Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.2145%/8h= +234.8% APRpaid last 24h −0.094%

Price spread now: Variational Omni against Kraken Futures+0.581%7-day average −0.021% · you sell dearer than you buy

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.141%+$14 on $10k

Price spread, last 3 days (all we have)−0.859%−$86 · spread now +0.581%, 7d avg −0.021%

Together, before fees−0.718%+ Points / potential airdropVariational Omni: Active · farm board−$72 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$64 a day on $10k at the current rate, and Variational Omni is 0.601% dearer against Kraken Futures than usual: you sell high and buy low: +$60 more if the spread goes back to its 7-day average of −0.021%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.141% in total (about 16.0% 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	2.6661	−0.2045	get 0.0256% / 1h	57m 05s	$84K	$152K	20x
Short	Variational Omni MORPHO	2.6815	0.0100	get 0.0050% / 4h	2h 57m	$651K	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.581%Rate

Funding earned: $450.37
Price spread: +0.581% → −0.021%: $60.13
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $500.49
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 30 min ago; Variational Omni: RFQ quote, 2 min ago. 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, 30 min ago	17.81 bp	29.0 bp −$29	4415.2 bp −$44.2K	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	6.44 bp	doesn't fit	70.3 bp −$703	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	−0.2045%	1h	2.6661	long leg	$84K	$152K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1434%	1h	2.6683	+0.084%	$10K	$623	10x	as long as short
01 Exchange MORPHOUSD	−0.1176%	1h	2.6607	−0.201%	$874	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0655%	1h	2.6686	+0.095%	$25K	$2.0M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0532%	4h	2.6764	+0.388%	$41K	$151K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.7020	+1.348%	$38	$123K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0335%	4h	2.6710	+0.185%	$8.8M	$10.2M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6813	+0.572%	$77K	$46K	25x	as long as short
Gate MORPHO_USDT	−0.0228%	4h	2.6703	+0.159%	$763K	$517K	50x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6671	+0.039%	$654K	$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	−0.0200%	4h	2.6683	+0.084%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6697	+0.137%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0059%	1h	2.6824	+0.613%	$34K	$470K	5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6724	+0.240%	$318K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6650	−0.039%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6728	+0.253%	$6.4M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6745	+0.317%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6697	+0.137%	$16.4M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6714	+0.200%	$3.2M	$4.6M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6669	+0.032%	$5.4M	$1.1M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6755	+0.354%	$603K	$270K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6692	+0.118%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6709	+0.182%	—	$1.4M	—	as long as short
Variational Omni MORPHOshort	+0.0100%	4h	2.6815	+0.581%	$651K	$1.4M	—
SoDEX MORPHO-USD	+0.0100%	1h	2.6678	+0.065%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6675	+0.053%	$104K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0193% / S −16.5420%	1h	2.6719	+0.219%	$1K	—	100x	as long as short