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These are some of the cheapest but good quality futons under $200 available on the market.
Mali Flex Multi-Position Lounger: From Kelp, Stone and Tang, this futon features an array of positions including sofa, lounger and sleeper thanks to the six positional wings of the futon frame. The cushions and pillows are custom made and available in a variety of coordinating fabric hues exclusively for the frame. The set costs around $190 only.