Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.2305%/8h= −252.4% APRpaid last 24h −0.244%

Price spread now: Kraken Futures against Binance−0.083%7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$144as in the Funding arb table

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1191.195% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.249%−$25 on $10k

Price spread, last 4 days (all we have)+0.131%+$13 · spread now −0.083%, 7d avg +0.037%

Together, before fees−0.118%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$69 a day on $10k at the current rate, and Kraken Futures is 0.120% cheaper against Binance than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.037%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.249% in total (about -13.0% 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	Binance MORPHOUSDT	2.5844	−0.0157	get 0.0078% / 4h	3h 45m	$15.5M	$23.8M	75x
Short	Kraken Futures PF_MORPHOUSD	2.5822	−0.2462	pay 0.0308% / 1h	45m 25s	$84K	$134K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$484.05
Price spread: −0.083% → +0.037%: −$12
Slippage, 4 orders: −$99.46
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$615.51
Costs to cover: 1.195%
Break-even: never at this rate

Slippage from Binance: live order book, 11 min ago; Kraken Futures: live order book, 52 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 Binance live order book, 11 min ago	0.97 bp	13.8 bp −$14	40.9 bp −$409	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 52 min ago	8.70 bp	58.0 bp −$58	167.2 bp −$1,672	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	−0.2462%	1h	2.5822	−0.083%	$84K	$134K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1024%	1h	2.5868	+0.094%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0808%	1h	2.5825	−0.072%	$849	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5689	−0.599%	$70K	$37K	25x	as long as short
BloFin MORPHO-USDT	−0.0403%	4h	2.5856	+0.047%	$630K	$239K	20x	as long as short
Variational Omni MORPHO	−0.0388%	4h	2.5861	+0.066%	$616K	$526K	—	as long as short
GRVT MORPHO_USDT_Perp	−0.0304%	4h	2.5838	−0.020%	$30K	$123K	10x	as long as short
Orderly PERP_MORPHO_USDC	−0.0287%	4h	2.5856	+0.047%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0217%	4h	2.5843	−0.004%	$54K	$49K	20x	as long as short
Extended MORPHO-USD	−0.0160%	1h	2.5838	−0.024%	$99K	$375K	10x	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	−0.0160%	4h	2.5841	−0.011%	$6.3M	$911K	100x	as long as short
Binance MORPHOUSDTlong	−0.0157%	4h	2.5844	long leg	$15.5M	$23.8M	75x
Phoenix MORPHO	−0.0155%	1h	2.5882	+0.148%	$33K	$308K	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5845	+0.005%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.269%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5915	+0.276%	$312K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5858	+0.054%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5890	+0.177%	$6.0M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5864	+0.078%	$7.8M	$8.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5858	+0.055%	$3.2M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.5860	+0.063%	$760K	$484K	50x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5870	+0.102%	$588K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5851	+0.028%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5859	+0.059%	—	$1.4M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5876	+0.125%	$25K	$1.3M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5864	+0.078%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0157% / S −12.8912%	1h	2.5890	+0.179%	$1K	—	100x	as long as short