Funding you earn now, next payment 08:00 UTC+0.0332%/8h= +36.4% APRnext payment +$1.66 per $10,000 · paid last 24h +0.032%
Price spread now: KuCoin against Bybit+0.038%7-day average −0.009% · you sell dearer than you buy
Net, funding: paid 7d − costs−$193as in the Funding arb table
Net, price: spread back to 7d avg − costs−$194as in the Price arb table
costs, in and out, $10k−$1981.984% of the position
Funding, last 7 days+0.057%+$6 on $10k
+Price spread, last 4 days (all we have)−0.259%−$26 · spread now +0.038%, 7d avg −0.009%
=Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and KuCoin is 0.047% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.009%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.057% in total (about 3.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.66 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 | Bybit MORPHOUSDT | 2.6000 | −0.0232 | get 0.0116% / 4h | 3h 23m | $8.0M | $8.5M | 25x |
| Short | KuCoin MORPHOUSDTM | 2.6010 | 0.0100 | get 0.0050% / 4h | 3h 23m | $597K | $248K | 50x |
Bybit MORPHOUSDT
KuCoin MORPHOUSDTMFunding history
latest
Range statsloading…
Price spread between the two exchanges
KuCoin against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $69.77
- Price spread: +0.038% → −0.009%
- $4.72
- Slippage, 4 orders
- −$175.44
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee KuCoin: 6 bp × 2 orders
- −$12
- Net
- −$123.96
- Costs to cover
- 1.984%
- Break-even
- 19.4 days
Slippage from Bybit: live order book, 5 min ago; KuCoin: live order book, 50 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 Bybit live order book, 5 min ago | 1.92 bp | 20.3 bp −$20 | 77.6 bp −$776 | doesn't fit | doesn't fit |
| Sell KuCoin live order book, 50 min ago | 10.52 bp | 105.3 bp −$105 | 170.8 bp −$1,708 | 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 | −0.2172% | 1h | 2.5992 | −0.030% | $81K | $124K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1210% | 1h | 2.5989 | −0.042% | $11K | $2K | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0952% | 1h | 2.5926 | −0.285% | $852 | $9K | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0528% | 4h | 2.5992 | −0.030% | $34K | $140K | 10x | as long as short |
| Bybit MORPHOUSDTlong | −0.0232% | 4h | 2.6000 | long leg | $8.0M | $8.5M | 25x | |
| Coinbase International MORPHO-PERP-INTX | −0.0216% | 1h | 2.6099 | +0.381% | $75K | $41K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.5967 | −0.127% | $633K | $240K | 20x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0189% | 1h | 2.6000 | 0.000% | $24K | $1.5M | 5x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0135% | 4h | 2.5987 | −0.050% | $10K | $34K | 10x | as long as short |
| Phoenix MORPHO | −0.0061% | 1h | 2.6028 | +0.108% | $43K | $337K | 5x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Polymarket Perps MORPHO-USD
Orderly PERP_MORPHO_USDC
Phoenix MORPHOShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.5983 | −0.065% | $16 | — | 10x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +1.654% | $37 | $242K | 5.5x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6026 | +0.100% | $312K | $293K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.5967 | −0.128% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6038 | +0.146% | $6.0M | $6.8M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6026 | +0.101% | $57K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.5988 | −0.046% | $15.7M | $24.0M | 75x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6007 | +0.027% | $3.2M | $4.0M | 20x | as long as short |
| Gate MORPHO_USDT | +0.0100% | 4h | 2.5991 | −0.035% | $760K | $472K | 50x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.5976 | −0.092% | $6.0M | $836K | 100x | as long as short |
| KuCoin MORPHOUSDTMshort | +0.0100% | 4h | 2.6010 | +0.038% | $597K | $248K | 50x | |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.5968 | −0.123% | $2.8M | $1.6M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.5987 | −0.050% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6000 | +0.001% | $620K | $675K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.5987 | −0.050% | $21K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.5981 | −0.075% | $100K | $346K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6020 | +0.077% | $1K | — | 100x | as long as short |
Reya MORPHORUSDPERP
Injective MORPHO/USDC PERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
OKX MORPHO-USDT-SWAP
Gate MORPHO_USDT
MEXC MORPHO_USDT
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]