Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.1474%/8h= +161.4% APRpaid last 24h +0.181%

Price spread now: OKX against Kraken Futures+0.032%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$122as in the Price arb table

costs, in and out, $10k−$1241.243% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.259%+$26 on $10k

Price spread, last 4 days (all we have)−0.032%−$3 · spread now +0.032%, 7d avg +0.006%

Together, before fees+0.226%+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$44 a day on $10k at the current rate, and OKX is 0.027% dearer against Kraken Futures than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.006%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.259% in total (about 13.5% 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	2.5970	−0.1374	get 0.0172% / 1h	0m 47s	$84K	$134K	20x
Short	OKX MORPHO-USDT-SWAP	2.5978	0.0100	get 0.0050% / 4h	1h 00m	$3.2M	$4.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.032%Rate

Funding earned: $309.5
Price spread: +0.032% → +0.006%: $2.67
Slippage, 4 orders: −$104.29
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $187.89
Costs to cover: 1.243%
Break-even: 2.8 days

Slippage from Kraken Futures: live order book, 41 min ago; OKX: live order book, 2 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, 41 min ago	26.20 bp	41.0 bp −$41	3569.9 bp −$35.7K	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.35 bp	18.1 bp −$18	96.5 bp −$965	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	−0.1374%	1h	2.5970	long leg	$84K	$134K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1250%	1h	2.5963	−0.025%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.1208%	1h	2.5877	−0.356%	$850	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0528%	4h	2.5965	−0.017%	$30K	$134K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0432%	1h	2.5973	+0.013%	$72K	$38K	25x	as long as short
Bybit MORPHOUSDT	−0.0400%	4h	2.5980	+0.040%	$7.9M	$8.6M	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0313%	1h	2.5974	+0.017%	$27K	$1.4M	5x	as long as short
BloFin MORPHO-USDT	−0.0203%	4h	2.5970	+0.002%	$638K	$240K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0162%	4h	2.5966	−0.014%	$10K	$34K	10x	as long as short
Variational Omni MORPHO	−0.0130%	4h	2.5970	+0.003%	$619K	$677K	—	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	−0.0092%	1h	2.5987	+0.067%	$33K	$339K	5x	as long as short
Gate MORPHO_USDT	−0.0006%	4h	2.5990	+0.079%	$762K	$513K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5961	−0.031%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.773%	$37	$242K	5.5x	as long as short
Binance MORPHOUSDT	+0.0037%	4h	2.5955	−0.055%	$15.7M	$24.4M	75x	as long as short
Extended MORPHO-USD	+0.0040%	1h	2.5948	−0.082%	$99K	$345K	10x	as long as short
MEXC MORPHO_USDT	+0.0044%	4h	2.5957	−0.048%	$6.3M	$906K	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6006	+0.140%	$313K	$294K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5932	−0.145%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6013	+0.168%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5988	+0.071%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAPshort	+0.0100%	4h	2.5978	+0.032%	$3.2M	$4.2M	20x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5977	+0.029%	$589K	$260K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5965	−0.018%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5970	+0.002%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5960	−0.037%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.5995	+0.097%	$1K	—	100x	as long as short