Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1872%/8h= +205.0% APRpaid last 24h −0.147%

Price spread now: Orderly against Kraken Futures−0.022%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.022% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.022% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about under an hour of funding at the current rate (+$56 a day).

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	44m 54s	$82K	$148K	20x
Short	Orderly PERP_MORPHO_USDC	2.6454	−0.0188	pay 0.0094% / 4h	2h 44m	$10K	$34K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.022%Rate

Funding earned: $393.15
Price spread: −0.022% → 0.000%: −$2.23
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $374.92
Costs to cover: 0.160%
Break-even: 0.3 days

Slippage unknown: Kraken Futures: live order book, 42 min ago; Orderly: no order-book sample. 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 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 Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 MORPHOUSDT	−0.0196%	4h	2.6468	+0.031%	$8.6M	$10.1M	25x	as long as short
Orderly PERP_MORPHO_USDCshort	−0.0188%	4h	2.6454	−0.022%	$10K	$34K	10x

Show 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