MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.1868%/8h= +204.6% APRnext payment +$2.34 per $10,000 · paid last 24h −0.095%

Price spread now: Extended against Kraken Futures−0.013%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs−$144as in the Price arb table

costs, in and out, $10k−$1491.492% of the position

Long on Kraken Futures Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.104%+$10 on $10k

Price spread, last 3 days (all we have)−0.178%−$18 · spread now −0.013%, 7d avg −0.067%

Together, before fees−0.073%+ Points / potential airdropExtended: Active · farm board−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$56 a day on $10k at the current rate, and Extended is 0.054% dearer against Kraken Futures than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.067%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.104% in total (about 5.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.34 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	Kraken Futures PF_MORPHOUSD	2.6805	−0.1764	get 0.0221% / 1h	42m 09s	$84K	$151K	20x
Short	Extended MORPHO-USD	2.6802	0.0104	get 0.0013% / 1h	42m 09s	$101K	$302K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.013%Rate

Funding earned: $392.37
Price spread: −0.013% → −0.067%: $5.36
Slippage, 4 orders: −$134.24
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $248.49
Costs to cover: 1.492%
Break-even: 2.6 days

Slippage from Kraken Futures: live order book, 5 min ago; Extended: live order book, 6 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, 5 min ago	42.38 bp	53.2 bp −$53	3955.2 bp −$39.6K	doesn't fit	doesn't fit
Sell Extended live order book, 6 min ago	2.42 bp	22.2 bp −$22	194.3 bp −$1,943	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	−0.1764%	1h	2.6805	long leg	$84K	$151K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1128%	1h	2.6814	+0.033%	$10K	$721	10x	as long as short
01 Exchange MORPHOUSD	−0.0464%	1h	2.6774	−0.116%	$880	$12K	5x	as long as short
Injective MORPHO/USDC PERP	−0.0425%	1h	2.6810	+0.018%	$38	$76K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0240%	1h	2.6885	+0.298%	$78K	$46K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0213%	4h	2.6811	+0.022%	$10K	$34K	10x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6804	−0.004%	$656K	$214K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0068%	4h	2.6818	+0.047%	$41K	$150K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0016%	1h	2.6814	+0.033%	$24K	$2.0M	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6818	+0.047%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	+0.0059%	1h	2.6851	+0.171%	$35K	$471K	5x	as long as short
Gate MORPHO_USDT	+0.0078%	4h	2.6805	−0.001%	$771K	$529K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6878	+0.272%	$320K	$356K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6816	+0.042%	$5K	$3	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6816	+0.039%	$58K	$32K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6819	+0.052%	$16.4M	$26.7M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6844	+0.145%	$8.8M	$10.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6852	+0.175%	$3.2M	$4.6M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6823	+0.067%	$5.1M	$1.1M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6852	+0.175%	$609K	$273K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6834	+0.108%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6839	+0.126%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6845	+0.150%	$651K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6815	+0.037%	$23K	$3K	5x	as long as short
Extended MORPHO-USDshort	+0.0104%	1h	2.6802	−0.013%	$101K	$302K	10x
Hyperliquid MORPHO	+0.0178%	1h	2.6907	+0.380%	$6.4M	$7.1M	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0193% / S −16.5420%	1h	2.6838	+0.124%	$1K	—	100x	as long as short