Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1586%/8h= −173.7% APRpaid last 24h +0.052%

Price spread now: Kraken Futures against Variational Omni+0.166%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 Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.212%−$21 on $10k

Price spread, last 3 days (all we have)+0.285%+$28 · spread now +0.166%, 7d avg +0.021%

Together, before fees+0.073%+ Points / potential airdropVariational Omni: Active · farm board+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.144% dearer against Variational Omni than usual: you sell high and buy low (spread +0.166% now, against its 7-day average of +0.021%): +$14 on $10k if it goes back. Holding the pair costs −$48 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 3 days (−0.212% in total) that is about 2.3 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.212% in total (about -23.3% 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	Variational Omni MORPHO	2.6481	−0.0167	get 0.0083% / 4h	10m 00s	$630K	$1.0M	—
Short	Kraken Futures PF_MORPHOUSD	2.6525	−0.1753	pay 0.0219% / 1h	10m 00s	$81K	$143K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Variational Omni. 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 Variational OmnibpFee Kraken FuturesbpOrdersPrice spread, now +0.166%Rate

Funding earned: −$333.09
Price spread: +0.166% → +0.021%: $14.43
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$328.67
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Kraken Futures: live order book, 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 Variational Omni RFQ quote, 4 min ago	6.51 bp	doesn't fit	67.8 bp −$678	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 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	−0.1753%	1h	2.6525	+0.166%	$81K	$143K	20x
01 Exchange MORPHOUSD	−0.0840%	1h	2.6475	−0.023%	$870	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0653%	1h	2.6549	+0.256%	$11K	$812	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0460%	4h	2.6511	+0.112%	$41K	$146K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0459%	1h	2.6507	+0.098%	$28K	$1.7M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.193%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6546	+0.245%	$76K	$43K	25x	as long as short
Bybit MORPHOUSDT	−0.0335%	4h	2.6560	+0.298%	$8.4M	$9.3M	25x	as long as short
BloFin MORPHO-USDT	−0.0187%	4h	2.6492	+0.041%	$638K	$253K	20x	as long as short
Variational Omni MORPHOlong	−0.0167%	4h	2.6481	long leg	$630K	$1.0M	—

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6538	+0.215%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6531	+0.188%	$43K	$477K	5x	as long as short
Gate MORPHO_USDT	−0.0056%	4h	2.6560	+0.298%	$771K	$533K	50x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6506	+0.094%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0052%	4h	2.6553	+0.271%	$5.5M	$961K	100x	as long as short
Binance MORPHOUSDT	+0.0053%	4h	2.6555	+0.279%	$16.1M	$26.0M	75x	as long as short
Extended MORPHO-USD	+0.0056%	1h	2.6534	+0.198%	$103K	$298K	10x	as long as short
Aster MORPHOUSDT	+0.0082%	4h	2.6550	+0.259%	$58K	$30K	20x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6598	+0.442%	$317K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6506	+0.094%	$5K	$3	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6574	+0.351%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6571	+0.339%	$595K	$268K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6565	+0.317%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6564	+0.313%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6557	+0.286%	$22K	$4K	5x	as long as short
Hyperliquid MORPHO	+0.0111%	1h	2.6624	+0.539%	$6.3M	$7.0M	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6533	+0.197%	$1K	—	100x	as long as short