Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0437%/8h= +47.9% APRpaid last 24h +0.035%

Price spread now: KuCoin against Injective+0.076%100s7-day average −1.045% · you sell dearer than you buy

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

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−1.127%−$113 on $10k

Price spread, last 3 days (all we have)−1.249%−$125 · spread now +0.076%, 7d avg −1.045%

Together, before fees−2.375%−$238 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and KuCoin is 1.121% dearer against Injective than usual: you sell high and buy low: +$112 more if the spread goes back to its 7-day average of −1.045%. Mind the row above: over the last 7 days funding on this pair cost −1.127%, so the current rate has only just turned in your favour. The two prices were read 100 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MORPHO/USDC PERP	2.6430	−0.0337	get 0.0042% / 1h	11m 47s	$37	$242K	5.5x
Short	KuCoin MORPHOUSDTM	2.6450	0.0100	get 0.0050% / 4h	1h 11m	$591K	$269K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee KuCoinbpOrdersPrice spread, now +0.076%Rate

Funding earned: $91.79
Price spread: +0.076% → −1.045%: $112.09
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $191.86
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 61 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 Injective no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 61 min ago	9.24 bp	89.6 bp −$90	173.1 bp −$1,731	doesn't fit	doesn't fit

Injective: 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	−0.1858%	1h	2.6413	−0.065%	$81K	$151K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1224%	1h	2.6426	−0.015%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.1168%	1h	2.6362	−0.257%	$866	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0700%	1h	2.6428	−0.008%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0564%	4h	2.6426	−0.015%	$29K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0437%	4h	2.6428	−0.008%	$8.5M	$9.3M	25x	as long as short
Injective MORPHO/USDC PERPlong	−0.0337%	1h	2.6430	long leg	$37	$242K	5.5x
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6469	+0.148%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0207%	4h	2.6438	+0.030%	$639K	$249K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6428	−0.008%	$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	−0.0130%	4h	2.6416	−0.053%	$767K	$533K	50x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6439	+0.034%	$43K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0062%	4h	2.6437	+0.025%	$629K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6430	0.000%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0030%	4h	2.6420	−0.038%	$5.4M	$1.1M	100x	as long as short
Binance MORPHOUSDT	+0.0031%	4h	2.6419	−0.043%	$16.1M	$25.8M	75x	as long as short
Extended MORPHO-USD	+0.0032%	1h	2.6412	−0.069%	$103K	$301K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6458	+0.107%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6415	−0.058%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6487	+0.216%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6421	−0.033%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6440	+0.038%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTMshort	+0.0100%	4h	2.6450	+0.076%	$591K	$269K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6430	0.000%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6430	0.000%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6426	−0.015%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6458	+0.107%	$1K	—	100x	as long as short