Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0396%/8h= +43.4% APRpaid last 24h −0.079%

Price spread now: KuCoin against Coinbase International−0.109%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.171%−$17 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. KuCoin is 0.109% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.109% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 22 hours of funding at the current rate (+$12 a day). Mind the row above: over the last 7 days funding on this pair cost −0.171%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.171% in total (about -8.9% 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	Coinbase International MORPHO-PERP-INTX	2.6527	−0.0296	get 0.0037% / 1h	43m 51s	$76K	$46K	25x
Short	KuCoin MORPHOUSDTM	2.6498	0.0100	get 0.0050% / 4h	2h 43m	$621K	$272K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Coinbase International. 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 Coinbase InternationalbpFee KuCoinbpOrdersPrice spread, now −0.109%Rate

Funding earned: $83.16
Price spread: −0.109% → 0.000%: −$10.93
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $50.23
Costs to cover: 0.220%
Break-even: 2.8 days

Slippage unknown: Coinbase International: no order-book sample; KuCoin: live order book, 39 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 Coinbase International no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 39 min ago	13.94 bp	110.0 bp −$110	196.8 bp −$1,968	doesn't fit	doesn't fit

Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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_MORPHOUSD	−0.2059%	1h	2.6471	−0.211%	$83K	$148K	20x	as long as short
01 Exchange MORPHOUSD	−0.1120%	1h	2.6447	−0.302%	$869	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0768%	1h	2.6490	−0.139%	$11K	$911	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0609%	1h	2.6486	−0.155%	$33K	$1.9M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0564%	4h	2.6519	−0.031%	$29K	$162K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.253%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTXlong	−0.0296%	1h	2.6527	long leg	$76K	$46K	25x
Bybit MORPHOUSDT	−0.0233%	4h	2.6493	−0.128%	$8.6M	$10.1M	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6472	−0.207%	$650K	$221K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0187%	4h	2.6488	−0.147%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0168%	4h	2.6497	−0.113%	$759K	$522K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6530	+0.011%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6493	−0.128%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6538	+0.043%	$316K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6483	−0.168%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6529	+0.008%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6508	−0.071%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6489	−0.143%	$16.2M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6507	−0.075%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6483	−0.166%	$5.3M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTMshort	+0.0100%	4h	2.6498	−0.109%	$621K	$272K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6510	−0.064%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6488	−0.147%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6515	−0.045%	$643K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6486	−0.155%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6486	−0.154%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6517	−0.038%	$1K	—	100x	as long as short