MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.1874%/8h= +205.2% APRnext payment +$2.34 per $10,000 · paid last 24h +0.268%

Price spread now: Phoenix against Kraken Futures+0.219%7-day average +0.108% · you sell dearer than you buy

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$1141.135% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 4 days (all we have)−0.406%−$41 · spread now +0.219%, 7d avg +0.108%

Together, before fees−0.303%−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$56 a day on $10k at the current rate, and Phoenix is 0.111% dearer against Kraken Futures than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.108%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.103% in total (about 5.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.34 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_MORPHOUSD	2.6123	−0.1996	get 0.0250% / 1h	18m 54s	$81K	$129K	20x
Short	Phoenix MORPHO	2.6180	−0.0122	pay 0.0015% / 1h	18m 54s	$33K	$302K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.219%Rate

Funding earned: $393.56
Price spread: +0.219% → +0.108%: $11.09
Slippage, 4 orders: −$96.52
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $291.13
Costs to cover: 1.135%
Break-even: 1.8 days

Slippage from Kraken Futures: live order book, 31 min ago; Phoenix: live order book, 30 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, 31 min ago	9.43 bp	36.5 bp −$36	6572.6 bp −$65.7K	doesn't fit	doesn't fit
Sell Phoenix live order book, 30 min ago	1.15 bp	13.2 bp −$13	44.6 bp −$446	doesn't fit	doesn't fit

MORPHO on 27 exchanges

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	−0.1996%	1h	2.6123	long leg	$81K	$129K	20x
Coinbase International MORPHO-PERP-INTX	−0.1304%	1h	2.5945	−0.681%	$69K	$33K	25x	as long as short
01 Exchange MORPHOUSD	−0.0576%	1h	2.6111	−0.045%	$858	$9K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0553%	1h	2.6120	−0.011%	$11K	$3K	10x	as long as short
Orderly PERP_MORPHO_USDC	−0.0324%	4h	2.6111	−0.045%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0189%	4h	2.6144	+0.080%	$57K	$51K	20x	as long as short
BloFin MORPHO-USDT	−0.0189%	4h	2.6119	−0.014%	$637K	$236K	20x	as long as short
Phoenix MORPHOshort	−0.0122%	1h	2.6180	+0.219%	$33K	$302K	5x
GRVT MORPHO_USDT_Perp	−0.0086%	4h	2.6112	−0.040%	$39K	$114K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6101	−0.083%	$16	—	10x	as long as short

Show all 27 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.176%	$37	$242K	5.5x	as long as short
Variational Omni MORPHO	+0.0037%	4h	2.6110	−0.050%	$622K	$355K	—	as long as short
MEXC MORPHO_USDT	+0.0044%	4h	2.6119	−0.014%	$6.5M	$972K	100x	as long as short
Extended MORPHO-USD	+0.0048%	1h	2.6111	−0.046%	$110K	$375K	10x	as long as short
Binance MORPHOUSDT	+0.0051%	4h	2.6113	−0.036%	$15.7M	$22.8M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6209	+0.331%	$314K	$262K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6101	−0.084%	$5K	$203	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6159	+0.138%	$6.0M	$6.9M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6108	−0.057%	$7.8M	$7.7M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6117	−0.022%	$3.2M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6140	+0.066%	$765K	$473K	50x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6139	+0.062%	$581K	$256K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6117	−0.022%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6117	−0.022%	—	$1.5M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.6132	+0.035%	$25K	$1.2M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6114	−0.034%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0202% / S −17.1882%	1h	2.6141	+0.070%	$1K	—	100x	as long as short