MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1270%/8h= −139.0% APRnext payment −$1.59 per $10,000 · paid last 24h +0.120%

Price spread now: Kraken Futures against Polymarket Perps+0.096%48s7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as 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−$860.859% of the position

Long on Polymarket Perps Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 3 days (all we have)+0.012%+$1 · spread now +0.096%, 7d avg −0.016%

Together, before fees+0.059%+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.111% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.096% now, against its 7-day average of −0.016%): +$11 on $10k if it goes back. Holding the pair costs −$38 a day in funding at the current rate, which eats that in about 7 hours. 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 0.047% in total (about 2.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.59 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	Polymarket Perps MORPHO-USD	2.6506	−0.0483	get 0.0060% / 1h	21m 31s	$28K	$1.7M	5x
Short	Kraken Futures PF_MORPHOUSD	2.6531	−0.1753	pay 0.0219% / 1h	21m 31s	$81K	$143K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Polymarket Perps. 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 Polymarket PerpsbpFee Kraken FuturesbpOrdersPrice spread, now +0.096%Rate

Funding earned: −$266.61
Price spread: +0.096% → −0.016%: $11.13
Slippage, 4 orders: −$67.91
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$341.39
Costs to cover: 0.859%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Kraken Futures: live order book, 56 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 Polymarket Perps live order book, 2 min ago	2.83 bp	7.2 bp −$7	7.6 bp −$76	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 56 min ago	10.03 bp	43.3 bp −$43	140.7 bp −$1,407	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	−0.1753%	1h	2.6531	+0.096%	$81K	$143K	20x
01 Exchange MORPHOUSD	−0.0888%	1h	2.6483	−0.087%	$870	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0541%	1h	2.6544	+0.143%	$11K	$812	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0514%	4h	2.6493	−0.049%	$29K	$134K	10x	as long as short
Polymarket Perps MORPHO-USDlong	−0.0483%	1h	2.6506	long leg	$28K	$1.7M	5x
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.287%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0370%	4h	2.6518	+0.045%	$8.4M	$9.2M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6485	−0.079%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0226%	4h	2.6470	−0.136%	$640K	$253K	20x	as long as short
Variational Omni MORPHO	−0.0168%	4h	2.6477	−0.110%	$628K	$1.0M	—	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0144%	4h	2.6535	+0.109%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0090%	4h	2.6531	+0.094%	$771K	$532K	50x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6556	+0.189%	$44K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6502	−0.015%	$16	—	10x	as long as short
Extended MORPHO-USD	+0.0016%	1h	2.6504	−0.009%	$103K	$298K	10x	as long as short
MEXC MORPHO_USDT	+0.0016%	4h	2.6506	0.000%	$5.5M	$960K	100x	as long as short
Binance MORPHOUSDT	+0.0023%	4h	2.6504	−0.008%	$16.0M	$25.9M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6545	+0.147%	$316K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6507	+0.004%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6576	+0.264%	$6.3M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6509	+0.011%	$58K	$30K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6500	−0.023%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6531	+0.094%	$594K	$270K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6527	+0.079%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6518	+0.045%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6539	+0.125%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6559	+0.200%	$1K	—	100x	as long as short