Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0295%/8h= −32.3% APRpaid last 24h −0.258%

Price spread now: Kraken Futures against BloFin+0.071%57s7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$164as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1031.029% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.613%−$61 on $10k

Price spread, last 4 days (all we have)+0.083%+$8 · spread now +0.071%, 7d avg +0.028%

Together, before fees−0.531%−$53 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.044% dearer against BloFin than usual: you sell high and buy low (spread +0.071% now, against its 7-day average of +0.028%): +$4 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 12 hours. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MORPHO-USDT	2.5584	−0.0200	get 0.0100% / 4h	1h 07m	$628K	$227K	20x
Short	Kraken Futures PF_MORPHOUSD	2.5602	−0.0495	pay 0.0062% / 1h	7m 50s	$83K	$139K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now +0.071%Rate

Funding earned: −$61.99
Price spread: +0.071% → +0.028%: $4.36
Slippage, 4 orders: −$80.9
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$160.54
Costs to cover: 1.029%
Break-even: never at this rate

Slippage from BloFin: live order book, 37 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 BloFin live order book, 37 min ago	0.96 bp	18.6 bp −$19	35.0 bp −$350	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 37 min ago	10.57 bp	42.8 bp −$43	135.5 bp −$1,355	doesn't fit	doesn't fit

MORPHO on 27 exchanges

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
Coinbase International MORPHO-PERP-INTX	−0.1248%	1h	2.5371	−0.833%	$52K	$54K	25x	as long as short
01 Exchange MORPHOUSD	−0.0656%	1h	2.5574	−0.039%	$22K	$30K	5x	as long as short
Kraken Futures PF_MORPHOUSDshort	−0.0495%	1h	2.5602	+0.071%	$83K	$139K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.0453%	1h	2.5593	+0.035%	$10K	$3K	10x	as long as short
Bybit MORPHOUSDT	−0.0267%	4h	2.5600	+0.063%	$7.7M	$7.4M	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0263%	4h	2.5594	+0.039%	$10K	$33K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0252%	4h	2.5581	−0.013%	$30K	$122K	10x	as long as short
BloFin MORPHO-USDTlong	−0.0200%	4h	2.5584	long leg	$628K	$227K	20x
Variational Omni MORPHO	−0.0116%	4h	2.5578	−0.022%	$609K	$202K	—	as long as short
Phoenix MORPHO	−0.0031%	1h	2.5673	+0.348%	$33K	$287K	5x	as long as short

Show all 27 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0005%	1h	2.5587	+0.011%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+3.307%	$37	$242K	5.5x	as long as short
Polymarket Perps MORPHO-USD	+0.0055%	1h	2.5608	+0.094%	$22K	$1.1M	5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5694	+0.432%	$308K	$246K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5584	0.000%	$5K	$200	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5642	+0.227%	$5.9M	$5.5M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5623	+0.152%	$56K	$51K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.5600	+0.063%	$15.2M	$22.5M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5614	+0.117%	$3.1M	$4.2M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.5608	+0.094%	$752K	$461K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.5588	+0.016%	$6.4M	$977K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5595	+0.043%	$590K	$253K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5588	+0.016%	$2.7M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5596	+0.047%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5593	+0.035%	$21K	$5K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.5571	−0.051%	$105K	$416K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0207% / S −23.1607%	1h	2.5606	+0.087%	$2K	—	100x	as long as short