MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.2044%/8h= −223.9% APRnext payment −$2.56 per $10,000 · paid last 24h −0.211%

Price spread now: Kraken Futures against Injective−1.884%7-day average −1.071% · you buy dearer than you sell

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

Long on Injective Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−1.016%−$102 on $10k

Price spread, last 4 days (all we have)+0.940%+$94 · spread now −1.884%, 7d avg −1.071%

Together, before fees−0.075%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$61 a day on $10k at the current rate, and Kraken Futures is 0.813% cheaper against Injective than usual: you would sell low and buy high (−$81 if the spread goes back to its 7-day average of −1.071%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.016% in total (about -53.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.56 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	Injective MORPHO/USDC PERP	2.6430	0.0033	pay 0.0004% / 1h	54m 55s	$37	$242K	5.5x
Short	Kraken Futures PF_MORPHOUSD	2.5932	−0.2011	pay 0.0251% / 1h	54m 55s	$84K	$126K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee Kraken FuturesbpOrdersPrice spread, now −1.884%Rate

Funding earned: −$429.33
Price spread: −1.884% → −1.071%: −$81.28
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$520.63
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Kraken Futures: live order book, 37 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 Injective no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 37 min ago	16.14 bp	69.3 bp −$69	199.5 bp −$1,995	doesn't fit	doesn't fit

Injective: 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 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	−0.2011%	1h	2.5932	−1.884%	$84K	$126K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1363%	1h	2.5995	−1.646%	$11K	$3K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.1304%	1h	2.6250	−0.681%	$71K	$38K	25x	as long as short
01 Exchange MORPHOUSD	−0.0760%	1h	2.5942	−1.846%	$852	$9K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0423%	1h	2.6025	−1.532%	$25K	$1.2M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0334%	4h	2.5983	−1.691%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0297%	4h	2.6015	−1.572%	$57K	$50K	20x	as long as short
BloFin MORPHO-USDT	−0.0273%	4h	2.5975	−1.722%	$634K	$233K	20x	as long as short
Variational Omni MORPHO	−0.0189%	4h	2.6090	−1.287%	$622K	$525K	—	as long as short
Phoenix MORPHO	−0.0155%	1h	2.6142	−1.090%	$33K	$302K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MORPHO_USDT_Perp	−0.0154%	4h	2.6148	−1.067%	$39K	$123K	10x	as long as short
Extended MORPHO-USD	−0.0072%	1h	2.5964	−1.762%	$103K	$375K	10x	as long as short
MEXC MORPHO_USDT	−0.0072%	4h	2.5972	−1.733%	$6.5M	$933K	100x	as long as short
Binance MORPHOUSDT	−0.0068%	4h	2.5972	−1.733%	$15.6M	$23.2M	75x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5985	−1.684%	$16	—	10x	as long as short
Injective MORPHO/USDC PERPlong	+0.0033%	1h	2.6430	long leg	$37	$242K	5.5x
Lighter MORPHO	+0.0096%	1h	2.6090	−1.288%	$313K	$261K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5977	−1.714%	$5K	$203	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6023	−1.540%	$5.9M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5990	−1.665%	$7.9M	$8.3M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5979	−1.706%	$3.2M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6018	−1.559%	$763K	$470K	50x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6017	−1.563%	$573K	$256K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5962	−1.771%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5985	−1.684%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5985	−1.684%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0202% / S −17.1882%	1h	2.6019	−1.553%	$1K	—	100x	as long as short