Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0460%/8h= +50.4% APRpaid last 24h −0.048%

Price spread now: KuCoin against Coinbase International−0.140%51s7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.173%−$17 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. KuCoin is 0.140% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.140% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 24 hours of funding at the current rate (+$14 a day). Mind the row above: over the last 7 days funding on this pair cost −0.173%, so the current rate has only just turned in your favour. The two prices were read 51 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 -0.173% in total (about -9.0% 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	Coinbase International MORPHO-PERP-INTX	2.6508	−0.0360	get 0.0045% / 1h	25m 20s	$76K	$43K	25x
Short	KuCoin MORPHOUSDTM	2.6471	0.0100	get 0.0050% / 4h	25m 20s	$593K	$269K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Coinbase International. 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 Coinbase InternationalbpFee KuCoinbpOrdersPrice spread, now −0.140%Rate

Funding earned: $96.6
Price spread: −0.140% → 0.000%: −$13.96
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $60.64
Costs to cover: 0.220%
Break-even: 2.6 days

Slippage unknown: Coinbase International: no order-book sample; KuCoin: live order book, 38 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 38 min ago	8.51 bp	79.3 bp −$79	154.3 bp −$1,543	doesn't fit	doesn't fit

Coinbase International: 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 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	−0.1759%	1h	2.6434	−0.279%	$81K	$142K	20x	as long as short
01 Exchange MORPHOUSD	−0.0928%	1h	2.6437	−0.268%	$869	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0581%	1h	2.6456	−0.196%	$11K	$812	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0536%	4h	2.6481	−0.101%	$29K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0511%	1h	2.6444	−0.241%	$28K	$1.7M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.294%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0376%	4h	2.6467	−0.155%	$8.4M	$9.2M	25x	as long as short
Coinbase International MORPHO-PERP-INTXlong	−0.0360%	1h	2.6508	long leg	$76K	$43K	25x
Variational Omni MORPHO	−0.0168%	4h	2.6477	−0.117%	$628K	$1.0M	—	as long as short
Orderly PERP_MORPHO_USDC	−0.0145%	4h	2.6458	−0.189%	$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	−0.0094%	4h	2.6462	−0.174%	$769K	$532K	50x	as long as short
BloFin MORPHO-USDT	−0.0084%	4h	2.6451	−0.215%	$641K	$252K	20x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6433	−0.283%	$43K	$477K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6442	−0.251%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0004%	4h	2.6448	−0.226%	$5.5M	$959K	100x	as long as short
Extended MORPHO-USD	+0.0008%	1h	2.6448	−0.225%	$103K	$298K	10x	as long as short
Binance MORPHOUSDT	+0.0009%	4h	2.6448	−0.228%	$16.0M	$25.9M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6492	−0.058%	$315K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6456	−0.197%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6517	+0.034%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6449	−0.221%	$58K	$30K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6460	−0.181%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTMshort	+0.0100%	4h	2.6471	−0.140%	$593K	$269K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6465	−0.162%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6465	−0.162%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6448	−0.226%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6470	−0.145%	$1K	—	100x	as long as short