Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1903%/8h= +208.3% APRpaid last 24h −0.069%

Price spread now: Binance against Kraken Futures+0.013%7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1311.305% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 3 days (all we have)−0.073%−$7 · spread now +0.013%, 7d avg −0.046%

Together, before fees+0.061%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$57 a day on $10k at the current rate, and Binance is 0.059% dearer against Kraken Futures than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.046%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.134% in total (about 7.0% 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	Kraken Futures PF_MORPHOUSD	2.6322	−0.1864	get 0.0233% / 1h	27m 50s	$82K	$149K	20x
Short	Binance MORPHOUSDT	2.6326	0.0038	get 0.0019% / 4h	1h 27m	$16.0M	$25.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now +0.013%Rate

Funding earned: $399.56
Price spread: +0.013% → −0.046%: $5.89
Slippage, 4 orders: −$110.53
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $274.92
Costs to cover: 1.305%
Break-even: 2.2 days

Slippage from Kraken Futures: live order book, 54 min ago; Binance: live order book, 13 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 Kraken Futures live order book, 54 min ago	44.08 bp	50.4 bp −$50	3917.4 bp −$39.2K	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	0.94 bp	14.8 bp −$15	35.9 bp −$359	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_MORPHOUSDlong	−0.1864%	1h	2.6322	long leg	$82K	$149K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1455%	1h	2.6343	+0.078%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.1208%	1h	2.6331	+0.032%	$865	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0702%	1h	2.6385	+0.238%	$24K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0612%	4h	2.6361	+0.148%	$29K	$146K	10x	as long as short
Bybit MORPHOUSDT	−0.0559%	4h	2.6340	+0.067%	$8.4M	$9.4M	25x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	+0.408%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6413	+0.344%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0202%	4h	2.6368	+0.173%	$640K	$244K	20x	as long as short
Gate MORPHO_USDT	−0.0166%	4h	2.6368	+0.173%	$766K	$533K	50x	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	−0.0152%	4h	2.6355	+0.124%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6408	+0.325%	$34K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0085%	4h	2.6392	+0.263%	$627K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6361	+0.146%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0038%	4h	2.6321	−0.006%	$5.4M	$1.1M	100x	as long as short
Binance MORPHOUSDTshort	+0.0038%	4h	2.6326	+0.013%	$16.0M	$25.8M	75x
Extended MORPHO-USD	+0.0040%	1h	2.6313	−0.034%	$102K	$301K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6383	+0.228%	$314K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6381	+0.223%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6390	+0.257%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6376	+0.204%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6341	+0.070%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6371	+0.184%	$589K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6337	+0.055%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6338	+0.059%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6341	+0.070%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6391	+0.261%	$1K	—	100x	as long as short