Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0130%/8h= +14.2% APRpaid last 24h +0.032%

Price spread now: KuCoin against Phoenix+0.038%7-day average −0.091% · you sell dearer than you buy

Net, funding: paid 7d − costs−$184as in the Funding arb table

Net, price: spread back to 7d avg − costs−$189as in the Price arb table

costs, in and out, $10k−$2022.020% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.180%+$18 on $10k

Price spread, last 3 days (all we have)−0.158%−$16 · spread now +0.038%, 7d avg −0.091%

Together, before fees+0.022%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and KuCoin is 0.129% dearer against Phoenix than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.091%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MORPHO	2.6530	−0.0030	get 0.0004% / 1h	47m 04s	$34K	$493K	5x
Short	KuCoin MORPHOUSDTM	2.6540	0.0100	get 0.0050% / 4h	2h 47m	$622K	$272K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Phoenix. 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 PhoenixbpFee KuCoinbpOrdersPrice spread, now +0.038%Rate

Funding earned: $27.27
Price spread: +0.038% → −0.091%: $12.86
Slippage, 4 orders: −$182.95
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$161.83
Costs to cover: 2.020%
Break-even: 48.5 days

Slippage from Phoenix: live order book, 40 min ago; KuCoin: live order book, 35 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 Phoenix live order book, 40 min ago	1.11 bp	13.0 bp −$13	52.2 bp −$522	doesn't fit	doesn't fit
Sell KuCoin live order book, 35 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_MORPHOUSD	−0.2057%	1h	2.6504	−0.100%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1518%	1h	2.6535	+0.019%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1216%	1h	2.6500	−0.113%	$871	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0614%	4h	2.6485	−0.170%	$29K	$162K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0612%	1h	2.6532	+0.008%	$25K	$1.9M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.264%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6527	−0.011%	$76K	$46K	25x	as long as short
Bybit MORPHOUSDT	−0.0202%	4h	2.6530	0.000%	$8.6M	$10.1M	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6494	−0.136%	$651K	$216K	20x	as long as short
Gate MORPHO_USDT	−0.0192%	4h	2.6516	−0.053%	$759K	$522K	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	−0.0190%	4h	2.6525	−0.019%	$10K	$34K	10x	as long as short
Phoenix MORPHOlong	−0.0030%	1h	2.6530	long leg	$34K	$493K	5x
Reya MORPHORUSDPERP	−0.0004%	1h	2.6529	−0.004%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6561	+0.118%	$316K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6549	+0.072%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6565	+0.133%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6546	+0.060%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6518	−0.044%	$16.3M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6533	+0.011%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6514	−0.060%	$5.3M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTMshort	+0.0100%	4h	2.6540	+0.038%	$622K	$272K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6518	−0.045%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6529	−0.004%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6630	+0.377%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6516	−0.053%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6519	−0.042%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6559	+0.109%	$1K	—	100x	as long as short