MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1155%/8h= +126.5% APRnext payment +$1.44 per $10,000 · paid last 24h −0.127%

Price spread now: Polymarket Perps against Kraken Futures+0.005%48s7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as 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−$850.853% of the position

Long on Kraken Futures Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 on $10k

Price spread, last 3 days (all we have)−0.064%−$6 · spread now +0.005%, 7d avg +0.016%

Together, before fees−0.144%−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.016%, so right now this pair is about funding alone: +$35 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.079%, so the current rate has only just turned in your favour. The two prices were read 48 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 -0.079% in total (about -4.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.44 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	2.6409	−0.1858	get 0.0232% / 1h	14m 20s	$81K	$151K	20x
Short	Polymarket Perps MORPHO-USD	2.6410	−0.0703	pay 0.0088% / 1h	14m 20s	$24K	$1.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.005%Rate

Funding earned: $242.58
Price spread: +0.005% → +0.016%: −$1.09
Slippage, 4 orders: −$67.3
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $156.19
Costs to cover: 0.853%
Break-even: 2.5 days

Slippage from Kraken Futures: live order book, 3 min ago; Polymarket Perps: live order book, 4 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, 3 min ago	10.03 bp	26.4 bp −$26	3798.0 bp −$38.0K	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	3.40 bp	8.2 bp −$8	8.6 bp −$86	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	−0.1858%	1h	2.6409	long leg	$81K	$151K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1300%	1h	2.6415	+0.024%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.1168%	1h	2.6348	−0.230%	$866	$13K	5x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0703%	1h	2.6410	+0.005%	$24K	$1.7M	5x
GRVT MORPHO_USDT_Perp	−0.0564%	4h	2.6426	+0.066%	$29K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0471%	4h	2.6418	+0.035%	$8.5M	$9.3M	25x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	+0.080%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6413	+0.016%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0202%	4h	2.6435	+0.099%	$639K	$247K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0147%	4h	2.6408	−0.003%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0140%	4h	2.6413	+0.016%	$767K	$533K	50x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6474	+0.247%	$43K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0062%	4h	2.6437	+0.106%	$629K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6415	+0.025%	$16	—	10x	as long as short
Binance MORPHOUSDT	+0.0034%	4h	2.6408	−0.003%	$16.1M	$25.8M	75x	as long as short
MEXC MORPHO_USDT	+0.0038%	4h	2.6408	−0.003%	$5.4M	$1.1M	100x	as long as short
Extended MORPHO-USD	+0.0040%	1h	2.6405	−0.013%	$103K	$301K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6452	+0.164%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6402	−0.026%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6478	+0.262%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6412	+0.011%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6439	+0.115%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6448	+0.149%	$591K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6420	+0.043%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6421	+0.046%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6419	+0.039%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −0.3377%	1h	2.6445	+0.139%	$1K	—	100x	as long as short