Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1460%/8h= −159.9% APRpaid last 24h +0.036%

Price spread now: Kraken Futures against BloFin+0.119%57s7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$192as 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−$1321.321% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.602%−$60 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now +0.119%, 7d avg +0.033%

Together, before fees−0.605%−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.086% dearer against BloFin than usual: you sell high and buy low (spread +0.119% now, against its 7-day average of +0.033%): +$9 on $10k if it goes back. Holding the pair costs −$44 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.602% in total) that is about 24 hours. The two prices were read 57 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 -0.602% in total (about -31.4% 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	BloFin MORPHO-USDT	2.6068	−0.0200	get 0.0100% / 4h	19m 57s	$638K	$241K	20x
Short	Kraken Futures PF_MORPHOUSD	2.6099	−0.1660	pay 0.0208% / 1h	19m 57s	$81K	$127K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now +0.119%Rate

Funding earned: −$306.6
Price spread: +0.119% → +0.033%: $8.62
Slippage, 4 orders: −$110.13
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$430.12
Costs to cover: 1.321%
Break-even: never at this rate

Slippage from BloFin: live order book, 17 min ago; Kraken Futures: live order book, 37 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 BloFin live order book, 17 min ago	3.85 bp	16.8 bp −$17	30.0 bp −$300	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 37 min ago	15.69 bp	75.3 bp −$75	168.4 bp −$1,684	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	−0.1660%	1h	2.6099	+0.119%	$81K	$127K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1242%	1h	2.6102	+0.130%	$11K	$1K	10x	as long as short
01 Exchange MORPHOUSD	−0.0968%	1h	2.6068	0.000%	$857	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0262%	4h	2.6107	+0.150%	$34K	$140K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6294	+0.867%	$75K	$41K	25x	as long as short
BloFin MORPHO-USDTlong	−0.0200%	4h	2.6068	long leg	$638K	$241K	20x
Polymarket Perps MORPHO-USD	−0.0168%	1h	2.6128	+0.230%	$25K	$1.6M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0147%	4h	2.6100	+0.123%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6108	+0.153%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6164	+0.368%	$43K	$370K	5x	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	+1.389%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0042%	4h	2.6130	+0.238%	$765K	$483K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6134	+0.254%	$314K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6118	+0.191%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6149	+0.311%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6130	+0.236%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6099	+0.119%	$15.8M	$24.9M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6120	+0.199%	$8.2M	$8.7M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6120	+0.199%	$3.2M	$4.2M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6098	+0.115%	$5.9M	$832K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6120	+0.199%	$595K	$252K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6116	+0.184%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6113	+0.173%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6090	+0.085%	$622K	$675K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6110	+0.161%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6093	+0.096%	$100K	$348K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6130	+0.237%	$1K	—	100x	as long as short