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: Extended against KuCoin−0.056%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$201as in the Funding arb table

Net, price: spread back to 7d avg − costs−$198as in the Price arb table

costs, in and out, $10k−$2012.012% of the position

Long on KuCoin Short on Extended

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)+0.251%+$25 · spread now −0.056%, 7d avg −0.083%

Together, before fees+0.248%+ Points / potential airdropExtended: Active · farm board+$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.027% dearer against KuCoin than usual: you sell high and buy low (spread −0.056% now, against its 7-day average of −0.083%): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 8 hours. 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	KuCoin MORPHOUSDTM	2.5716	0.0100	pay 0.0050% / 4h	3h 25m	$575K	$266K	50x
Short	Extended MORPHO-USD	2.5702	−0.0184	pay 0.0023% / 1h	25m 52s	$98K	$370K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$59.64
Price spread: −0.056% → −0.083%: $2.72
Slippage, 4 orders: −$184.17
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$258.1
Costs to cover: 2.012%
Break-even: never at this rate

Slippage from KuCoin: live order book, 68 min ago; Extended: live order book, 7 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, 68 min ago	10.65 bp	58.9 bp −$59	166.2 bp −$1,662	doesn't fit	doesn't fit
Sell Extended live order book, 7 min ago	3.70 bp	23.5 bp −$23	250.0 bp −$2,500	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	−0.2479%	1h	2.5642	−0.288%	$84K	$132K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1072%	1h	2.5680	−0.140%	$10K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0872%	1h	2.5646	−0.272%	$843	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0684%	4h	2.5666	−0.193%	$30K	$123K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5703	−0.051%	$70K	$37K	25x	as long as short
BloFin MORPHO-USDT	−0.0427%	4h	2.5689	−0.105%	$632K	$238K	20x	as long as short
Variational Omni MORPHO	−0.0410%	4h	2.5696	−0.079%	$612K	$526K	—	as long as short
Aster MORPHOUSDT	−0.0318%	4h	2.5749	+0.129%	$54K	$49K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0315%	4h	2.5679	−0.144%	$10K	$34K	10x	as long as short
Binance MORPHOUSDT	−0.0187%	4h	2.5733	+0.066%	$15.4M	$23.9M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MORPHO_USDT	−0.0186%	4h	2.5711	−0.019%	$6.3M	$932K	100x	as long as short
Extended MORPHO-USDshort	−0.0184%	1h	2.5702	−0.056%	$98K	$370K	10x
Bybit MORPHOUSDT	−0.0161%	4h	2.5730	+0.054%	$7.8M	$8.4M	25x	as long as short
Phoenix MORPHO	−0.0155%	1h	2.5700	−0.062%	$33K	$308K	5x	as long as short
Gate MORPHO_USDT	−0.0138%	4h	2.5708	−0.031%	$756K	$486K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5694	−0.087%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.776%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5725	+0.034%	$310K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5689	−0.107%	$5K	$203	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5723	+0.027%	$5.9M	$7.0M	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5738	+0.086%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTMlong	+0.0100%	4h	2.5716	long leg	$575K	$266K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.5710	−0.023%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5735	+0.074%	—	$1.5M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5720	+0.016%	$25K	$1.3M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5680	−0.140%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5707	−0.035%	$1K	—	100x	as long as short