Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.2151%/8h= −235.6% APRpaid last 24h +0.082%

Price spread now: Kraken Futures against Bitget−0.095%7-day average +0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$146as in the Funding arb table

Net, price: spread back to 7d avg − costs−$147as in the Price arb table

costs, in and out, $10k−$1331.330% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.130%−$13 on $10k

Price spread, last 3 days (all we have)+0.147%+$15 · spread now −0.095%, 7d avg +0.049%

Together, before fees+0.017%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$65 a day on $10k at the current rate, and Kraken Futures is 0.144% cheaper against Bitget than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.049%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.130% in total (about -6.8% 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	Bitget MORPHOUSDT	2.6599	0.0100	pay 0.0050% / 4h	2h 24m	$2.9M	$2.0M	75x
Short	Kraken Futures PF_MORPHOUSD	2.6574	−0.2051	pay 0.0256% / 1h	24m 51s	$83K	$148K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$451.77
Price spread: −0.095% → +0.049%: −$14.38
Slippage, 4 orders: −$111.03
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$599.18
Costs to cover: 1.330%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; Kraken Futures: live order book, 62 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 Bitget live order book, 3 min ago	4.14 bp	17.0 bp −$17	77.3 bp −$773	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 62 min ago	17.81 bp	64.4 bp −$64	191.7 bp −$1,917	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	−0.2051%	1h	2.6574	−0.095%	$83K	$148K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1177%	1h	2.6587	−0.045%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0864%	1h	2.6574	−0.094%	$873	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0401%	1h	2.6597	−0.008%	$26K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0390%	4h	2.6543	−0.211%	$29K	$154K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.523%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.068%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6574	−0.094%	$647K	$222K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0172%	4h	2.6597	−0.008%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0090%	4h	2.6586	−0.049%	$762K	$523K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit MORPHOUSDT	−0.0076%	4h	2.6601	+0.008%	$8.6M	$10.1M	25x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6539	−0.226%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6594	−0.019%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6630	+0.117%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6605	+0.024%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6640	+0.154%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6610	+0.042%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6588	−0.041%	$16.3M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6618	+0.071%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6585	−0.053%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6617	+0.068%	$624K	$271K	50x	as long as short
Bitget MORPHOUSDTlong	+0.0100%	4h	2.6599	long leg	$2.9M	$2.0M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.6596	−0.011%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6609	+0.038%	$644K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6574	−0.094%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6584	−0.057%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6613	+0.052%	$1K	—	100x	as long as short