Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.2026%/8h= +221.9% APRpaid last 24h +0.216%

Price spread now: Variational Omni against Kraken Futures+0.259%7-day average −0.012% · you sell dearer than you buy

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.372%+$37 on $10k

Price spread, last 4 days (all we have)−0.537%−$54 · spread now +0.259%, 7d avg −0.012%

Together, before fees−0.165%+ Points / potential airdropVariational Omni: Active · farm board−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$61 a day on $10k at the current rate, and Variational Omni is 0.270% dearer against Kraken Futures than usual: you sell high and buy low: +$27 more if the spread goes back to its 7-day average of −0.012%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.372% in total (about 36.9% 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	2.5789	−0.2465	get 0.0308% / 1h	47m 54s	$84K	$134K	20x
Short	Variational Omni MORPHO	2.5856	−0.0439	pay 0.0219% / 4h	3h 47m	$615K	$526K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.259%Rate

Funding earned: $425.54
Price spread: +0.259% → −0.012%: $27.05
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $442.59
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 49 min ago; Variational Omni: RFQ quote, 56 min ago. 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, 49 min ago	8.70 bp	31.3 bp −$31	3829.9 bp −$38.3K	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 56 min ago	4.65 bp	doesn't fit	64.3 bp −$643	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	−0.2465%	1h	2.5789	long leg	$84K	$134K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1218%	1h	2.5850	+0.236%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0856%	1h	2.5828	+0.151%	$849	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5689	−0.388%	$70K	$37K	25x	as long as short
Variational Omni MORPHOshort	−0.0439%	4h	2.5856	+0.259%	$615K	$526K	—
BloFin MORPHO-USDT	−0.0404%	4h	2.5841	+0.202%	$630K	$239K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0284%	4h	2.5849	+0.233%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0213%	4h	2.5848	+0.228%	$54K	$49K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0206%	4h	2.5780	−0.035%	$30K	$123K	10x	as long as short
Binance MORPHOUSDT	−0.0163%	4h	2.5844	+0.213%	$15.5M	$23.9M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MORPHO_USDT	−0.0162%	4h	2.5851	+0.240%	$6.3M	$911K	100x	as long as short
Extended MORPHO-USD	−0.0160%	1h	2.5843	+0.208%	$99K	$375K	10x	as long as short
Phoenix MORPHO	−0.0155%	1h	2.5835	+0.178%	$33K	$308K	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5855	+0.256%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.485%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5915	+0.487%	$312K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5846	+0.221%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5899	+0.426%	$6.0M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5864	+0.291%	$7.8M	$8.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5865	+0.295%	$3.2M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.5861	+0.279%	$760K	$484K	50x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5873	+0.326%	$588K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5843	+0.209%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5861	+0.279%	—	$1.4M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5885	+0.372%	$25K	$1.4M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5848	+0.229%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5880	+0.352%	$1K	—	100x	as long as short