Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1927%/8h= +211.0% APRpaid last 24h −0.041%

Price spread now: MEXC against Kraken Futures+0.235%51s7-day average −0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$88as 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−$1071.070% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.193%+$19 on $10k

Price spread, last 3 days (all we have)−0.287%−$29 · spread now +0.235%, 7d avg −0.044%

Together, before fees−0.094%−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$58 a day on $10k at the current rate, and MEXC is 0.279% dearer against Kraken Futures than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of −0.044%. The two prices were read 51 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 0.193% in total (about 10.1% 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	2.6599	−0.1827	get 0.0228% / 1h	26m 19s	$80K	$132K	20x
Short	MEXC MORPHO_USDT	2.6662	0.0100	get 0.0050% / 4h	3h 26m	$5.6M	$903K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.235%Rate

Funding earned: $404.73
Price spread: +0.235% → −0.044%: $27.9
Slippage, 4 orders: −$93.04
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: $325.59
Costs to cover: 1.070%
Break-even: 1.4 days

Slippage from Kraken Futures: live order book, 46 min ago; MEXC: 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, 46 min ago	18.87 bp	32.4 bp −$32	3596.1 bp −$36.0K	doesn't fit	doesn't fit
Sell MEXC live order book, 6 min ago	0.57 bp	5.9 bp −$6	42.3 bp −$423	203.8 bp −$20.4K	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	−0.1827%	1h	2.6599	long leg	$80K	$132K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.0463%	1h	2.6647	+0.179%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0448%	1h	2.6644	+0.167%	$876	$13K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0280%	1h	2.6659	+0.224%	$77K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6634	+0.130%	$640K	$235K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0142%	4h	2.6656	+0.212%	$10K	$34K	10x	as long as short
Variational Omni MORPHO	−0.0141%	4h	2.6681	+0.305%	$635K	$1.0M	—	as long as short
Polymarket Perps MORPHO-USD	−0.0072%	1h	2.6668	+0.258%	$24K	$1.7M	5x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6580	−0.073%	$44K	$474K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6666	+0.251%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	−0.637%	$37	$242K	5.5x	as long as short
GRVT MORPHO_USDT_Perp	+0.0060%	4h	2.6537	−0.234%	$41K	$133K	10x	as long as short
Gate MORPHO_USDT	+0.0076%	4h	2.6668	+0.258%	$775K	$520K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6704	+0.393%	$320K	$325K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6667	+0.252%	$5K	$3	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6679	+0.297%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6666	+0.251%	$16.2M	$25.8M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6688	+0.333%	$8.4M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6684	+0.318%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDTshort	+0.0100%	4h	2.6662	+0.235%	$5.6M	$903K	100x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6675	+0.284%	$597K	$265K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6679	+0.299%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6674	+0.280%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6646	+0.175%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6652	+0.197%	$104K	$381K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −0.4126%	1h	2.6683	+0.313%	$1K	—	100x	as long as short
Hyperliquid MORPHO	+0.0356%	1h	2.6731	+0.494%	$6.3M	$7.0M	5x	as long as short