Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.048%

Price spread now: Injective against KuCoin+1.412%70s7-day average +1.031% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.712%+$71 on $10k

Price spread, last 4 days (all we have)−0.342%−$34 · spread now +1.412%, 7d avg +1.031%

Together, before fees+0.370%+$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.381% dearer against KuCoin than usual: you sell high and buy low (spread +1.412% now, against its 7-day average of +1.031%): +$38 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 19 days. Mind the row above: over the last 7 days funding on this pair paid +0.712%, so the current rate has only just turned against you. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MORPHOUSDTM	2.6062	0.0100	pay 0.0050% / 4h	1h 54m	$581K	$254K	50x
Short	Injective MORPHO/USDC PERP	2.6430	0.0033	get 0.0004% / 1h	54m 11s	$37	$242K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +1.412%Rate

Funding earned: −$14
Price spread: +1.412% → +1.031%: $38.07
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $12.05
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: KuCoin: live order book, 51 min ago; Injective: no order-book sample. Net counts fees only.

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, 51 min ago	12.66 bp	58.4 bp −$58	173.9 bp −$1,739	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MORPHO on 27 exchanges

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
Coinbase International MORPHO-PERP-INTX	−0.1248%	1h	2.5936	−0.483%	$53K	$55K	25x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1092%	1h	2.6038	−0.092%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0680%	1h	2.5992	−0.269%	$854	$9K	5x	as long as short
Kraken Futures PF_MORPHOUSD	−0.0487%	1h	2.6040	−0.083%	$81K	$130K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0310%	4h	2.6038	−0.092%	$10K	$33K	10x	as long as short
Bybit MORPHOUSDT	−0.0189%	4h	2.6040	−0.084%	$7.8M	$7.6M	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0138%	4h	2.6053	−0.035%	$39K	$114K	10x	as long as short
Phoenix MORPHO	−0.0122%	1h	2.6066	+0.015%	$33K	$287K	5x	as long as short
Variational Omni MORPHO	−0.0101%	4h	2.6043	−0.072%	$620K	$323K	—	as long as short
Aster MORPHOUSDT	−0.0056%	4h	2.6082	+0.077%	$57K	$51K	20x	as long as short

Show all 27 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MORPHO-USD	−0.0034%	1h	2.6049	−0.050%	$25K	$1.2M	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6037	−0.096%	$16	—	10x	as long as short
BloFin MORPHO-USDT	+0.0013%	4h	2.6053	−0.035%	$638K	$236K	20x	as long as short
Injective MORPHO/USDC PERPshort	+0.0033%	1h	2.6430	+1.412%	$37	$242K	5.5x
Lighter MORPHO	+0.0096%	1h	2.6083	+0.082%	$313K	$245K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6021	−0.157%	$5K	$203	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6096	+0.130%	$6.0M	$6.5M	5x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6035	−0.104%	$15.6M	$22.3M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6055	−0.027%	$3.1M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6029	−0.127%	$762K	$455K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6034	−0.107%	$6.5M	$956K	100x	as long as short
KuCoin MORPHOUSDTMlong	+0.0100%	4h	2.6062	long leg	$581K	$254K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6042	−0.077%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6039	−0.088%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6040	−0.084%	$21K	$5K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6023	−0.150%	$107K	$378K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0157% / S −12.8912%	1h	2.6071	+0.035%	$1K	—	100x	as long as short