Funding you earn now, next payment 22:00 UTC+0.2157%/8h= +236.2% APRpaid last 24h −0.082%
Price spread now: OKX against Kraken Futures+0.065%7-day average −0.009% · you sell dearer than you buy
Net, funding: paid 7d − costs−$127as in the Funding arb table
Net, price: spread back to 7d avg − costs−$132as in the Price arb table
costs, in and out, $10k−$1391.389% of the position
Funding, last 7 days+0.115%+$11 on $10k
+Price spread, last 3 days (all we have)−0.044%−$4 · spread now +0.065%, 7d avg −0.009%
=Both sides work for this trade now. Funding pays +$65 a day on $10k at the current rate, and OKX is 0.074% dearer against Kraken Futures than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.009%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.115% in total (about 6.0% 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 | 2.6503 | −0.2057 | get 0.0257% / 1h | 59m 59s | $83K | $148K | 20x |
| Short | OKX MORPHO-USDT-SWAP | 2.6520 | 0.0100 | get 0.0050% / 4h | 1h 59m | $3.2M | $4.4M | 20x |
Kraken Futures PF_MORPHOUSD
OKX MORPHO-USDT-SWAPFunding history
latest
Range statsloading…
Price spread between the two exchanges
OKX 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $452.92
- Price spread: +0.065% → −0.009%
- $7.38
- Slippage, 4 orders
- −$118.88
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee OKX: 5 bp × 2 orders
- −$10
- Net
- $321.42
- Costs to cover
- 1.389%
- Break-even
- 2.0 days
Slippage from Kraken Futures: live order book, 22 min ago; OKX: live order book, 3 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, 22 min ago | 44.08 bp | 50.4 bp −$50 | 3917.4 bp −$39.2K | doesn't fit | doesn't fit |
| Sell OKX live order book, 3 min ago | 1.13 bp | 17.2 bp −$17 | 115.7 bp −$1,157 | 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 | 2.6503 | long leg | $83K | $148K | 20x | |
| Deribit MORPHO_USDC-PERPETUAL | −0.1519% | 1h | 2.6520 | +0.065% | $11K | $911 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.1000% | 1h | 2.6445 | −0.218% | $869 | $13K | 5x | as long as short |
| Bybit MORPHOUSDT | −0.0615% | 4h | 2.6510 | +0.027% | $8.6M | $9.6M | 25x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0545% | 1h | 2.6507 | +0.016% | $26K | $1.8M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0528% | 4h | 2.6491 | −0.043% | $29K | $154K | 10x | as long as short |
| Injective MORPHO/USDC PERP | −0.0385% | 1h | 2.6610 | +0.404% | $37 | $198K | 5.5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0296% | 1h | 2.6617 | +0.431% | $77K | $45K | 25x | as long as short |
| Gate MORPHO_USDT | −0.0212% | 4h | 2.6536 | +0.125% | $774K | $548K | 50x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6484 | −0.071% | $647K | $246K | 20x | as long as short |
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Bybit MORPHOUSDT
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Injective MORPHO/USDC PERP
Coinbase International MORPHO-PERP-INTX
Gate MORPHO_USDT
BloFin MORPHO-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_MORPHO_USDC | −0.0165% | 4h | 2.6523 | +0.076% | $10K | $34K | 10x | as long as short |
| Phoenix MORPHO | −0.0030% | 1h | 2.6546 | +0.163% | $34K | $493K | 5x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6514 | +0.042% | $16 | — | 10x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6562 | +0.222% | $316K | $340K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6504 | +0.004% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6571 | +0.256% | $6.2M | $7.2M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6554 | +0.193% | $58K | $33K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6506 | +0.012% | $16.2M | $26.5M | 75x | as long as short |
| OKX MORPHO-USDT-SWAPshort | +0.0100% | 4h | 2.6520 | +0.065% | $3.2M | $4.4M | 20x | |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6506 | +0.012% | $5.5M | $1.2M | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6550 | +0.178% | $620K | $267K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6528 | +0.095% | $2.9M | $1.9M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6526 | +0.087% | — | $1.5M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6529 | +0.099% | $644K | $1.2M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6507 | +0.016% | $22K | $3K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6503 | +0.002% | $103K | $301K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6552 | +0.186% | $1K | — | 100x | as long as short |
Orderly PERP_MORPHO_USDC
Phoenix MORPHO
Reya MORPHORUSDPERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]