Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1651%/8h= +180.7% APRpaid last 24h −0.129%

Price spread now: BloFin against Kraken Futures+0.045%57s7-day average −0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as 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−$1041.037% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.535%+$53 on $10k

Price spread, last 3 days (all we have)−0.199%−$20 · spread now +0.045%, 7d avg −0.028%

Together, before fees+0.336%+$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$50 a day on $10k at the current rate, and BloFin is 0.073% dearer against Kraken Futures than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.028%. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.535% in total (about 27.9% 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	Kraken Futures PF_MORPHOUSD	2.6346	−0.1863	get 0.0233% / 1h	6m 22s	$81K	$152K	20x
Short	BloFin MORPHO-USDT	2.6358	−0.0212	pay 0.0106% / 4h	1h 06m	$639K	$249K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Kraken Futures. 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 Kraken FuturesbpFee BloFinbpOrdersPrice spread, now +0.045%Rate

Funding earned: $346.63
Price spread: +0.045% → −0.028%: $7.32
Slippage, 4 orders: −$81.72
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $250.23
Costs to cover: 1.037%
Break-even: 1.9 days

Slippage from Kraken Futures: live order book, 11 min ago; BloFin: live order book, 10 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 Kraken Futures live order book, 11 min ago	10.03 bp	26.4 bp −$26	3798.0 bp −$38.0K	doesn't fit	doesn't fit
Sell BloFin live order book, 10 min ago	2.84 bp	18.6 bp −$19	34.3 bp −$343	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_MORPHOUSDlong	−0.1863%	1h	2.6346	long leg	$81K	$152K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1338%	1h	2.6403	+0.216%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.1168%	1h	2.6337	−0.035%	$865	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0685%	1h	2.6398	+0.197%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0568%	4h	2.6407	+0.230%	$29K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0434%	4h	2.6410	+0.242%	$8.4M	$9.3M	25x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	+0.318%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6469	+0.466%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDTshort	−0.0212%	4h	2.6358	+0.045%	$639K	$249K	20x
Orderly PERP_MORPHO_USDC	−0.0147%	4h	2.6398	+0.197%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0132%	4h	2.6405	+0.223%	$767K	$534K	50x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6431	+0.322%	$43K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0079%	4h	2.6416	+0.267%	$628K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6402	+0.212%	$16	—	10x	as long as short
Binance MORPHOUSDT	+0.0023%	4h	2.6395	+0.183%	$16.1M	$25.8M	75x	as long as short
Extended MORPHO-USD	+0.0024%	1h	2.6397	+0.192%	$103K	$301K	10x	as long as short
MEXC MORPHO_USDT	+0.0026%	4h	2.6393	+0.178%	$5.4M	$1.1M	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6439	+0.352%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6394	+0.183%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6465	+0.451%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6406	+0.227%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6433	+0.330%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6415	+0.261%	$590K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6413	+0.254%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6410	+0.242%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6405	+0.223%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −0.3373%	1h	2.6437	+0.343%	$1K	—	100x	as long as short