MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1481%/8h= +162.1% APRnext payment +$1.85 per $10,000 · paid last 24h −0.029%

Price spread now: Polymarket Perps against Kraken Futures+0.258%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$1121.123% of the position

Long on Kraken Futures Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 4 days (all we have)−0.314%−$31 · spread now +0.258%, 7d avg +0.020%

Together, before fees−0.329%−$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$44 a day on $10k at the current rate, and Polymarket Perps is 0.238% dearer against Kraken Futures than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.020%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.016% in total (about -0.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.85 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	2.6070	−0.1662	get 0.0208% / 1h	23m 46s	$81K	$127K	20x
Short	Polymarket Perps MORPHO-USD	2.6137	−0.0181	pay 0.0023% / 1h	23m 46s	$25K	$1.6M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.258%Rate

Funding earned: $310.96
Price spread: +0.258% → +0.020%: $23.8
Slippage, 4 orders: −$94.35
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $222.42
Costs to cover: 1.123%
Break-even: 2.0 days

Slippage from Kraken Futures: live order book, 33 min ago; Polymarket Perps: live order book, 5 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, 33 min ago	15.69 bp	24.3 bp −$24	3717.3 bp −$37.2K	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	1.91 bp	6.9 bp −$7	10.7 bp −$107	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	−0.1662%	1h	2.6070	long leg	$81K	$127K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1089%	1h	2.6101	+0.120%	$11K	$1K	10x	as long as short
01 Exchange MORPHOUSD	−0.0976%	1h	2.6082	+0.047%	$857	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0260%	4h	2.6158	+0.336%	$34K	$140K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6294	+0.860%	$75K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6146	+0.292%	$636K	$242K	20x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0181%	1h	2.6137	+0.258%	$25K	$1.6M	5x
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6107	+0.143%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6113	+0.165%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6250	+0.691%	$43K	$370K	5x	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	+1.382%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0036%	4h	2.6134	+0.246%	$765K	$483K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6132	+0.239%	$314K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6092	+0.083%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6131	+0.235%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6129	+0.229%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6084	+0.053%	$15.8M	$24.9M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6123	+0.204%	$8.2M	$8.8M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6111	+0.158%	$3.2M	$4.2M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6084	+0.054%	$5.9M	$831K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6132	+0.238%	$596K	$252K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6080	+0.039%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6113	+0.166%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6125	+0.212%	$623K	$689K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6107	+0.143%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6077	+0.027%	$100K	$348K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6131	+0.236%	$1K	—	100x	as long as short