MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1478%/8h= −161.8% APRnext payment −$1.85 per $10,000 · paid last 24h +0.029%

Price spread now: Kraken Futures against Polymarket Perps−0.073%48s7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on Polymarket Perps Short on Kraken Futures

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)+0.129%+$13 · spread now −0.073%, 7d avg −0.020%

Together, before fees+0.145%+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$44 a day on $10k at the current rate, and Kraken Futures is 0.054% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.020%). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

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	Polymarket Perps MORPHO-USD	2.6137	−0.0181	get 0.0023% / 1h	24m 21s	$25K	$1.6M	5x
Short	Kraken Futures PF_MORPHOUSD	2.6118	−0.1659	pay 0.0207% / 1h	24m 21s	$81K	$127K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Polymarket Perps. 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 Polymarket PerpsbpFee Kraken FuturesbpOrdersPrice spread, now −0.073%Rate

Funding earned: −$310.32
Price spread: −0.073% → −0.020%: −$5.36
Slippage, 4 orders: −$94.35
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$428.02
Costs to cover: 1.123%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Kraken Futures: live order book, 33 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 Polymarket Perps live order book, 4 min ago	1.91 bp	5.9 bp −$6	6.1 bp −$61	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 33 min ago	15.69 bp	75.3 bp −$75	168.4 bp −$1,684	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	−0.1659%	1h	2.6118	−0.073%	$81K	$127K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1010%	1h	2.6158	+0.080%	$11K	$1K	10x	as long as short
01 Exchange MORPHOUSD	−0.0976%	1h	2.6082	−0.210%	$857	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0260%	4h	2.6158	+0.078%	$34K	$140K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6294	+0.601%	$75K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6146	+0.034%	$636K	$242K	20x	as long as short
Polymarket Perps MORPHO-USDlong	−0.0181%	1h	2.6137	long leg	$25K	$1.6M	5x
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6107	−0.115%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6113	−0.092%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6250	+0.432%	$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	+1.121%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0036%	4h	2.6146	+0.034%	$766K	$483K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6152	+0.058%	$314K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6122	−0.056%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6149	+0.046%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6131	−0.022%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6109	−0.106%	$15.8M	$24.9M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6130	−0.027%	$8.2M	$8.8M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6142	+0.019%	$3.2M	$4.2M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6114	−0.088%	$5.9M	$831K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6132	−0.019%	$596K	$252K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6096	−0.157%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6122	−0.057%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6125	−0.045%	$623K	$689K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6152	+0.057%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6117	−0.077%	$100K	$348K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6131	−0.022%	$1K	—	100x	as long as short