Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0485%/8h= −53.1% APRpaid last 24h −0.029%

Price spread now: Injective against KuCoin−0.143%70s7-day average +1.056% · you buy dearer than you sell

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

Long on KuCoin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.167%+$117 on $10k

Price spread, last 3 days (all we have)+1.213%+$121 · spread now −0.143%, 7d avg +1.056%

Together, before fees+2.380%+$238 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Injective is 1.200% cheaper against KuCoin than usual: you would sell low and buy high (−$120 if the spread goes back to its 7-day average of +1.056%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.167%, so the current rate has only just turned against you. The two prices were read 70 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	KuCoin MORPHOUSDTM	2.6498	0.0100	pay 0.0050% / 4h	2h 44m	$621K	$272K	50x
Short	Injective MORPHO/USDC PERP	2.6460	−0.0385	pay 0.0048% / 1h	44m 09s	$37	$161K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against KuCoin. 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 KuCoinbpFee InjectivebpOrdersPrice spread, now −0.143%Rate

Funding earned: −$101.78
Price spread: −0.143% → +1.056%: −$119.97
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$233.77
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 38 min ago; Injective: 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, 38 min ago	13.94 bp	65.8 bp −$66	203.9 bp −$2,039	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	−0.2059%	1h	2.6471	−0.101%	$83K	$148K	20x	as long as short
01 Exchange MORPHOUSD	−0.1120%	1h	2.6447	−0.192%	$869	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0768%	1h	2.6490	−0.030%	$11K	$911	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0609%	1h	2.6486	−0.045%	$33K	$1.9M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0564%	4h	2.6519	+0.079%	$29K	$162K	10x	as long as short
Injective MORPHO/USDC PERPshort	−0.0385%	1h	2.6460	−0.143%	$37	$161K	5.5x
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6527	+0.109%	$76K	$46K	25x	as long as short
Bybit MORPHOUSDT	−0.0233%	4h	2.6493	−0.019%	$8.6M	$10.1M	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6472	−0.098%	$650K	$221K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0187%	4h	2.6488	−0.038%	$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	−0.004%	$759K	$522K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6530	+0.121%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6493	−0.018%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6538	+0.152%	$316K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6483	−0.058%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6529	+0.117%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6508	+0.037%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6490	−0.030%	$16.3M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6507	+0.034%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6486	−0.045%	$5.3M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTMlong	+0.0100%	4h	2.6498	long leg	$621K	$272K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6510	+0.045%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6483	−0.057%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6515	+0.065%	$643K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6486	−0.045%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6484	−0.054%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6517	+0.072%	$1K	—	100x	as long as short