Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.2570%/8h= −281.4% APRpaid last 24h −0.193%

Price spread now: Kraken Futures against Bybit−0.152%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$145as in the Funding arb table

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$1281.278% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.175%−$17 on $10k

Price spread, last 4 days (all we have)+0.079%+$8 · spread now −0.152%, 7d avg −0.034%

Together, before fees−0.096%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$77 a day on $10k at the current rate, and Kraken Futures is 0.118% cheaper against Bybit than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.175% in total (about -9.1% 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	Bybit MORPHOUSDT	2.5780	0.0100	pay 0.0050% / 4h	3h 35m	$7.8M	$8.4M	25x
Short	Kraken Futures PF_MORPHOUSD	2.5741	−0.2470	pay 0.0309% / 1h	35m 37s	$84K	$134K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now −0.152%Rate

Funding earned: −$539.62
Price spread: −0.152% → −0.034%: −$11.78
Slippage, 4 orders: −$106.77
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$679.18
Costs to cover: 1.278%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Kraken Futures: live order book, 62 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 Bybit live order book, 2 min ago	1.94 bp	18.0 bp −$18	64.9 bp −$649	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 62 min ago	8.70 bp	58.0 bp −$58	167.2 bp −$1,672	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	−0.2470%	1h	2.5741	−0.152%	$84K	$134K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1145%	1h	2.5776	−0.016%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0816%	1h	2.5727	−0.206%	$845	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5626	−0.597%	$70K	$37K	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0470%	4h	2.5769	−0.043%	$30K	$123K	10x	as long as short
BloFin MORPHO-USDT	−0.0402%	4h	2.5793	+0.050%	$632K	$239K	20x	as long as short
Variational Omni MORPHO	−0.0357%	4h	2.5781	+0.003%	$615K	$526K	—	as long as short
Orderly PERP_MORPHO_USDC	−0.0304%	4h	2.5766	−0.054%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0264%	4h	2.5770	−0.039%	$54K	$49K	20x	as long as short
Binance MORPHOUSDT	−0.0164%	4h	2.5756	−0.093%	$15.5M	$23.8M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MORPHO_USDT	−0.0162%	4h	2.5754	−0.101%	$6.3M	$918K	100x	as long as short
Extended MORPHO-USD	−0.0160%	1h	2.5749	−0.119%	$99K	$375K	10x	as long as short
Phoenix MORPHO	−0.0155%	1h	2.5819	+0.151%	$33K	$308K	5x	as long as short
Gate MORPHO_USDT	−0.0104%	4h	2.5795	+0.058%	$758K	$484K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5773	−0.027%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.521%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5798	+0.071%	$311K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5748	−0.124%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5806	+0.101%	$5.9M	$7.0M	5x	as long as short
Bybit MORPHOUSDTlong	+0.0100%	4h	2.5780	long leg	$7.8M	$8.4M	25x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5773	−0.027%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5807	+0.105%	$587K	$263K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5747	−0.128%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5766	−0.054%	—	$1.4M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5795	+0.058%	$25K	$1.3M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5771	−0.035%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5798	+0.069%	$1K	—	100x	as long as short