MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.2161%/8h= +236.6% APRnext payment +$2.70 per $10,000 · paid last 24h −0.083%

Price spread now: Extended against Kraken Futures−0.031%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$141as in the Price arb table

costs, in and out, $10k−$1441.442% of the position

Long on Kraken Futures Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.121%+$12 on $10k

Price spread, last 3 days (all we have)−0.109%−$11 · spread now −0.031%, 7d avg −0.065%

Together, before fees+0.013%+ Points / potential airdropExtended: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$65 a day on $10k at the current rate, and Extended is 0.035% dearer against Kraken Futures than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.065%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.121% in total (about 6.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.70 per $10,000. 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	2.6501	−0.2057	get 0.0257% / 1h	11m 59s	$83K	$148K	20x
Short	Extended MORPHO-USD	2.6493	0.0104	get 0.0013% / 1h	11m 59s	$103K	$301K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.031%Rate

Funding earned: $453.79
Price spread: −0.031% → −0.065%: $3.47
Slippage, 4 orders: −$129.17
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $313.09
Costs to cover: 1.442%
Break-even: 2.2 days

Slippage from Kraken Futures: live order book, 10 min ago; Extended: live order book, 10 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, 10 min ago	44.08 bp	50.4 bp −$50	3917.4 bp −$39.2K	doesn't fit	doesn't fit
Sell Extended live order book, 10 min ago	2.07 bp	23.0 bp −$23	221.4 bp −$2,214	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	−0.2057%	1h	2.6501	long leg	$83K	$148K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1407%	1h	2.6511	+0.038%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0872%	1h	2.6411	−0.340%	$868	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0429%	1h	2.6514	+0.049%	$26K	$1.8M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6610	+0.411%	$37	$198K	5.5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0344%	4h	2.6601	+0.378%	$30K	$154K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.437%	$77K	$46K	25x	as long as short
Bybit MORPHOUSDT	−0.0291%	4h	2.6510	+0.034%	$8.6M	$9.9M	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6528	+0.102%	$646K	$222K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0170%	4h	2.6519	+0.068%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0144%	4h	2.6525	+0.090%	$773K	$548K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6639	+0.521%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6520	+0.071%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6556	+0.207%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6459	−0.159%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6568	+0.253%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6558	+0.215%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6497	−0.015%	$16.2M	$26.7M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6524	+0.087%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6521	+0.075%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6581	+0.302%	$623K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6525	+0.090%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6529	+0.105%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6594	+0.350%	$647K	$1.2M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6518	+0.064%	$22K	$3K	5x	as long as short
Extended MORPHO-USDshort	+0.0104%	1h	2.6493	−0.031%	$103K	$301K	10x
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6551	+0.187%	$1K	—	100x	as long as short