Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+16.5620%/8h= +18135.4% APRpaid last 24h +4.254%

Price spread now: GMX against BloFin+0.131%7-day average — · you sell dearer than you buy

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

Long on BloFin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$4,969 a day on $10k at the current rate, and GMX is 0.131% dearer against BloFin than usual: you sell high and buy low: +$13 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MORPHO-USDT	2.6622	−0.0200	get 0.0100% / 4h	2h 51m	$652K	$205K	20x
Short	GMX MORPHO/USD [ETH-USDC]	2.6657	L +0.0193% / S −16.5420%	get 2.0677% / 1h	51m 01s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now +0.131%Rate

Funding earned: $34,780.16
Price spread: +0.131% → 0.000%: $13.05
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $34,769.22
Costs to cover: 0.240%
Break-even: 0.0 days

Slippage unknown: BloFin: live order book, 35 min ago; GMX: no order-book sample. 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 BloFin live order book, 35 min ago	3.34 bp	19.7 bp −$20	33.8 bp −$338	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.2051%	1h	2.6575	−0.175%	$83K	$147K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1625%	1h	2.6623	+0.004%	$10K	$623	10x	as long as short
01 Exchange MORPHOUSD	−0.1352%	1h	2.6557	−0.244%	$873	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0646%	4h	2.6664	+0.159%	$41K	$151K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0608%	1h	2.6624	+0.008%	$25K	$1.9M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6670	+0.180%	$38K	$142K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0320%	4h	2.6589	−0.124%	$8.8M	$10.0M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6813	+0.717%	$77K	$46K	25x	as long as short
Gate MORPHO_USDT	−0.0244%	4h	2.6584	−0.143%	$759K	$517K	50x	as long as short
BloFin MORPHO-USDTlong	−0.0200%	4h	2.6622	long leg	$652K	$205K	20x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0195%	4h	2.6614	−0.030%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6664	+0.158%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6628	+0.024%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6646	+0.090%	$317K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6618	−0.014%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6656	+0.129%	$6.3M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6605	−0.064%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6583	−0.148%	$16.3M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6578	−0.165%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6602	−0.075%	$5.4M	$1.1M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6617	−0.019%	$600K	$266K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6598	−0.090%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6608	−0.053%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6700	+0.292%	$649K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6622	0.000%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6578	−0.165%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]short	L +0.0193% / S −16.5420%	1h	2.6657	+0.131%	$1K	—	100x