Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1927%/8h= −211.0% APRpaid last 24h +0.041%

Price spread now: Kraken Futures against MEXC−0.234%51s7-day average +0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$126as 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−$1071.070% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.193%−$19 on $10k

Price spread, last 3 days (all we have)+0.287%+$29 · spread now −0.234%, 7d avg +0.044%

Together, before fees+0.093%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$58 a day on $10k at the current rate, and Kraken Futures is 0.278% cheaper against MEXC than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of +0.044%). Swap the legs. The two prices were read 51 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 -0.193% in total (about -10.1% 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	MEXC MORPHO_USDT	2.6662	0.0100	pay 0.0050% / 4h	3h 26m	$5.6M	$903K	100x
Short	Kraken Futures PF_MORPHOUSD	2.6599	−0.1827	pay 0.0228% / 1h	26m 19s	$80K	$132K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against MEXC. 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 MEXCbpFee Kraken FuturesbpOrdersPrice spread, now −0.234%Rate

Funding earned: −$404.73
Price spread: −0.234% → +0.044%: −$27.84
Slippage, 4 orders: −$93.04
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$539.61
Costs to cover: 1.070%
Break-even: never at this rate

Slippage from MEXC: live order book, 6 min ago; Kraken Futures: live order book, 46 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 MEXC live order book, 6 min ago	0.57 bp	6.5 bp −$6	36.1 bp −$361	196.1 bp −$19.6K	doesn't fit
Sell Kraken Futures live order book, 46 min ago	18.87 bp	62.3 bp −$62	140.4 bp −$1,404	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_MORPHOUSDshort	−0.1827%	1h	2.6599	−0.234%	$80K	$132K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.0463%	1h	2.6647	−0.056%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0448%	1h	2.6644	−0.068%	$876	$13K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0280%	1h	2.6659	−0.011%	$77K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6634	−0.105%	$640K	$235K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0142%	4h	2.6656	−0.023%	$10K	$34K	10x	as long as short
Variational Omni MORPHO	−0.0141%	4h	2.6681	+0.070%	$635K	$1.0M	—	as long as short
Polymarket Perps MORPHO-USD	−0.0072%	1h	2.6668	+0.023%	$24K	$1.7M	5x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6580	−0.308%	$44K	$474K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6666	+0.016%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	−0.870%	$37	$242K	5.5x	as long as short
GRVT MORPHO_USDT_Perp	+0.0060%	4h	2.6537	−0.468%	$41K	$133K	10x	as long as short
Gate MORPHO_USDT	+0.0076%	4h	2.6668	+0.023%	$775K	$520K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6704	+0.158%	$320K	$325K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6667	+0.017%	$5K	$3	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6679	+0.062%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6666	+0.016%	$16.2M	$25.8M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6688	+0.098%	$8.4M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6684	+0.083%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDTlong	+0.0100%	4h	2.6662	long leg	$5.6M	$903K	100x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6675	+0.049%	$597K	$265K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6679	+0.064%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6674	+0.045%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6646	−0.060%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6652	−0.038%	$104K	$381K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −0.4126%	1h	2.6683	+0.078%	$1K	—	100x	as long as short
Hyperliquid MORPHO	+0.0356%	1h	2.6731	+0.258%	$6.3M	$7.0M	5x	as long as short