Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.2274%/8h= −249.1% APRpaid last 24h −0.015%

Price spread now: Kraken Futures against Gate−0.056%7-day average +0.039% · 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−$152as in the Price arb table

costs, in and out, $10k−$1431.426% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 4 days (all we have)+0.170%+$17 · spread now −0.056%, 7d avg +0.039%

Together, before fees+0.156%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$68 a day on $10k at the current rate, and Kraken Futures is 0.095% cheaper against Gate than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.039%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.014% in total (about -0.7% 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	Gate MORPHO_USDT	2.5976	0.0100	pay 0.0050% / 4h	3h 01m	$772K	$484K	50x
Short	Kraken Futures PF_MORPHOUSD	2.5962	−0.2174	pay 0.0272% / 1h	1m 10s	$80K	$127K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. 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 GatebpFee Kraken FuturesbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$477.64
Price spread: −0.056% → +0.039%: −$9.5
Slippage, 4 orders: −$117.61
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$629.74
Costs to cover: 1.426%
Break-even: never at this rate

Slippage from Gate: live order book, 50 min ago; Kraken Futures: live order book, 51 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 Gate live order book, 50 min ago	5.37 bp	43.4 bp −$43	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 51 min ago	13.77 bp	38.1 bp −$38	138.0 bp −$1,380	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	−0.2174%	1h	2.5962	−0.056%	$80K	$127K	20x
01 Exchange MORPHOUSD	−0.0968%	1h	2.5911	−0.250%	$851	$9K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0866%	1h	2.5962	−0.054%	$11K	$2K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0506%	4h	2.5971	−0.020%	$33K	$133K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.6048	+0.277%	$74K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.5953	−0.089%	$634K	$244K	20x	as long as short
Polymarket Perps MORPHO-USD	−0.0140%	1h	2.5976	0.000%	$24K	$1.5M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0131%	4h	2.5958	−0.069%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0061%	1h	2.5989	+0.050%	$33K	$337K	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5965	−0.042%	$16	—	10x	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	+1.748%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5992	+0.062%	$313K	$295K	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5980	+0.015%	$8.0M	$8.5M	25x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5935	−0.157%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6003	+0.104%	$6.0M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5980	+0.014%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.5960	−0.063%	$15.7M	$24.0M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5988	+0.046%	$3.2M	$4.0M	20x	as long as short
Gate MORPHO_USDTlong	+0.0100%	4h	2.5976	long leg	$772K	$484K	50x
MEXC MORPHO_USDT	+0.0100%	4h	2.5963	−0.050%	$6.0M	$841K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5987	+0.042%	$596K	$246K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5970	−0.023%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5978	+0.008%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.5995	+0.075%	$618K	$677K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5975	−0.004%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.5945	−0.119%	$99K	$346K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.5986	+0.039%	$1K	—	100x	as long as short