Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1431%/8h= −156.7% APRpaid last 24h −0.179%

Price spread now: Kraken Futures against Binance+0.046%7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$148as in the Funding arb table

Net, price: spread back to 7d avg − costs−$122as in the Price arb table

costs, in and out, $10k−$1231.229% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.251%−$25 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now +0.046%, 7d avg +0.039%

Together, before fees−0.247%−$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.039%, so right now this pair is about funding alone: −$43 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 -0.251% in total (about -13.1% 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	Binance MORPHOUSDT	2.5960	0.0057	pay 0.0029% / 4h	1h 04m	$15.7M	$24.4M	75x
Short	Kraken Futures PF_MORPHOUSD	2.5972	−0.1374	pay 0.0172% / 1h	4m 50s	$84K	$135K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$300.46
Price spread: +0.046% → +0.039%: $0.6
Slippage, 4 orders: −$102.9
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$422.75
Costs to cover: 1.229%
Break-even: never at this rate

Slippage from Binance: live order book, 6 min ago; Kraken Futures: live order book, 37 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 Binance live order book, 6 min ago	0.96 bp	18.8 bp −$19	42.8 bp −$428	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 37 min ago	26.20 bp	49.0 bp −$49	201.4 bp −$2,014	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	−0.1374%	1h	2.5972	+0.046%	$84K	$135K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1250%	1h	2.5967	+0.027%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.1184%	1h	2.5890	−0.270%	$851	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0496%	4h	2.5990	+0.114%	$30K	$134K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0432%	1h	2.5975	+0.058%	$72K	$38K	25x	as long as short
Bybit MORPHOUSDT	−0.0350%	4h	2.5985	+0.096%	$7.9M	$8.6M	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0313%	1h	2.5978	+0.069%	$27K	$1.4M	5x	as long as short
BloFin MORPHO-USDT	−0.0183%	4h	2.5977	+0.065%	$638K	$241K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0158%	4h	2.5973	+0.050%	$10K	$34K	10x	as long as short
Variational Omni MORPHO	−0.0105%	4h	2.5980	+0.079%	$619K	$677K	—	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	−0.0092%	1h	2.6025	+0.250%	$33K	$339K	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5973	+0.052%	$16	—	10x	as long as short
Gate MORPHO_USDT	+0.0016%	4h	2.5979	+0.073%	$761K	$512K	50x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.810%	$37	$242K	5.5x	as long as short
Extended MORPHO-USD	+0.0056%	1h	2.5956	−0.017%	$99K	$345K	10x	as long as short
MEXC MORPHO_USDT	+0.0056%	4h	2.5959	−0.004%	$6.3M	$904K	100x	as long as short
Binance MORPHOUSDTlong	+0.0057%	4h	2.5960	long leg	$15.7M	$24.4M	75x
Lighter MORPHO	+0.0096%	1h	2.6010	+0.191%	$313K	$294K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5956	−0.017%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6015	+0.212%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5996	+0.139%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5989	+0.112%	$3.2M	$4.2M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5993	+0.127%	$589K	$260K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5966	+0.023%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5979	+0.073%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5967	+0.027%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6000	+0.155%	$1K	—	100x	as long as short