Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+12.8359%/8h= +14055.3% APRpaid last 24h +5.882%

Price spread now: GMX against Gate−0.025%7-day average — · you buy dearer than you sell

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

Long on Gate 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

Funding pays, the price is against you. GMX is 0.025% cheaper against Gate than usual: you would sell low and buy high (spread −0.025% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about under an hour of funding at the current rate (+$3,851 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MORPHO_USDT	2.6475	−0.0162	get 0.0081% / 4h	1h 39m	$771K	$530K	50x
Short	GMX MORPHO/USD [ETH-USDC]	2.6468	L +0.0188% / S −12.8197%	get 1.6025% / 1h	39m 22s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Gate. 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 GatebpFee GMXbpOrdersPrice spread, now −0.025%Rate

Funding earned: $26,955.31
Price spread: −0.025% → 0.000%: −$2.52
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee GMX: 6 bp × 2 orders: −$12
Net: $26,925.79
Costs to cover: 0.270%
Break-even: 0.0 days

Slippage unknown: Gate: live order book, 42 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 Gate live order book, 42 min ago	7.33 bp	44.6 bp −$45	doesn't fit	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	−0.1857%	1h	2.6429	−0.175%	$82K	$150K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1261%	1h	2.6433	−0.159%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1152%	1h	2.6352	−0.465%	$866	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0639%	1h	2.6422	−0.200%	$26K	$1.7M	5x	as long as short
Bybit MORPHOUSDT	−0.0611%	4h	2.6440	−0.132%	$8.5M	$9.4M	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0576%	4h	2.6444	−0.116%	$29K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	−0.170%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6427	−0.181%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0206%	4h	2.6412	−0.238%	$640K	$244K	20x	as long as short
Gate MORPHO_USDTlong	−0.0162%	4h	2.6475	long leg	$771K	$530K	50x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0154%	4h	2.6437	−0.144%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6514	+0.147%	$34K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0040%	4h	2.6477	+0.007%	$629K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6430	−0.171%	$16	—	10x	as long as short
Binance MORPHOUSDT	+0.0079%	4h	2.6422	−0.199%	$16.1M	$26.0M	75x	as long as short
Extended MORPHO-USD	+0.0080%	1h	2.6427	−0.181%	$103K	$301K	10x	as long as short
MEXC MORPHO_USDT	+0.0082%	4h	2.6420	−0.208%	$5.2M	$1.1M	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6475	−0.002%	$315K	$333K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6415	−0.228%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6490	+0.057%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6466	−0.034%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6453	−0.083%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6454	−0.079%	$618K	$263K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6425	−0.189%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6442	−0.125%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6426	−0.185%	$22K	$3K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]short	L +0.0188% / S −12.8197%	1h	2.6468	−0.025%	$1K	—	100x