MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.2310%/8h= −252.9% APRnext payment −$2.89 per $10,000 · paid last 24h −0.253%

Price spread now: Kraken Futures against Extended−0.058%7-day average +0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$160as in the Funding arb table

Net, price: spread back to 7d avg − costs−$145as in the Price arb table

costs, in and out, $10k−$1341.338% of the position

Long on Extended Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.263%−$26 on $10k

Price spread, last 4 days (all we have)+0.249%+$25 · spread now −0.058%, 7d avg +0.054%

Together, before fees−0.014%+ Points / potential airdropExtended: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$69 a day on $10k at the current rate, and Kraken Futures is 0.112% cheaper against Extended than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.054%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.263% in total (about -13.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.89 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	Extended MORPHO-USD	2.5756	−0.0160	get 0.0020% / 1h	35m 49s	$99K	$375K	10x
Short	Kraken Futures PF_MORPHOUSD	2.5741	−0.2470	pay 0.0309% / 1h	35m 49s	$84K	$134K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Extended. 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 ExtendedbpFee Kraken FuturesbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$485.02
Price spread: −0.058% → +0.054%: −$11.22
Slippage, 4 orders: −$118.77
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$630.01
Costs to cover: 1.338%
Break-even: never at this rate

Slippage from Extended: live order book, 62 min ago; Kraken Futures: live order book, 61 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 Extended live order book, 62 min ago	2.71 bp	22.2 bp −$22	236.5 bp −$2,365	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 61 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	−0.058%	$84K	$134K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1145%	1h	2.5776	+0.078%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0816%	1h	2.5719	−0.144%	$845	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5626	−0.505%	$70K	$37K	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0470%	4h	2.5769	+0.051%	$30K	$123K	10x	as long as short
BloFin MORPHO-USDT	−0.0402%	4h	2.5793	+0.144%	$632K	$239K	20x	as long as short
Variational Omni MORPHO	−0.0357%	4h	2.5781	+0.096%	$615K	$526K	—	as long as short
Orderly PERP_MORPHO_USDC	−0.0304%	4h	2.5766	+0.039%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0258%	4h	2.5770	+0.054%	$54K	$49K	20x	as long as short
Binance MORPHOUSDT	−0.0162%	4h	2.5761	+0.021%	$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	2.5763	+0.027%	$6.3M	$918K	100x	as long as short
Extended MORPHO-USDlong	−0.0160%	1h	2.5756	long leg	$99K	$375K	10x
Phoenix MORPHO	−0.0155%	1h	2.5819	+0.245%	$33K	$308K	5x	as long as short
Gate MORPHO_USDT	−0.0090%	4h	2.5803	+0.183%	$759K	$484K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5773	+0.067%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.617%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5808	+0.202%	$311K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5756	0.000%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5806	+0.194%	$5.9M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5780	+0.093%	$7.8M	$8.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5786	+0.117%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5807	+0.198%	$587K	$263K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5763	+0.027%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5775	+0.074%	—	$1.4M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5795	+0.152%	$25K	$1.3M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5771	+0.058%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5798	+0.162%	$1K	—	100x	as long as short