MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1100%/8h= −120.5% APRnext payment −$5.50 per $10,000 · paid last 24h −0.032%

Price spread now: Bybit against KuCoin−0.123%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$204as in the Funding arb table

Net, price: spread back to 7d avg − costs−$211as in the Price arb table

costs, in and out, $10k−$1981.981% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 4 days (all we have)+0.343%+$34 · spread now −0.123%, 7d avg +0.009%

Together, before fees+0.287%+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Bybit is 0.132% cheaper against KuCoin than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.009%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.057% in total (about -3.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$5.50 per $10,000. 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	2.6053	0.0100	pay 0.0050% / 4h	3h 49m	$594K	$250K	50x
Short	Bybit MORPHOUSDT	2.6021	−0.1000	pay 0.0500% / 4h	3h 49m	$8.1M	$8.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$231.1
Price spread: −0.123% → +0.009%: −$13.15
Slippage, 4 orders: −$175.06
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$442.31
Costs to cover: 1.981%
Break-even: never at this rate

Slippage from KuCoin: live order book, 25 min ago; Bybit: live order book, 4 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, 25 min ago	10.52 bp	55.2 bp −$55	163.1 bp −$1,631	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.91 bp	17.5 bp −$17	71.4 bp −$714	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	−0.2171%	1h	2.6009	−0.170%	$81K	$126K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1400%	1h	2.6016	−0.142%	$11K	$1K	10x	as long as short
Bybit MORPHOUSDTshort	−0.1000%	4h	2.6021	−0.123%	$8.1M	$8.5M	25x
01 Exchange MORPHOUSD	−0.0800%	1h	2.5995	−0.223%	$854	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0344%	4h	2.6136	+0.320%	$34K	$140K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0221%	1h	2.6044	−0.035%	$25K	$1.5M	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.6167	+0.438%	$75K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6005	−0.184%	$633K	$241K	20x	as long as short
Gate MORPHO_USDT	−0.0152%	4h	2.6090	+0.142%	$764K	$469K	50x	as long as short
Orderly PERP_MORPHO_USDC	−0.0137%	4h	2.6025	−0.107%	$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
Phoenix MORPHO	−0.0061%	1h	2.6085	+0.123%	$43K	$337K	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6011	−0.160%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.447%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6067	+0.053%	$313K	$293K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6024	−0.110%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6074	+0.081%	$6.0M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6068	+0.058%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6010	−0.165%	$15.7M	$24.2M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6041	−0.046%	$3.2M	$4.0M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6012	−0.157%	$5.9M	$820K	100x	as long as short
KuCoin MORPHOUSDTMlong	+0.0100%	4h	2.6053	long leg	$594K	$250K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6011	−0.161%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6037	−0.061%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6090	+0.144%	$623K	$675K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6013	−0.154%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6004	−0.188%	$101K	$346K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6049	−0.015%	$1K	—	100x	as long as short