Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1859%/8h= −203.5% APRpaid last 24h +0.052%

Price spread now: Kraken Futures against OKX−0.229%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs−$135as in the Price arb table

costs, in and out, $10k−$1111.109% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.177%−$18 on $10k

Price spread, last 3 days (all we have)+0.217%+$22 · spread now −0.229%, 7d avg +0.011%

Together, before fees+0.040%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$56 a day on $10k at the current rate, and Kraken Futures is 0.240% cheaper against OKX than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.177% in total (about -9.2% 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	OKX MORPHO-USDT-SWAP	2.6499	0.0100	pay 0.0050% / 4h	23m 07s	$3.2M	$4.5M	20x
Short	Kraken Futures PF_MORPHOUSD	2.6438	−0.1759	pay 0.0220% / 1h	23m 07s	$81K	$143K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now −0.229%Rate

Funding earned: −$390.33
Price spread: −0.229% → +0.011%: −$24.04
Slippage, 4 orders: −$90.92
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$525.28
Costs to cover: 1.109%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Kraken Futures: live order book, 54 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 OKX live order book, 4 min ago	1.51 bp	21.7 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 54 min ago	10.03 bp	43.3 bp −$43	140.7 bp −$1,407	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_MORPHOUSDshort	−0.1759%	1h	2.6438	−0.229%	$81K	$143K	20x
01 Exchange MORPHOUSD	−0.0904%	1h	2.6443	−0.211%	$869	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0542%	1h	2.6486	−0.049%	$11K	$812	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0536%	4h	2.6481	−0.067%	$29K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0497%	1h	2.6475	−0.091%	$28K	$1.7M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.260%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0366%	4h	2.6491	−0.030%	$8.4M	$9.2M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6485	−0.053%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0226%	4h	2.6470	−0.109%	$640K	$253K	20x	as long as short
Variational Omni MORPHO	−0.0168%	4h	2.6477	−0.083%	$628K	$1.0M	—	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	−0.0144%	4h	2.6475	−0.091%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0086%	4h	2.6479	−0.075%	$770K	$532K	50x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6489	−0.038%	$43K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6470	−0.108%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0012%	4h	2.6498	−0.004%	$5.5M	$960K	100x	as long as short
Binance MORPHOUSDT	+0.0014%	4h	2.6504	+0.019%	$16.0M	$25.9M	75x	as long as short
Extended MORPHO-USD	+0.0016%	1h	2.6499	−0.002%	$103K	$298K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6515	+0.059%	$316K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6470	−0.109%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6566	+0.253%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6483	−0.059%	$58K	$30K	20x	as long as short
OKX MORPHO-USDT-SWAPlong	+0.0100%	4h	2.6499	long leg	$3.2M	$4.5M	20x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6494	−0.019%	$593K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6507	+0.030%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6503	+0.015%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6481	−0.068%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6499	−0.001%	$1K	—	100x	as long as short