Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1770%/8h= −193.8% APRpaid last 24h +0.052%

Price spread now: Kraken Futures against MEXC−0.142%7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$830.834% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.176%−$18 on $10k

Price spread, last 3 days (all we have)+0.200%+$20 · spread now −0.142%, 7d avg +0.040%

Together, before fees+0.025%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$53 a day on $10k at the current rate, and Kraken Futures is 0.182% cheaper against MEXC than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.040%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.176% in total (about -9.2% 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	MEXC MORPHO_USDT	2.6552	0.0016	pay 0.0008% / 4h	53m 15s	$5.4M	$940K	100x
Short	Kraken Futures PF_MORPHOUSD	2.6514	−0.1754	pay 0.0219% / 1h	53m 15s	$82K	$146K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against MEXC. 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 MEXCbpFee Kraken FuturesbpOrdersPrice spread, now −0.142%Rate

Funding earned: −$371.63
Price spread: −0.142% → +0.040%: −$18.16
Slippage, 4 orders: −$69.41
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$473.19
Costs to cover: 0.834%
Break-even: never at this rate

Slippage from MEXC: live order book, 9 min ago; Kraken Futures: live order book, 24 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 MEXC live order book, 9 min ago	1.14 bp	6.7 bp −$7	41.7 bp −$417	173.1 bp −$17.3K	doesn't fit
Sell Kraken Futures live order book, 24 min ago	10.03 bp	43.3 bp −$43	140.7 bp −$1,407	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_MORPHOUSDshort	−0.1754%	1h	2.6514	−0.142%	$82K	$146K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.0727%	1h	2.6577	+0.094%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.0568%	1h	2.6471	−0.305%	$870	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0544%	4h	2.6528	−0.089%	$29K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0428%	1h	2.6557	+0.019%	$26K	$1.7M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.459%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0398%	4h	2.6570	+0.068%	$8.5M	$9.2M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6654	+0.384%	$77K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0225%	4h	2.6512	−0.151%	$636K	$250K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0147%	4h	2.6552	0.000%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0140%	4h	2.6565	+0.049%	$772K	$531K	50x	as long as short
Variational Omni MORPHO	−0.0070%	4h	2.6541	−0.040%	$631K	$1.1M	—	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6556	+0.015%	$44K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6548	−0.015%	$16	—	10x	as long as short
Binance MORPHOUSDT	+0.0015%	4h	2.6585	+0.124%	$16.1M	$25.8M	75x	as long as short
Extended MORPHO-USD	+0.0016%	1h	2.6553	+0.005%	$103K	$301K	10x	as long as short
MEXC MORPHO_USDTlong	+0.0016%	4h	2.6552	long leg	$5.4M	$940K	100x
Lighter MORPHO	+0.0096%	1h	2.6608	+0.210%	$317K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6488	−0.241%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6617	+0.245%	$6.3M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6545	−0.027%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6563	+0.041%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6566	+0.053%	$595K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6579	+0.102%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6562	+0.038%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6561	+0.034%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −0.3373%	1h	2.6574	+0.084%	$1K	—	100x	as long as short