MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1300%/8h= −142.3% APRnext payment −$1.62 per $10,000 · paid last 24h +0.120%

Price spread now: Kraken Futures against Polymarket Perps−0.151%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$124as in the Price arb table

costs, in and out, $10k−$1111.105% of the position

Long on Polymarket Perps Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 3 days (all we have)+0.258%+$26 · spread now −0.151%, 7d avg −0.016%

Together, before fees+0.306%+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$39 a day on $10k at the current rate, and Kraken Futures is 0.136% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.016%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.047% in total (about 2.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.62 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	Polymarket Perps MORPHO-USD	2.6533	−0.0455	get 0.0057% / 1h	7m 36s	$28K	$1.7M	5x
Short	Kraken Futures PF_MORPHOUSD	2.6493	−0.1755	pay 0.0219% / 1h	7m 36s	$81K	$143K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Polymarket Perps. 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 Polymarket PerpsbpFee Kraken FuturesbpOrdersPrice spread, now −0.151%Rate

Funding earned: −$272.97
Price spread: −0.151% → −0.016%: −$13.55
Slippage, 4 orders: −$92.54
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$397.07
Costs to cover: 1.105%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 1 min ago; Kraken Futures: live order book, 5 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 Polymarket Perps live order book, 1 min ago	3.77 bp	8.1 bp −$8	8.6 bp −$86	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 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	−0.1755%	1h	2.6493	−0.151%	$81K	$143K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.0955%	1h	2.6535	+0.008%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.0848%	1h	2.6447	−0.324%	$869	$12K	5x	as long as short
Polymarket Perps MORPHO-USDlong	−0.0455%	1h	2.6533	long leg	$28K	$1.7M	5x
GRVT MORPHO_USDT_Perp	−0.0448%	4h	2.6519	−0.055%	$41K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.388%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6546	+0.049%	$76K	$43K	25x	as long as short
Bybit MORPHOUSDT	−0.0353%	4h	2.6526	−0.026%	$8.4M	$9.3M	25x	as long as short
BloFin MORPHO-USDT	−0.0185%	4h	2.6556	+0.087%	$639K	$253K	20x	as long as short
Variational Omni MORPHO	−0.0167%	4h	2.6481	−0.195%	$630K	$1.0M	—	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	−0.0145%	4h	2.6528	−0.019%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0062%	4h	2.6538	+0.019%	$770K	$533K	50x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6531	−0.008%	$43K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6531	−0.008%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0054%	4h	2.6512	−0.079%	$5.5M	$961K	100x	as long as short
Binance MORPHOUSDT	+0.0056%	4h	2.6502	−0.117%	$16.0M	$26.0M	75x	as long as short
Extended MORPHO-USD	+0.0056%	1h	2.6507	−0.100%	$103K	$298K	10x	as long as short
Aster MORPHOUSDT	+0.0073%	4h	2.6521	−0.047%	$58K	$30K	20x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6566	+0.126%	$316K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6503	−0.112%	$5K	$3	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6517	−0.060%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6554	+0.079%	$595K	$267K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6525	−0.030%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6528	−0.019%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6530	−0.011%	$22K	$4K	5x	as long as short
Hyperliquid MORPHO	+0.0106%	1h	2.6584	+0.192%	$6.3M	$7.0M	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6559	+0.099%	$1K	—	100x	as long as short