Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.007%

Price spread now: KuCoin against Extended+0.047%7-day average +0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$198as in the Funding arb table

Net, price: spread back to 7d avg − costs−$202as in the Price arb table

costs, in and out, $10k−$1991.986% of the position

Long on Extended Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.242%−$24 · spread now +0.047%, 7d avg +0.083%

Together, before fees−0.239%+ Points / potential airdropExtended: Active · farm board−$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.036% cheaper against Extended than usual: you would sell low and buy high (spread +0.047% now, against its 7-day average of +0.083%). If the spread goes back, that is −$4 on $10k: about 10 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.003% in total) that is about 3 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.003% in total (about 0.1% 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	Extended MORPHO-USD	2.5660	−0.0184	get 0.0023% / 1h	30m 38s	$98K	$370K	10x
Short	KuCoin MORPHOUSDTM	2.5672	0.0100	get 0.0050% / 4h	3h 30m	$585K	$263K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Extended. 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 ExtendedbpFee KuCoinbpOrdersPrice spread, now +0.047%Rate

Funding earned: $59.64
Price spread: +0.047% → +0.083%: −$3.64
Slippage, 4 orders: −$181.62
Fee Extended: 2.5 bp × 2 orders: −$5
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$142.61
Costs to cover: 1.986%
Break-even: 23.7 days

Slippage from Extended: live order book, 67 min ago; KuCoin: live order book, 64 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 Extended live order book, 67 min ago	2.71 bp	22.2 bp −$22	236.5 bp −$2,365	doesn't fit	doesn't fit
Sell KuCoin live order book, 64 min ago	10.65 bp	95.1 bp −$95	170.6 bp −$1,706	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	−0.2481%	1h	2.5626	−0.134%	$84K	$135K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1190%	1h	2.5661	+0.004%	$10K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0864%	1h	2.5610	−0.195%	$842	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5703	+0.168%	$70K	$37K	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0486%	4h	2.5752	+0.358%	$30K	$123K	10x	as long as short
BloFin MORPHO-USDT	−0.0424%	4h	2.5677	+0.066%	$630K	$238K	20x	as long as short
Variational Omni MORPHO	−0.0410%	4h	2.5696	+0.139%	$612K	$526K	—	as long as short
Bybit MORPHOUSDT	−0.0326%	4h	2.5680	+0.078%	$7.8M	$8.4M	25x	as long as short
Gate MORPHO_USDT	−0.0324%	4h	2.5662	+0.008%	$754K	$485K	50x	as long as short
Orderly PERP_MORPHO_USDC	−0.0314%	4h	2.5654	−0.023%	$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
Aster MORPHOUSDT	−0.0312%	4h	2.5714	+0.210%	$54K	$49K	20x	as long as short
Binance MORPHOUSDT	−0.0191%	4h	2.5668	+0.033%	$15.4M	$23.9M	75x	as long as short
Extended MORPHO-USDlong	−0.0184%	1h	2.5660	long leg	$98K	$370K	10x
MEXC MORPHO_USDT	−0.0182%	4h	2.5667	+0.027%	$6.3M	$925K	100x	as long as short
Phoenix MORPHO	−0.0155%	1h	2.5779	+0.464%	$33K	$308K	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5684	+0.093%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+3.001%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5711	+0.199%	$310K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5660	0.000%	$5K	$203	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5714	+0.210%	$5.9M	$7.0M	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5685	+0.097%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTMshort	+0.0100%	4h	2.5672	+0.047%	$585K	$263K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.5647	−0.051%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5672	+0.047%	—	$1.5M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5726	+0.257%	$25K	$1.3M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5666	+0.023%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5702	+0.165%	$1K	—	100x	as long as short