Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.2024%/8h= −221.7% APRpaid last 24h −0.216%

Price spread now: Kraken Futures against Variational Omni−0.179%7-day average +0.012% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.372%−$37 on $10k

Price spread, last 4 days (all we have)+0.458%+$46 · spread now −0.179%, 7d avg +0.012%

Together, before fees+0.086%+ Points / potential airdropVariational Omni: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$61 a day on $10k at the current rate, and Kraken Futures is 0.191% cheaper against Variational Omni than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.012%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.372% in total (about -36.9% 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	Variational Omni MORPHO	2.5856	−0.0439	get 0.0219% / 4h	3h 49m	$615K	$526K	—
Short	Kraken Futures PF_MORPHOUSD	2.5809	−0.2463	pay 0.0308% / 1h	49m 14s	$84K	$134K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Variational Omni. 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 Variational OmnibpFee Kraken FuturesbpOrdersPrice spread, now −0.179%Rate

Funding earned: −$425.13
Price spread: −0.179% → +0.012%: −$19.09
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$454.22
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 55 min ago; Kraken Futures: live order book, 48 min ago. Net counts fees only.

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 Variational Omni RFQ quote, 55 min ago	4.65 bp	doesn't fit	68.7 bp −$687	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 48 min ago	8.70 bp	58.0 bp −$58	167.2 bp −$1,672	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	−0.2463%	1h	2.5809	−0.179%	$84K	$134K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1295%	1h	2.5845	−0.042%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0872%	1h	2.5807	−0.188%	$848	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5689	−0.645%	$70K	$37K	25x	as long as short
Variational Omni MORPHOlong	−0.0439%	4h	2.5856	long leg	$615K	$526K	—
BloFin MORPHO-USDT	−0.0404%	4h	2.5841	−0.057%	$630K	$239K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0283%	4h	2.5836	−0.076%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0212%	4h	2.5835	−0.081%	$54K	$49K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0206%	4h	2.5780	−0.293%	$30K	$123K	10x	as long as short
MEXC MORPHO_USDT	−0.0164%	4h	2.5834	−0.084%	$6.3M	$911K	100x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MORPHOUSDT	−0.0164%	4h	2.5845	−0.042%	$15.5M	$23.9M	75x	as long as short
Extended MORPHO-USD	−0.0160%	1h	2.5831	−0.096%	$99K	$375K	10x	as long as short
Phoenix MORPHO	−0.0155%	1h	2.5835	−0.080%	$33K	$308K	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5844	−0.047%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.221%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0080%	4h	2.5839	−0.065%	$760K	$484K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5896	+0.156%	$312K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5822	−0.131%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5895	+0.152%	$6.0M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5851	−0.018%	$7.8M	$8.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5873	+0.067%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5848	−0.030%	$588K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5841	−0.057%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5853	−0.011%	—	$1.4M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5872	+0.063%	$25K	$1.4M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5843	−0.049%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5873	+0.065%	$1K	—	100x	as long as short