Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1852%/8h= −202.8% APRpaid last 24h +0.052%

Price spread now: Kraken Futures against OKX+0.006%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$151as in the Funding arb table

Net, price: spread back to 7d avg − costs−$133as in the Price arb table

costs, in and out, $10k−$1331.328% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.177%−$18 on $10k

Price spread, last 3 days (all we have)−0.018%−$2 · spread now +0.006%, 7d avg +0.011%

Together, before fees−0.195%−$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.011%, so right now this pair is about funding alone: −$56 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.177% 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	OKX MORPHO-USDT-SWAP	2.6532	0.0100	pay 0.0050% / 4h	2m 50s	$3.2M	$4.5M	20x
Short	Kraken Futures PF_MORPHOUSD	2.6534	−0.1752	pay 0.0219% / 1h	2m 50s	$81K	$143K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.006%Rate

Funding earned: −$389
Price spread: +0.006% → +0.011%: −$0.5
Slippage, 4 orders: −$112.83
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$522.32
Costs to cover: 1.328%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Kraken Futures: live order book, 9 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 OKX live order book, 5 min ago	0.57 bp	19.5 bp −$20	178.8 bp −$1,788	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 9 min ago	18.87 bp	62.3 bp −$62	140.4 bp −$1,404	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	−0.1752%	1h	2.6534	+0.006%	$81K	$143K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1179%	1h	2.6555	+0.087%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.0864%	1h	2.6495	−0.139%	$871	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0467%	1h	2.6552	+0.075%	$28K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0450%	4h	2.6509	−0.086%	$41K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.384%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0361%	4h	2.6545	+0.049%	$8.4M	$9.3M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6546	+0.053%	$76K	$43K	25x	as long as short
Variational Omni MORPHO	−0.0201%	4h	2.6491	−0.153%	$630K	$1.0M	—	as long as short
BloFin MORPHO-USDT	−0.0186%	4h	2.6549	+0.064%	$638K	$253K	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	−0.0144%	4h	2.6549	+0.064%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0062%	4h	2.6552	+0.075%	$770K	$533K	50x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6548	+0.060%	$43K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6555	+0.088%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0054%	4h	2.6539	+0.026%	$5.5M	$961K	100x	as long as short
Aster MORPHOUSDT	+0.0056%	4h	2.6562	+0.112%	$58K	$30K	20x	as long as short
Extended MORPHO-USD	+0.0056%	1h	2.6543	+0.042%	$103K	$298K	10x	as long as short
Binance MORPHOUSDT	+0.0056%	4h	2.6522	−0.037%	$16.1M	$26.0M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6592	+0.225%	$317K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6538	+0.024%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6623	+0.343%	$6.3M	$7.0M	5x	as long as short
OKX MORPHO-USDT-SWAPlong	+0.0100%	4h	2.6532	long leg	$3.2M	$4.5M	20x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6563	+0.117%	$595K	$267K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6547	+0.057%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6550	+0.068%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6550	+0.068%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6582	+0.189%	$1K	—	100x	as long as short