Funding you earn now, next payment 09:00 UTC−0.2163%/8h= −236.9% APRpaid last 24h −0.184%
Price spread now: Kraken Futures against Orderly−0.099%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
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
Both sides work against this trade now: funding costs −$65 a day on $10k at the current rate, and Kraken Futures is 0.099% cheaper against Orderly than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Orderly PERP_MORPHO_USDC | 2.5723 | −0.0310 | get 0.0155% / 4h | 3h 33m | $10K | $34K | 10x |
| Short | Kraken Futures PF_MORPHOUSD | 2.5698 | −0.2474 | pay 0.0309% / 1h | 33m 08s | $84K | $134K | 20x |
Orderly PERP_MORPHO_USDC
Kraken Futures PF_MORPHOUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Orderly. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$454.31
- Price spread: −0.099% → 0.000%
- −$9.86
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$480.17
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 64 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 Orderly no order-book sample | — | — | — | — | — |
| Sell Kraken Futures live order book, 64 min ago | 8.70 bp | 58.0 bp −$58 | 167.2 bp −$1,672 | doesn't fit | doesn't fit |
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 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 | −0.2474% | 1h | 2.5698 | −0.099% | $84K | $134K | 20x | |
| Deribit MORPHO_USDC-PERPETUAL | −0.1302% | 1h | 2.5727 | +0.016% | $10K | $3K | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0832% | 1h | 2.5671 | −0.202% | $844 | $9K | 5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0552% | 1h | 2.5745 | +0.086% | $70K | $37K | 25x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0486% | 4h | 2.5752 | +0.112% | $30K | $123K | 10x | as long as short |
| BloFin MORPHO-USDT | −0.0405% | 4h | 2.5718 | −0.019% | $631K | $238K | 20x | as long as short |
| Variational Omni MORPHO | −0.0357% | 4h | 2.5781 | +0.224% | $615K | $526K | — | as long as short |
| Orderly PERP_MORPHO_USDClong | −0.0310% | 4h | 2.5723 | long leg | $10K | $34K | 10x | |
| Gate MORPHO_USDT | −0.0294% | 4h | 2.5771 | +0.187% | $758K | $484K | 50x | as long as short |
| Aster MORPHOUSDT | −0.0273% | 4h | 2.5770 | +0.183% | $54K | $49K | 20x | as long as short |
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Coinbase International MORPHO-PERP-INTX
GRVT MORPHO_USDT_Perp
BloFin MORPHO-USDT
Variational Omni MORPHO
Gate MORPHO_USDT
Aster MORPHOUSDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit MORPHOUSDT | −0.0209% | 4h | 2.5740 | +0.066% | $7.8M | $8.4M | 25x | as long as short |
| Extended MORPHO-USD | −0.0168% | 1h | 2.5709 | −0.053% | $99K | $370K | 10x | as long as short |
| Binance MORPHOUSDT | −0.0165% | 4h | 2.5723 | 0.000% | $15.4M | $23.8M | 75x | as long as short |
| MEXC MORPHO_USDT | −0.0164% | 4h | 2.5725 | +0.008% | $6.3M | $919K | 100x | as long as short |
| Phoenix MORPHO | −0.0155% | 1h | 2.5779 | +0.218% | $33K | $308K | 5x | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.5746 | +0.089% | $15 | — | 10x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +2.749% | $37 | $242K | 5.5x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.5766 | +0.166% | $311K | $283K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.5707 | −0.062% | $5K | $203 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.5771 | +0.187% | $5.9M | $7.0M | 5x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.5739 | +0.062% | $3.2M | $4.1M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.5773 | +0.194% | $586K | $263K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.5731 | +0.031% | $2.8M | $1.6M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.5739 | +0.062% | — | $1.4M | — | as long as short |
| Polymarket Perps MORPHO-USD | +0.0100% | 1h | 2.5761 | +0.148% | $25K | $1.3M | 5x | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.5733 | +0.039% | $21K | $5K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0156% / S −12.8912% | 1h | 2.5761 | +0.149% | $1K | — | 100x | as long as short |
Bybit MORPHOUSDT
Extended MORPHO-USD
Binance MORPHOUSDT
MEXC MORPHO_USDT
Phoenix MORPHO
Reya MORPHORUSDPERP
Injective MORPHO/USDC PERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Polymarket Perps MORPHO-USD
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]