Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0058%/8h= −6.3% APRpaid last 24h −0.011%

Price spread now: BingX against GMX−0.088%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 BingX

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 against this trade now: funding costs −$2 a day on $10k at the current rate, and BingX is 0.088% cheaper against GMX than usual: you would sell low and buy high (−$9 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]	2.6519	L +0.0158% / S −0.3418%	pay 0.0020% / 1h	11m 12s	$1K	—	100x
Short	BingX MORPHO-USDT	2.6496	0.0100	get 0.0050% / 4h	11m 12s	—	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$12.14
Price spread: −0.088% → 0.000%: −$8.8
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$42.95
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 6 min ago. 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 BingX live order book, 6 min ago	2.45 bp	15.6 bp −$16	29.7 bp −$297	156.7 bp −$15.7K	650.2 bp −$325.1K

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	−0.1756%	1h	2.6477	−0.159%	$81K	$143K	20x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.6452	−0.254%	$869	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0655%	1h	2.6500	−0.073%	$11K	$812	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0461%	1h	2.6497	−0.084%	$28K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0460%	4h	2.6511	−0.032%	$41K	$146K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.337%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6555	+0.134%	$76K	$43K	25x	as long as short
Bybit MORPHOUSDT	−0.0336%	4h	2.6492	−0.103%	$8.4M	$9.3M	25x	as long as short
BloFin MORPHO-USDT	−0.0187%	4h	2.6492	−0.103%	$638K	$253K	20x	as long as short
Variational Omni MORPHO	−0.0167%	4h	2.6481	−0.144%	$630K	$1.0M	—	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0147%	4h	2.6491	−0.107%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6531	+0.044%	$43K	$477K	5x	as long as short
Gate MORPHO_USDT	−0.0058%	4h	2.6532	+0.048%	$771K	$532K	50x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6489	−0.114%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0046%	4h	2.6478	−0.156%	$5.5M	$961K	100x	as long as short
Binance MORPHOUSDT	+0.0053%	4h	2.6477	−0.160%	$16.0M	$26.0M	75x	as long as short
Extended MORPHO-USD	+0.0056%	1h	2.6492	−0.105%	$103K	$298K	10x	as long as short
Aster MORPHOUSDT	+0.0090%	4h	2.6508	−0.044%	$58K	$30K	20x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6533	+0.052%	$316K	$331K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6485	−0.129%	$5K	$3	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6508	−0.043%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6520	+0.002%	$594K	$268K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6496	−0.088%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDTshort	+0.0100%	4h	2.6496	−0.088%	—	$1.4M	—
SoDEX MORPHO-USD	+0.0100%	1h	2.6485	−0.130%	$22K	$4K	5x	as long as short
Hyperliquid MORPHO	+0.0108%	1h	2.6567	+0.180%	$6.3M	$7.0M	5x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0158% / S −0.3418%	1h	2.6519	long leg	$1K	—	100x