Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0070%/8h= −7.6% APRpaid last 24h −0.032%

Price spread now: Phoenix against KuCoin−0.152%7-day average +0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$216as in the Funding arb table

Net, price: spread back to 7d avg − costs−$222as in the Price arb table

costs, in and out, $10k−$1981.979% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.179%−$18 on $10k

Price spread, last 4 days (all we have)+0.770%+$77 · spread now −0.152%, 7d avg +0.089%

Together, before fees+0.591%+$59 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.241% cheaper against KuCoin than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of +0.089%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MORPHOUSDTM	2.6323	0.0100	pay 0.0050% / 4h	1h 59m	$599K	$256K	50x
Short	Phoenix MORPHO	2.6283	0.0030	get 0.0004% / 1h	59m 23s	$43K	$369K	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 −0.152%Rate

Funding earned: −$14.67
Price spread: −0.152% → +0.089%: −$24.07
Slippage, 4 orders: −$178.91
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$236.65
Costs to cover: 1.979%
Break-even: never at this rate

Slippage from KuCoin: live order book, 39 min ago; Phoenix: live order book, 2 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, 39 min ago	10.32 bp	67.2 bp −$67	173.2 bp −$1,732	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	1.14 bp	13.1 bp −$13	44.6 bp −$446	doesn't fit	doesn't fit

MORPHO on 26 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	−0.1667%	1h	2.6292	−0.117%	$82K	$130K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0852%	1h	2.6296	−0.103%	$11K	$955	10x	as long as short
01 Exchange MORPHOUSD	−0.0568%	1h	2.6265	−0.220%	$863	$8K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0227%	1h	2.6304	−0.072%	$25K	$1.8M	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0192%	1h	2.6318	−0.019%	$75K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0152%	4h	2.6294	−0.110%	$10K	$34K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0092%	4h	2.6213	−0.418%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6291	−0.121%	$16	—	10x	as long as short
Phoenix MORPHOshort	+0.0030%	1h	2.6283	−0.152%	$43K	$369K	5x
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.406%	$37	$242K	5.5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	+0.0058%	4h	2.6307	−0.061%	$759K	$503K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6334	+0.043%	$316K	$308K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6308	−0.056%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6360	+0.141%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6323	0.000%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6300	−0.088%	$15.9M	$25.7M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6310	−0.049%	$8.4M	$9.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6323	0.000%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6299	−0.091%	$5.8M	$829K	100x	as long as short
KuCoin MORPHOUSDTMlong	+0.0100%	4h	2.6323	long leg	$599K	$256K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6302	−0.080%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6304	−0.072%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6270	−0.200%	$626K	$909K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6288	−0.133%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6296	−0.103%	$101K	$351K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6316	−0.027%	$1K	—	100x	as long as short