Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1767%/8h= −193.5% APRpaid last 24h −0.054%

Price spread now: Kraken Futures against KuCoin−0.237%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$275as in the Funding arb table

Net, price: spread back to 7d avg − costs−$273as in the Price arb table

costs, in and out, $10k−$2522.520% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.229%−$23 on $10k

Price spread, last 4 days (all we have)+0.295%+$29 · spread now −0.237%, 7d avg −0.027%

Together, before fees+0.066%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$53 a day on $10k at the current rate, and Kraken Futures is 0.210% cheaper against KuCoin than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.027%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.229% in total (about -11.9% 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	2.6056	0.0100	pay 0.0050% / 4h	46m 10s	$592K	$250K	50x
Short	Kraken Futures PF_MORPHOUSD	2.5994	−0.1667	pay 0.0208% / 1h	46m 10s	$81K	$128K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.237%Rate

Funding earned: −$371.01
Price spread: −0.237% → −0.027%: −$20.96
Slippage, 4 orders: −$229.96
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$643.93
Costs to cover: 2.520%
Break-even: never at this rate

Slippage from KuCoin: live order book, 37 min ago; Kraken Futures: live order book, 11 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, 37 min ago	4.94 bp	61.7 bp −$62	134.4 bp −$1,344	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 11 min ago	15.69 bp	75.3 bp −$75	168.4 bp −$1,684	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_MORPHOUSDshort	−0.1667%	1h	2.5994	−0.237%	$81K	$128K	20x
Deribit MORPHO_USDC-PERPETUAL	−0.1247%	1h	2.6019	−0.142%	$11K	$759	10x	as long as short
01 Exchange MORPHOUSD	−0.0984%	1h	2.5962	−0.361%	$853	$9K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0313%	1h	2.6040	−0.061%	$25K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0258%	4h	2.5993	−0.242%	$34K	$150K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6172	+0.445%	$75K	$42K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6004	−0.200%	$635K	$239K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0154%	4h	2.6019	−0.142%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0016%	4h	2.6027	−0.111%	$757K	$480K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6017	−0.150%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	0.0000%	1h	2.6016	−0.154%	$43K	$370K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.435%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6062	+0.023%	$313K	$309K	5x	as long as short
Bybit MORPHOUSDT	+0.0096%	4h	2.6032	−0.092%	$8.2M	$9.2M	25x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6048	−0.031%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6078	+0.084%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6029	−0.104%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6023	−0.125%	$15.7M	$25.3M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6046	−0.038%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6025	−0.119%	$5.9M	$808K	100x	as long as short
KuCoin MORPHOUSDTMlong	+0.0100%	4h	2.6056	long leg	$592K	$250K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6042	−0.054%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6035	−0.081%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6035	−0.080%	$621K	$829K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6030	−0.100%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6012	−0.170%	$100K	$348K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6039	−0.065%	$1K	—	100x	as long as short