Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0086%/8h= −9.5% APRpaid last 24h −0.015%

Price spread now: Aster against GMX−0.096%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Aster

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—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Aster is 0.096% cheaper against GMX than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MORPHO/USD [ETH-USDC]	2.6316	L +0.0186% / S −15.6829%	pay 0.0023% / 1h	18m 39s	$1K	—	100x
Short	Aster MORPHOUSDT	2.6291	0.0100	get 0.0050% / 4h	1h 18m	$58K	$30K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against GMX. 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 GMXbpFee AsterbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$18.15
Price spread: −0.096% → 0.000%: −$9.61
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$47.76
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Aster: 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 GMX no order-book sample	—	—	—	—	—
Sell Aster no order-book sample	—	—	—	—	—

GMX and Aster: 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	−0.1670%	1h	2.6243	−0.278%	$82K	$127K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1042%	1h	2.6278	−0.145%	$11K	$759	10x	as long as short
01 Exchange MORPHOUSD	−0.0656%	1h	2.6262	−0.205%	$863	$9K	5x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6264	−0.198%	$637K	$243K	20x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0192%	1h	2.6345	+0.110%	$75K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0157%	4h	2.6278	−0.145%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0153%	1h	2.6298	−0.069%	$25K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0130%	4h	2.6293	−0.089%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6298	−0.070%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6313	−0.012%	$43K	$392K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.433%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0044%	4h	2.6290	−0.099%	$757K	$504K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6302	−0.054%	$315K	$308K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6253	−0.239%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6327	+0.043%	$6.2M	$6.9M	5x	as long as short
Aster MORPHOUSDTshort	+0.0100%	4h	2.6291	−0.096%	$58K	$30K	20x
Binance MORPHOUSDT	+0.0100%	4h	2.6260	−0.214%	$15.8M	$25.3M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6292	−0.091%	$8.3M	$9.3M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6274	−0.160%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6256	−0.228%	$5.8M	$841K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6315	−0.004%	$598K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6291	−0.095%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6293	−0.088%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6345	+0.110%	$628K	$848K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6270	−0.175%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6253	−0.241%	$101K	$353K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0186% / S −15.6829%	1h	2.6316	long leg	$1K	—	100x