Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1851%/8h= −202.7% APRpaid last 24h +0.052%

Price spread now: Kraken Futures against KuCoin−0.072%52s7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$226as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2082.080% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.184%−$18 on $10k

Price spread, last 3 days (all we have)+0.172%+$17 · spread now −0.072%, 7d avg −0.019%

Together, before fees−0.012%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$56 a day on $10k at the current rate, and Kraken Futures is 0.054% cheaper against KuCoin than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.019%). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.184% in total (about -9.6% 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	2.6572	0.0100	pay 0.0050% / 4h	44m 22s	$595K	$270K	50x
Short	Kraken Futures PF_MORPHOUSD	2.6553	−0.1751	pay 0.0219% / 1h	44m 22s	$82K	$140K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now −0.072%Rate

Funding earned: −$388.73
Price spread: −0.072% → −0.019%: −$5.37
Slippage, 4 orders: −$185.97
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$602.08
Costs to cover: 2.080%
Break-even: never at this rate

Slippage from KuCoin: live order book, 19 min ago; Kraken Futures: live order book, 33 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, 19 min ago	8.51 bp	59.0 bp −$59	155.7 bp −$1,557	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 33 min ago	10.03 bp	43.3 bp −$43	140.7 bp −$1,407	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_MORPHOUSDshort	−0.1751%	1h	2.6553	−0.072%	$82K	$140K	20x
01 Exchange MORPHOUSD	−0.0664%	1h	2.6505	−0.252%	$871	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0615%	1h	2.6571	−0.004%	$11K	$812	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0520%	4h	2.6609	+0.138%	$29K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0510%	1h	2.6559	−0.049%	$26K	$1.7M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.534%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6654	+0.309%	$77K	$43K	25x	as long as short
Bybit MORPHOUSDT	−0.0354%	4h	2.6560	−0.045%	$8.5M	$9.2M	25x	as long as short
BloFin MORPHO-USDT	−0.0218%	4h	2.6538	−0.128%	$638K	$250K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0145%	4h	2.6561	−0.041%	$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
Gate MORPHO_USDT	−0.0108%	4h	2.6562	−0.038%	$772K	$532K	50x	as long as short
Variational Omni MORPHO	−0.0080%	4h	2.6542	−0.114%	$630K	$1.0M	—	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6578	+0.023%	$44K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6562	−0.039%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0020%	4h	2.6561	−0.041%	$5.4M	$940K	100x	as long as short
Binance MORPHOUSDT	+0.0022%	4h	2.6558	−0.053%	$16.1M	$25.8M	75x	as long as short
Extended MORPHO-USD	+0.0024%	1h	2.6526	−0.174%	$103K	$301K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6576	+0.017%	$316K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6527	−0.170%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6633	+0.230%	$6.3M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6553	−0.070%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6579	+0.026%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTMlong	+0.0100%	4h	2.6572	long leg	$595K	$270K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6568	−0.015%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6571	−0.004%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6562	−0.038%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −0.3373%	1h	2.6591	+0.073%	$1K	—	100x	as long as short