MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1478%/8h= −161.9% APRnext payment −$1.85 per $10,000 · paid last 24h −0.011%

Price spread now: Kraken Futures against Coinbase International−0.281%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.386%−$39 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$44 a day on $10k at the current rate, and Kraken Futures is 0.281% cheaper against Coinbase International than usual: you would sell low and buy high (−$28 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.386% in total (about -20.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.85 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	Coinbase International MORPHO-PERP-INTX	2.6318	−0.0192	get 0.0024% / 1h	58m 07s	$75K	$42K	25x
Short	Kraken Futures PF_MORPHOUSD	2.6244	−0.1670	pay 0.0209% / 1h	58m 07s	$82K	$130K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Coinbase International. 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 Coinbase InternationalbpFee Kraken FuturesbpOrdersPrice spread, now −0.281%Rate

Funding earned: −$310.45
Price spread: −0.281% → 0.000%: −$28.11
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$358.56
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Kraken Futures: live order book, 4 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 4 min ago	17.33 bp	52.2 bp −$52	143.3 bp −$1,433	doesn't fit	doesn't fit

Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MORPHO on 26 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	−0.1670%	1h	2.6244	−0.281%	$82K	$130K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.0929%	1h	2.6262	−0.213%	$11K	$955	10x	as long as short
01 Exchange MORPHOUSD	−0.0616%	1h	2.6259	−0.224%	$863	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTXlong	−0.0192%	1h	2.6318	long leg	$75K	$42K	25x
Polymarket Perps MORPHO-USD	−0.0161%	1h	2.6293	−0.095%	$25K	$1.8M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0152%	4h	2.6261	−0.217%	$10K	$34K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0092%	4h	2.6213	−0.399%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6259	−0.224%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0030%	1h	2.6283	−0.133%	$43K	$369K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.426%	$37	$242K	5.5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	+0.0066%	4h	2.6279	−0.148%	$758K	$503K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6303	−0.056%	$316K	$308K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6300	−0.067%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6301	−0.065%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6281	−0.142%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6238	−0.303%	$15.8M	$25.7M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6276	−0.160%	$8.3M	$9.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6255	−0.239%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6259	−0.224%	$5.7M	$830K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6301	−0.065%	$599K	$254K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6241	−0.293%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6274	−0.167%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6270	−0.181%	$626K	$909K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6261	−0.217%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6227	−0.347%	$101K	$351K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6277	−0.157%	$1K	—	100x	as long as short