MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.2021%/8h= +221.3% APRnext payment +$2.53 per $10,000 · paid last 24h −0.114%

Price spread now: Phoenix against Kraken Futures+0.333%7-day average +0.102% · you sell dearer than you buy

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$1201.195% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 3 days (all we have)−0.643%−$64 · spread now +0.333%, 7d avg +0.102%

Together, before fees−0.702%−$70 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$61 a day on $10k at the current rate, and Phoenix is 0.231% dearer against Kraken Futures than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.102%. Mind the row above: over the last 7 days funding on this pair cost −0.058%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.058% in total (about -3.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.53 per $10,000. 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	2.6575	−0.2051	get 0.0256% / 1h	50m 56s	$83K	$147K	20x
Short	Phoenix MORPHO	2.6664	−0.0030	pay 0.0004% / 1h	50m 56s	$34K	$493K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.333%Rate

Funding earned: $424.48
Price spread: +0.333% → +0.102%: $23.14
Slippage, 4 orders: −$102.52
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $328.09
Costs to cover: 1.195%
Break-even: 1.6 days

Slippage from Kraken Futures: live order book, 36 min ago; Phoenix: live order book, 36 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, 36 min ago	17.81 bp	29.0 bp −$29	4415.2 bp −$44.2K	doesn't fit	doesn't fit
Sell Phoenix live order book, 36 min ago	1.11 bp	13.1 bp −$13	44.5 bp −$445	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	−0.2051%	1h	2.6575	long leg	$83K	$147K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1625%	1h	2.6623	+0.179%	$10K	$623	10x	as long as short
01 Exchange MORPHOUSD	−0.1352%	1h	2.6557	−0.070%	$873	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0646%	4h	2.6664	+0.334%	$41K	$151K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0608%	1h	2.6624	+0.183%	$25K	$1.9M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6670	+0.356%	$38K	$142K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0320%	4h	2.6589	+0.051%	$8.8M	$10.0M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6813	+0.894%	$77K	$46K	25x	as long as short
Gate MORPHO_USDT	−0.0244%	4h	2.6584	+0.032%	$759K	$517K	50x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6622	+0.175%	$652K	$205K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0195%	4h	2.6614	+0.145%	$10K	$34K	10x	as long as short
Phoenix MORPHOshort	−0.0030%	1h	2.6664	+0.333%	$34K	$493K	5x
Reya MORPHORUSDPERP	−0.0004%	1h	2.6628	+0.199%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6646	+0.265%	$317K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6618	+0.161%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6656	+0.304%	$6.3M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6605	+0.111%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6583	+0.027%	$16.3M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6578	+0.009%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6602	+0.100%	$5.4M	$1.1M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6617	+0.156%	$600K	$266K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6598	+0.085%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6608	+0.122%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6700	+0.468%	$649K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6622	+0.175%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6578	+0.010%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0193% / S −16.5420%	1h	2.6657	+0.306%	$1K	—	100x	as long as short