MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0697%/8h= −76.3% APRnext payment −$3.49 per $10,000 · paid last 24h −0.009%

Price spread now: Bybit against KuCoin−0.110%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$193as in the Funding arb table

Net, price: spread back to 7d avg − costs−$202as in the Price arb table

costs, in and out, $10k−$1901.901% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 4 days (all we have)+0.330%+$33 · spread now −0.110%, 7d avg +0.013%

Together, before fees+0.297%+$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Bybit is 0.122% cheaper against KuCoin than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.013%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.033% in total (about -1.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.49 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	KuCoin MORPHOUSDTM	2.6470	0.0100	pay 0.0050% / 4h	1h 50m	$619K	$266K	50x
Short	Bybit MORPHOUSDT	2.6441	−0.0597	pay 0.0299% / 4h	1h 50m	$8.5M	$9.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against KuCoin. 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 KuCoinbpFee BybitbpOrdersPrice spread, now −0.110%Rate

Funding earned: −$146.39
Price spread: −0.110% → +0.013%: −$12.24
Slippage, 4 orders: −$167.13
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$348.77
Costs to cover: 1.901%
Break-even: never at this rate

Slippage from KuCoin: live order book, 22 min ago; Bybit: live order book, 2 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 KuCoin live order book, 22 min ago	9.24 bp	61.4 bp −$61	176.1 bp −$1,761	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	3.78 bp	19.0 bp −$19	72.1 bp −$721	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_MORPHOUSD	−0.1858%	1h	2.6410	−0.225%	$82K	$149K	20x	as long as short
01 Exchange MORPHOUSD	−0.1160%	1h	2.6401	−0.261%	$868	$13K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1147%	1h	2.6447	−0.087%	$11K	$911	10x	as long as short
Bybit MORPHOUSDTshort	−0.0597%	4h	2.6441	−0.110%	$8.5M	$9.6M	25x
Polymarket Perps MORPHO-USD	−0.0584%	1h	2.6447	−0.087%	$26K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0544%	4h	2.6541	+0.269%	$29K	$154K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6610	+0.529%	$44K	$198K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6617	+0.555%	$77K	$45K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6458	−0.045%	$645K	$245K	20x	as long as short
Gate MORPHO_USDT	−0.0196%	4h	2.6464	−0.023%	$771K	$530K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0160%	4h	2.6456	−0.053%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6500	+0.113%	$34K	$484K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6457	−0.048%	$16	—	10x	as long as short
Variational Omni MORPHO	+0.0035%	4h	2.6558	+0.331%	$643K	$1.2M	—	as long as short
Lighter MORPHO	+0.0096%	1h	2.6488	+0.069%	$315K	$333K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6442	−0.105%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6477	+0.026%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6451	−0.072%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6428	−0.159%	$16.1M	$26.2M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6438	−0.121%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6434	−0.136%	$5.5M	$1.0M	100x	as long as short
KuCoin MORPHOUSDTMlong	+0.0100%	4h	2.6470	long leg	$619K	$266K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6463	−0.026%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6444	−0.098%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6445	−0.094%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6423	−0.177%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6485	+0.057%	$1K	—	100x	as long as short