Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0161%/8h= −17.7% APRpaid last 24h −0.032%

Price spread now: Phoenix against KuCoin+0.046%93s7-day average +0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs−$204as 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−$1871.868% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.176%−$18 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now +0.046%, 7d avg +0.081%

Together, before fees−0.157%−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phoenix is 0.035% cheaper against KuCoin than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.081%). Swap the legs. The two prices were read 93 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	2.6030	0.0100	pay 0.0050% / 4h	3h 26m	$598K	$249K	50x
Short	Phoenix MORPHO	2.6042	−0.0061	pay 0.0008% / 1h	26m 04s	$43K	$337K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$33.88
Price spread: +0.046% → +0.081%: −$3.46
Slippage, 4 orders: −$167.79
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$224.13
Costs to cover: 1.868%
Break-even: never at this rate

Slippage from KuCoin: live order book, 48 min ago; Phoenix: live order book, 25 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, 48 min ago	10.52 bp	55.2 bp −$55	163.1 bp −$1,631	doesn't fit	doesn't fit
Sell Phoenix live order book, 25 min ago	1.15 bp	13.1 bp −$13	44.7 bp −$447	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	2.5989	−0.159%	$81K	$124K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1325%	1h	2.5998	−0.123%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.0944%	1h	2.5947	−0.319%	$853	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0490%	4h	2.5997	−0.126%	$34K	$140K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.6099	+0.265%	$75K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6009	−0.081%	$636K	$241K	20x	as long as short
Polymarket Perps MORPHO-USD	−0.0181%	1h	2.6017	−0.050%	$24K	$1.5M	5x	as long as short
Bybit MORPHOUSDT	−0.0170%	4h	2.6000	−0.115%	$8.1M	$8.5M	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0135%	4h	2.6004	−0.100%	$10K	$34K	10x	as long as short
Phoenix MORPHOshort	−0.0061%	1h	2.6042	+0.046%	$43K	$337K	5x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0005%	1h	2.5988	−0.161%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.537%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6033	+0.011%	$312K	$293K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5990	−0.153%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6054	+0.092%	$6.0M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6043	+0.051%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.5993	−0.142%	$15.7M	$24.0M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6020	−0.038%	$3.2M	$4.0M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6007	−0.088%	$762K	$471K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.5992	−0.146%	$6.0M	$836K	100x	as long as short
KuCoin MORPHOUSDTMlong	+0.0100%	4h	2.6030	long leg	$598K	$249K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.5996	−0.131%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6011	−0.073%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6000	−0.115%	$620K	$675K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5997	−0.127%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.5985	−0.171%	$100K	$346K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6032	+0.007%	$1K	—	100x	as long as short