Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.048%

Price spread now: KuCoin against Injective−2.281%100s7-day average −1.031% · you buy dearer than you sell

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

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.750%−$75 on $10k

Price spread, last 4 days (all we have)+1.260%+$126 · spread now −2.281%, 7d avg −1.031%

Together, before fees+0.510%+$51 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 1.250% cheaper against Injective than usual: you would sell low and buy high (spread −2.281% now, against its 7-day average of −1.031%). If the spread goes back, that is −$125 on $10k: about 2 months of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.750%, so the current rate has only just turned in your favour. The two prices were read 100 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	Injective MORPHO/USDC PERP	2.6430	0.0033	pay 0.0004% / 1h	37m 38s	$37	$242K	5.5x
Short	KuCoin MORPHOUSDTM	2.5827	0.0100	get 0.0050% / 4h	3h 37m	$587K	$263K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Injective. 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 InjectivebpFee KuCoinbpOrdersPrice spread, now −2.281%Rate

Funding earned: $14
Price spread: −2.281% → −1.031%: −$125.01
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$123.03
Costs to cover: 0.120%
Break-even: 68.5 days

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 57 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 Injective no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 57 min ago	10.65 bp	95.1 bp −$95	170.6 bp −$1,706	doesn't fit	doesn't fit

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 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	−0.2468%	1h	2.5759	−2.539%	$84K	$134K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1221%	1h	2.5789	−2.425%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0808%	1h	2.5753	−2.561%	$846	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5648	−2.959%	$70K	$37K	25x	as long as short
BloFin MORPHO-USDT	−0.0401%	4h	2.5776	−2.474%	$629K	$239K	20x	as long as short
Variational Omni MORPHO	−0.0371%	4h	2.5801	−2.381%	$615K	$526K	—	as long as short
GRVT MORPHO_USDT_Perp	−0.0336%	4h	2.5809	−2.349%	$30K	$123K	10x	as long as short
Orderly PERP_MORPHO_USDC	−0.0299%	4h	2.5782	−2.452%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0253%	4h	2.5786	−2.438%	$54K	$49K	20x	as long as short
Binance MORPHOUSDT	−0.0162%	4h	2.5788	−2.428%	$15.5M	$23.8M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MORPHO-USD	−0.0160%	1h	2.5782	−2.453%	$99K	$375K	10x	as long as short
MEXC MORPHO_USDT	−0.0160%	4h	2.5789	−2.425%	$6.3M	$916K	100x	as long as short
Phoenix MORPHO	−0.0155%	1h	2.5852	−2.187%	$33K	$308K	5x	as long as short
Gate MORPHO_USDT	−0.0080%	4h	2.5816	−2.323%	$759K	$484K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5786	−2.436%	$15	—	10x	as long as short
Injective MORPHO/USDC PERPlong	+0.0033%	1h	2.6430	long leg	$37	$242K	5.5x
Lighter MORPHO	+0.0096%	1h	2.5853	−2.182%	$312K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5781	−2.455%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5829	−2.274%	$5.9M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5798	−2.391%	$7.8M	$8.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5813	−2.334%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTMshort	+0.0100%	4h	2.5827	−2.281%	$587K	$263K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.5781	−2.456%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5796	−2.399%	—	$1.4M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5830	−2.270%	$25K	$1.3M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5784	−2.444%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5820	−2.309%	$1K	—	100x	as long as short