Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1328%/8h= +145.4% APRpaid last 24h −0.078%

Price spread now: Bybit against Kraken Futures+0.147%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$1381.383% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.109%+$11 on $10k

Price spread, last 3 days (all we have)−0.109%−$11 · spread now +0.147%, 7d avg +0.026%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$40 a day on $10k at the current rate, and Bybit is 0.121% dearer against Kraken Futures than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.026%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.109% in total (about 5.7% 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	2.6361	−0.1862	get 0.0233% / 1h	25m 19s	$82K	$149K	20x
Short	Bybit MORPHOUSDT	2.6400	−0.0534	pay 0.0267% / 4h	1h 25m	$8.5M	$9.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now +0.147%Rate

Funding earned: $278.91
Price spread: +0.147% → +0.026%: $12.11
Slippage, 4 orders: −$117.35
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $152.67
Costs to cover: 1.383%
Break-even: 3.2 days

Slippage from Kraken Futures: live order book, 57 min ago; Bybit: live order book, 3 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, 57 min ago	44.08 bp	50.4 bp −$50	3917.4 bp −$39.2K	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	3.80 bp	17.7 bp −$18	63.7 bp −$637	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	−0.1862%	1h	2.6361	long leg	$82K	$149K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1414%	1h	2.6391	+0.113%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.1200%	1h	2.6328	−0.126%	$865	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0703%	1h	2.6394	+0.124%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0610%	4h	2.6378	+0.063%	$29K	$146K	10x	as long as short
Bybit MORPHOUSDTshort	−0.0534%	4h	2.6400	+0.147%	$8.5M	$9.3M	25x
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	+0.261%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6413	+0.196%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0207%	4h	2.6354	−0.027%	$640K	$243K	20x	as long as short
Gate MORPHO_USDT	−0.0166%	4h	2.6383	+0.083%	$766K	$533K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0149%	4h	2.6394	+0.124%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6408	+0.177%	$34K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0077%	4h	2.6372	+0.040%	$627K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6400	+0.146%	$16	—	10x	as long as short
Extended MORPHO-USD	+0.0032%	1h	2.6390	+0.109%	$102K	$301K	10x	as long as short
MEXC MORPHO_USDT	+0.0032%	4h	2.6389	+0.105%	$5.4M	$1.1M	100x	as long as short
Binance MORPHOUSDT	+0.0033%	4h	2.6395	+0.128%	$16.1M	$25.8M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6431	+0.265%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6364	+0.011%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6448	+0.329%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6404	+0.162%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6408	+0.177%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6393	+0.121%	$590K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6402	+0.155%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6394	+0.124%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6394	+0.124%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6431	+0.264%	$1K	—	100x	as long as short