Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0275%/8h= +30.1% APRpaid last 24h +0.080%

Price spread now: KuCoin against Polymarket Perps+0.111%7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$145as in the Funding arb table

Net, price: spread back to 7d avg − costs−$159as in the Price arb table

costs, in and out, $10k−$1691.688% of the position

Long on Polymarket Perps Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.242%+$24 on $10k

Price spread, last 4 days (all we have)+0.165%+$16 · spread now +0.111%, 7d avg +0.014%

Together, before fees+0.407%+$41 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and KuCoin is 0.097% dearer against Polymarket Perps than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps MORPHO-USD	2.6184	−0.0175	get 0.0022% / 1h	8m 05s	$25K	$1.7M	5x
Short	KuCoin MORPHOUSDTM	2.6213	0.0100	get 0.0050% / 4h	1h 08m	$595K	$252K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Polymarket Perps. 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 Polymarket PerpsbpFee KuCoinbpOrdersPrice spread, now +0.111%Rate

Funding earned: $57.71
Price spread: +0.111% → +0.014%: $9.72
Slippage, 4 orders: −$148.77
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$101.34
Costs to cover: 1.688%
Break-even: 19.3 days

Slippage from Polymarket Perps: live order book, 6 min ago; KuCoin: live order book, 15 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 Polymarket Perps live order book, 6 min ago	3.43 bp	8.2 bp −$8	8.3 bp −$83	doesn't fit	doesn't fit
Sell KuCoin live order book, 15 min ago	4.94 bp	90.7 bp −$91	148.8 bp −$1,488	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	−0.1675%	1h	2.6166	−0.068%	$81K	$127K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0818%	1h	2.6185	+0.004%	$11K	$759	10x	as long as short
01 Exchange MORPHOUSD	−0.0712%	1h	2.6116	−0.260%	$858	$9K	5x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6161	−0.088%	$637K	$240K	20x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0192%	1h	2.6345	+0.615%	$75K	$42K	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0180%	4h	2.6270	+0.330%	$32K	$142K	10x	as long as short
Polymarket Perps MORPHO-USDlong	−0.0175%	1h	2.6184	long leg	$25K	$1.7M	5x
Orderly PERP_MORPHO_USDC	−0.0156%	4h	2.6176	−0.031%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0006%	4h	2.6203	+0.073%	$757K	$506K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6176	−0.032%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	0.0000%	1h	2.6287	+0.393%	$43K	$392K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.940%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6204	+0.076%	$314K	$308K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6165	−0.073%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6212	+0.107%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6178	−0.023%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6157	−0.103%	$15.8M	$25.3M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6170	−0.053%	$8.3M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6180	−0.015%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6172	−0.046%	$5.8M	$844K	100x	as long as short
KuCoin MORPHOUSDTMshort	+0.0100%	4h	2.6213	+0.111%	$595K	$252K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6168	−0.061%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6189	+0.019%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6260	+0.290%	$626K	$848K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6180	−0.015%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6169	−0.057%	$100K	$350K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6199	+0.057%	$1K	—	100x	as long as short