Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.2151%/8h= +235.6% APRpaid last 24h −0.082%

Price spread now: KuCoin against Kraken Futures+0.163%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$257as in the Funding arb table

Net, price: spread back to 7d avg − costs−$255as in the Price arb table

costs, in and out, $10k−$2692.693% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 3 days (all we have)−0.221%−$22 · spread now +0.163%, 7d avg +0.021%

Together, before fees−0.099%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$65 a day on $10k at the current rate, and KuCoin is 0.142% dearer against Kraken Futures than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.021%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.122% in total (about 6.3% 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	Kraken Futures PF_MORPHOUSD	2.6574	−0.2051	get 0.0256% / 1h	24m 55s	$83K	$148K	20x
Short	KuCoin MORPHOUSDTM	2.6617	0.0100	get 0.0050% / 4h	2h 24m	$624K	$271K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Kraken Futures. 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 Kraken FuturesbpFee KuCoinbpOrdersPrice spread, now +0.163%Rate

Funding earned: $451.77
Price spread: +0.163% → +0.021%: $14.19
Slippage, 4 orders: −$247.27
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $196.69
Costs to cover: 2.693%
Break-even: 4.0 days

Slippage from Kraken Futures: live order book, 62 min ago; KuCoin: live order book, 57 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 Kraken Futures live order book, 62 min ago	17.81 bp	29.0 bp −$29	4415.2 bp −$44.2K	doesn't fit	doesn't fit
Sell KuCoin live order book, 57 min ago	13.94 bp	110.0 bp −$110	196.8 bp −$1,968	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_MORPHOUSDlong	−0.2051%	1h	2.6574	long leg	$83K	$148K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1177%	1h	2.6587	+0.050%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0864%	1h	2.6574	+0.001%	$873	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0401%	1h	2.6597	+0.088%	$26K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0390%	4h	2.6543	−0.116%	$29K	$154K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.428%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.163%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6574	+0.001%	$647K	$222K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0172%	4h	2.6597	+0.088%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0090%	4h	2.6586	+0.046%	$762K	$523K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit MORPHOUSDT	−0.0076%	4h	2.6601	+0.103%	$8.6M	$10.1M	25x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6539	−0.131%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6594	+0.076%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6630	+0.212%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6605	+0.119%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6640	+0.249%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6610	+0.137%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6588	+0.054%	$16.3M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6618	+0.167%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6585	+0.042%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTMshort	+0.0100%	4h	2.6617	+0.163%	$624K	$271K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6599	+0.095%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6596	+0.084%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6609	+0.133%	$644K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6574	+0.001%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6584	+0.038%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6613	+0.147%	$1K	—	100x	as long as short