Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0086%/8h= −9.5% APRpaid last 24h −0.012%

Price spread now: Bitget against GMX+0.014%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Bitget

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: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MORPHO/USD [ETH-USDC]	2.6354	L +0.0186% / S −0.4126%	pay 0.0023% / 1h	51m 04s	$1K	—	100x
Short	Bitget MORPHOUSDT	2.6358	0.0100	get 0.0050% / 4h	2h 51m	$2.9M	$1.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.014%Rate

Funding earned: −$18.15
Price spread: +0.014% → 0.000%: $1.44
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$40.71
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 1 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 Bitget live order book, 1 min ago	3.80 bp	26.2 bp −$26	106.3 bp −$1,063	doesn't fit	doesn't fit

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	−0.1903%	1h	2.6325	−0.113%	$80K	$126K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0736%	1h	2.6346	−0.031%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0688%	1h	2.6342	−0.046%	$866	$10K	5x	as long as short
BloFin MORPHO-USDT	−0.0234%	4h	2.6322	−0.122%	$642K	$237K	20x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0232%	1h	2.6456	+0.386%	$76K	$43K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0149%	4h	2.6327	−0.103%	$10K	$34K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0116%	4h	2.6313	−0.155%	$40K	$133K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0111%	1h	2.6335	−0.073%	$47K	$1.8M	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6326	−0.107%	$16	—	10x	as long as short
Gate MORPHO_USDT	+0.0004%	4h	2.6356	+0.007%	$759K	$494K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	+0.0030%	1h	2.6277	−0.293%	$43K	$426K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.288%	$37	$242K	5.5x	as long as short
Variational Omni MORPHO	+0.0062%	4h	2.6331	−0.088%	$627K	$925K	—	as long as short
Lighter MORPHO	+0.0096%	1h	2.6466	+0.425%	$317K	$319K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6338	−0.061%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6400	+0.174%	$6.2M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6335	−0.073%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6365	+0.042%	$15.9M	$25.2M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6351	−0.012%	$8.3M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6354	−0.001%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6340	−0.054%	$5.5M	$873K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6359	+0.018%	$595K	$257K	50x	as long as short
Bitget MORPHOUSDTshort	+0.0100%	4h	2.6358	+0.014%	$2.9M	$1.7M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.6347	−0.027%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6340	−0.054%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6328	−0.098%	$101K	$358K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0186% / S −0.4126%	1h	2.6354	long leg	$1K	—	100x