Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.4026%/8h= +440.9% APRpaid last 24h +5.909%

Price spread now: GMX against Bybit+0.020%7-day average — · you sell dearer than you buy

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

Long on Bybit 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$121 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MORPHOUSDT	2.6610	0.0100	pay 0.0050% / 4h	3h 19m	$8.4M	$9.2M	25x
Short	GMX MORPHO/USD [ETH-USDC]	2.6615	L +0.0186% / S −0.4126%	get 0.0516% / 1h	19m 48s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.020%Rate

Funding earned: $845.5
Price spread: +0.020% → 0.000%: $1.98
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $824.48
Costs to cover: 0.230%
Break-even: 0.2 days

Slippage unknown: Bybit: live order book, 3 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 Bybit live order book, 3 min ago	1.88 bp	17.5 bp −$17	60.5 bp −$605	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	−0.1829%	1h	2.6581	−0.110%	$80K	$132K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0651%	1h	2.6614	+0.015%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0448%	1h	2.6574	−0.135%	$873	$13K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0280%	1h	2.6527	−0.312%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6633	+0.086%	$638K	$229K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6605	−0.019%	$10K	$34K	10x	as long as short
Variational Omni MORPHO	−0.0112%	4h	2.6621	+0.040%	$634K	$1.0M	—	as long as short
Polymarket Perps MORPHO-USD	−0.0032%	1h	2.6603	−0.026%	$24K	$1.7M	5x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6753	+0.537%	$44K	$474K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6593	−0.065%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	+0.0020%	4h	2.6627	+0.064%	$770K	$524K	50x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	−0.676%	$37	$242K	5.5x	as long as short
GRVT MORPHO_USDT_Perp	+0.0070%	4h	2.6728	+0.445%	$41K	$133K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6724	+0.430%	$320K	$325K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6579	−0.117%	$5K	$3	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6637	+0.100%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6613	+0.012%	$16.1M	$25.8M	75x	as long as short
Bybit MORPHOUSDTlong	+0.0100%	4h	2.6610	long leg	$8.4M	$9.2M	25x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6622	+0.045%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6620	+0.038%	$5.6M	$904K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6642	+0.120%	$595K	$266K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6605	−0.019%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6615	+0.019%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6613	+0.011%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6610	0.000%	$104K	$364K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]short	L +0.0186% / S −0.4126%	1h	2.6615	+0.020%	$1K	—	100x
Hyperliquid MORPHO	+0.0354%	1h	2.6677	+0.253%	$6.3M	$7.0M	5x	as long as short