Funding arb · Price arb / Crypto

MORPHO

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LONGKraken Futures▾Injective −0.5000%Polymarket Perps −0.0779%N1 −0.0360%Bybit −0.0151%Phoenix −0.0111%Lighter +0.0096%Paradex +0.0096%Hyperliquid +0.0100%Aster +0.0100%Binance +0.0100%OKX +0.0100%Gate +0.0100%MEXC +0.0100%KuCoin +0.0100%Bitget +0.0100%BingX +0.0100%Variational Omni +0.0100%GRVT +0.0100%SoDEX +0.0100%Extended +0.0104%GMX +0.0343%BloFin +0.0400%Deribit +0.0732%Kraken Futures +0.5728%

⇄⇅

SHORTTxFlow▾Deribit +0.0732%BloFin +0.0400%GMX −0.0239%Extended +0.0104%Hyperliquid +0.0100%Aster +0.0100%Binance +0.0100%OKX +0.0100%Gate +0.0100%MEXC +0.0100%KuCoin +0.0100%Bitget +0.0100%BingX +0.0100%Variational Omni +0.0100%GRVT +0.0100%SoDEX +0.0100%TxFlow +0.0100%Paradex +0.0096%Lighter +0.0096%Phoenix −0.0111%Bybit −0.0151%N1 −0.0360%Polymarket Perps −0.0779%Injective −0.5000%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	Kraken FuturesPF_MORPHOUSD	2.1395	+0.5728	pay 0.0716% / 1h	1m 10s	$266K	$141K	20x	Long Kraken Futures
SHORT	TxFlowMORPHO-USDC	2.1375	+0.0100	get 0.0013% / 1h	1m 10s	$196K	$164K	25x	Short TxFlow5% off

Price gap−0.094%

Funding gap−0.5628% /8h

The gap pays +$7 on $10k if it goes back to its 7d average, but funding costs $169 a day and eats that in about 1 hour.

The current funding rate is far below what this pair has been paying: over the last 7 days it paid +1.185% in total, about +0.0564%/8h on average.

Price and funding

Entry / ExitPrice spreadPricesFundingLeg ratesP&L

1m5m15m1h

1h · history

24H3D7D14D30D90D

Entry / Exit?

Price spread?

Prices?

Funding?per 8h

ENTRY / EXIT · 7D

Entry now—

Entry average—

Best entry—

Exit now—

Exit average—

Best exit—

Exit free—

PRICE SPREAD · 7D

Now−0.094%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

Kraken FuturesTxFlow

MORPHO on 25 exchanges

lowest funding first

Before you open

3 ok · 3 to watch

• !
  Watch: Thin at this size1029.8 / 23.5 bp

  At $10k entering Kraken Futures costs 1029.8 bp, fee and slippage, 43.8× TxFlow’s.
• i
  Note: Margin at max leverage$500 + $400

  Kraken Futures 20x, TxFlow 25x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• ✓
  OK: Same payment interval1h / 1h

  Both legs pay at the same time.

  Long Kraken Futures · 1h−$171.84

  Short TxFlow · 1h+$3.00

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: −$168.84Long Kraken Futures: 24 payments, −$171.84; short TxFlow: 24 payments, +$3.00.
• ✓
  OK: Entry gap works for you−0.094% vs −0.165%

  You short the dearer leg. If the gap goes back to average, the short gains.
• !
  Watch: Short leg is thinner$196K vs $266K OI

  TxFlow sets your exit cost. Check its book before closing.
• ✓
  OK: Points on a legTxFlow points

  Volume here counts toward the points program.
• !
  Watch: KYCKraken Futures Yes · TxFlow No

  Full verification; not offered in the US (a separate US product), Canada, Australia (wholesale only) or to retail UK clients.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned+0.0564%/8h × 21 periods+$118.46

Price spread−0.094% → −0.165% (7d avg)+$7.05

Slippage, 4 orderslive order books−$1,532.71

Fee Kraken Futures bp × 2 orders−$10.00

Fee TxFlow bp × 2 orders−$9.00

Net · 7 days · $10k−$1,426.19

Costs to cover15.517%Break-even91.3 days

Slippage: Kraken Futures: live order book, 30 min ago; TxFlow: live order book, 25 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGKraken Futures51.671029.8 bp−$1,030doesn’t fitdoesn’t fitdoesn’t fit

SELL · SHORTTxFlow1.8623.5 bp−$24127.6 bp−$1,276doesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

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Tell me when it goes above%/8hNot more often than everymin

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MORPHO news

posts that mention MORPHO, from every exchangeSearch all news →

09-18 10:04	Deribit	Listing	🚨 Now live on Deribit: MORPHO · AERO · BASED1 · S · EIGEN · JTO · NIGHT · AVNT · STRK · COMP · ALT · DYDX · OPN · TOWNS · PYTH · RUNE · RESOLV · ATOM USDC-settled perpetuals. ↓ @DeribitOfficial on X ↗
09-17 15:30	Deribit	Listing	🚨 More new perpetual futures are coming to Deribit We are pleased to announce that tomorrow, September 18, 2026, at 10:00 AM UTC, Deribit is launching a new lineup of USDC-settled perpetuals. MORPHO · AERO · BASED1 · S · EIGEN · JTO · NIGHT · AVNT · STRK · COMP · ALT · DYDX · OPN · TOWNS · PYTH · RUNE · RESOLV · ATOM Contract details: 🔹Settlement: USDC 🔹All contract details and specifications 🔽 Please note that these newly listed perpetual contracts are subject to our Auto-Deleveraging Mechanism (ADL) and are covered by the Liquidity Support Program (LSP). By trading any of the products listed above, you acknowledge and agree that the terms of ADL and LSP will apply. @DeribitOfficial on X ↗