Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0174%/8h= +19.0% APRpaid last 24h +0.233%

Price spread now: Orderly against Kraken Futures−0.088%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.088% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.088% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 41 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_MORPHOUSD	2.6049	−0.0487	get 0.0061% / 1h	55m 49s	$81K	$130K	20x
Short	Orderly PERP_MORPHO_USDC	2.6026	−0.0313	pay 0.0157% / 4h	1h 55m	$10K	$33K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.088%Rate

Funding earned: $36.47
Price spread: −0.088% → 0.000%: −$8.81
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $11.66
Costs to cover: 0.160%
Break-even: 4.8 days

Slippage unknown: Kraken Futures: live order book, 54 min ago; Orderly: no order-book sample. Net counts fees only.

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, 54 min ago	9.43 bp	36.5 bp −$36	6572.6 bp −$65.7K	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MORPHO on 27 exchanges

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
Coinbase International MORPHO-PERP-INTX	−0.1248%	1h	2.5962	−0.334%	$53K	$55K	25x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1246%	1h	2.6029	−0.077%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0608%	1h	2.6018	−0.119%	$855	$9K	5x	as long as short
Kraken Futures PF_MORPHOUSDlong	−0.0487%	1h	2.6049	long leg	$81K	$130K	20x
Orderly PERP_MORPHO_USDCshort	−0.0313%	4h	2.6026	−0.088%	$10K	$33K	10x
BloFin MORPHO-USDT	−0.0200%	4h	2.6049	0.000%	$637K	$236K	20x	as long as short
Bybit MORPHOUSDT	−0.0191%	4h	2.6039	−0.038%	$7.8M	$7.6M	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0140%	4h	2.6047	−0.006%	$39K	$114K	10x	as long as short
Phoenix MORPHO	−0.0122%	1h	2.6066	+0.065%	$33K	$287K	5x	as long as short
Variational Omni MORPHO	−0.0121%	4h	2.6074	+0.096%	$621K	$323K	—	as long as short

Show all 27 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MORPHOUSDT	−0.0068%	4h	2.6082	+0.127%	$57K	$51K	20x	as long as short
Polymarket Perps MORPHO-USD	−0.0027%	1h	2.6057	+0.031%	$25K	$1.2M	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6033	−0.061%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.463%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6088	+0.149%	$313K	$245K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6042	−0.027%	$5K	$203	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6089	+0.154%	$6.0M	$6.6M	5x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6030	−0.073%	$15.6M	$22.3M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6047	−0.007%	$3.1M	$4.0M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6039	−0.038%	$762K	$455K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6034	−0.057%	$6.5M	$956K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6069	+0.077%	$582K	$254K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6016	−0.126%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6045	−0.015%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6036	−0.050%	$21K	$5K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6025	−0.090%	$107K	$378K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0157% / S −12.8912%	1h	2.6069	+0.078%	$1K	—	100x	as long as short