Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0332%/8h= −36.4% APRpaid last 24h +0.028%

Price spread now: Coinbase International against KuCoin−0.202%7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.176%+$18 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Coinbase International is 0.202% cheaper against KuCoin than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.176%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.176% in total (about 9.2% 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	KuCoin MORPHOUSDTM	2.6198	0.0100	pay 0.0050% / 4h	2h 06m	$595K	$255K	50x
Short	Coinbase International MORPHO-PERP-INTX	2.6145	−0.0232	pay 0.0029% / 1h	6m 10s	$75K	$42K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.202%Rate

Funding earned: −$69.72
Price spread: −0.202% → 0.000%: −$20.23
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$111.95
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 32 min ago; Coinbase International: no order-book sample. 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 KuCoin live order book, 32 min ago	10.32 bp	67.2 bp −$67	173.2 bp −$1,732	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

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 26 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	−0.1916%	1h	2.6152	−0.175%	$81K	$130K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0932%	1h	2.6198	0.000%	$11K	$955	10x	as long as short
01 Exchange MORPHOUSD	−0.0472%	1h	2.6199	+0.004%	$861	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTXshort	−0.0232%	1h	2.6145	−0.202%	$75K	$42K	25x
Orderly PERP_MORPHO_USDC	−0.0158%	4h	2.6184	−0.053%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0148%	1h	2.6197	−0.004%	$25K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0036%	4h	2.6050	−0.564%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6197	−0.003%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0030%	1h	2.6221	+0.088%	$43K	$426K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.886%	$37	$242K	5.5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	+0.0054%	4h	2.6213	+0.057%	$761K	$519K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6196	−0.008%	$314K	$322K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6183	−0.059%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6255	+0.218%	$6.1M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6193	−0.020%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6171	−0.103%	$15.9M	$25.8M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6205	+0.027%	$8.2M	$9.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6191	−0.027%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6176	−0.084%	$5.7M	$974K	100x	as long as short
KuCoin MORPHOUSDTMlong	+0.0100%	4h	2.6198	long leg	$595K	$255K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6187	−0.042%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6208	+0.038%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6255	+0.219%	$626K	$912K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6179	−0.073%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6171	−0.102%	$101K	$355K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6215	+0.064%	$1K	—	100x	as long as short