MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1856%/8h= +203.2% APRnext payment +$2.32 per $10,000 · paid last 24h +0.221%

Price spread now: Phoenix against Kraken Futures+0.810%7-day average +0.108% · you sell dearer than you buy

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$1291.295% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 4 days (all we have)−1.120%−$112 · spread now +0.810%, 7d avg +0.108%

Together, before fees−1.033%−$103 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 Phoenix is 0.701% dearer against Kraken Futures than usual: you sell high and buy low: +$70 more if the spread goes back to its 7-day average of +0.108%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.087% in total (about 4.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.32 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	2.5932	−0.2011	get 0.0251% / 1h	54m 56s	$84K	$126K	20x
Short	Phoenix MORPHO	2.6142	−0.0155	pay 0.0019% / 1h	54m 56s	$33K	$302K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.810%Rate

Funding earned: $389.79
Price spread: +0.810% → +0.108%: $70.11
Slippage, 4 orders: −$112.49
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $330.42
Costs to cover: 1.295%
Break-even: 1.1 days

Slippage from Kraken Futures: live order book, 37 min ago; Phoenix: live order book, 36 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, 37 min ago	16.14 bp	34.3 bp −$34	3643.8 bp −$36.4K	doesn't fit	doesn't fit
Sell Phoenix live order book, 36 min ago	1.17 bp	12.9 bp −$13	44.5 bp −$445	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	−0.2011%	1h	2.5932	long leg	$84K	$126K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1363%	1h	2.5995	+0.243%	$11K	$3K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.1304%	1h	2.6250	+1.226%	$71K	$38K	25x	as long as short
01 Exchange MORPHOUSD	−0.0760%	1h	2.5942	+0.038%	$852	$9K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0423%	1h	2.6025	+0.358%	$25K	$1.2M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0334%	4h	2.5983	+0.197%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0297%	4h	2.6015	+0.318%	$57K	$50K	20x	as long as short
BloFin MORPHO-USDT	−0.0273%	4h	2.5975	+0.166%	$634K	$233K	20x	as long as short
Variational Omni MORPHO	−0.0189%	4h	2.6090	+0.609%	$622K	$525K	—	as long as short
Phoenix MORPHOshort	−0.0155%	1h	2.6142	+0.810%	$33K	$302K	5x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MORPHO_USDT_Perp	−0.0154%	4h	2.6148	+0.833%	$39K	$123K	10x	as long as short
Extended MORPHO-USD	−0.0072%	1h	2.5964	+0.124%	$103K	$375K	10x	as long as short
MEXC MORPHO_USDT	−0.0072%	4h	2.5972	+0.154%	$6.5M	$933K	100x	as long as short
Binance MORPHOUSDT	−0.0068%	4h	2.5972	+0.154%	$15.6M	$23.2M	75x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5985	+0.204%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.920%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6090	+0.608%	$313K	$261K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5977	+0.173%	$5K	$203	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6023	+0.351%	$5.9M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5990	+0.223%	$7.9M	$8.3M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5979	+0.181%	$3.2M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6018	+0.331%	$763K	$470K	50x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6017	+0.328%	$573K	$256K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5962	+0.116%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5985	+0.204%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5985	+0.204%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0202% / S −17.1882%	1h	2.6019	+0.337%	$1K	—	100x	as long as short