—	as long as short
Lighter MORPHO	+0.0096%	1h	2.6296	+0.247%	$315K	$319K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6267	+0.136%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6318	+0.329%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6277	+0.171%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6273	+0.157%	$15.9M	$25.2M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6290	+0.222%	$8.3M	$9.3M	25x	as long as short
OKX MORPHO-USDT-SWAPshort	+0.0100%	4h	2.6303	+0.272%	$3.2M	$4.3M	20x
Gate MORPHO_USDT	+0.0100%	4h	2.6283	+0.196%	$766K	$505K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6271	+0.150%	$5.5M	$887K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6290	+0.222%	$597K	$255K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6281	+0.188%	$2.9M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6297	+0.249%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6265	+0.127%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6264	+0.124%	$101K	$355K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6274	+0.162%	$1K	—	100x	as long as short