Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0587%/8h= −64.3% APRpaid last 24h −0.019%

Price spread now: Bybit against GMX+0.031%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 Bybit

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 pays, funding is against you. Bybit is 0.031% dearer against GMX than usual: you sell high and buy low (spread +0.031% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MORPHO/USD [ETH-USDC]	2.6452	L +0.0188% / S −0.3373%	pay 0.0024% / 1h	0m 41s	$1K	—	100x
Short	Bybit MORPHOUSDT	2.6460	−0.0399	pay 0.0199% / 4h	1h 00m	$8.4M	$9.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$123.26
Price spread: +0.031% → 0.000%: $3.15
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$143.11
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	1.89 bp	18.5 bp −$19	70.9 bp −$709	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	−0.1859%	1h	2.6398	−0.203%	$81K	$148K	20x	as long as short
01 Exchange MORPHOUSD	−0.1160%	1h	2.6388	−0.241%	$867	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1149%	1h	2.6420	−0.120%	$11K	$812	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0674%	1h	2.6424	−0.105%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0576%	4h	2.6390	−0.234%	$29K	$134K	10x	as long as short
Bybit MORPHOUSDTshort	−0.0399%	4h	2.6460	+0.031%	$8.4M	$9.3M	25x
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	−0.082%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6434	−0.067%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0224%	4h	2.6400	−0.195%	$639K	$249K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0145%	4h	2.6421	−0.116%	$10K	$34K	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	−0.0116%	4h	2.6458	+0.024%	$768K	$534K	50x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6447	−0.018%	$43K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0080%	4h	2.6401	−0.190%	$627K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6420	−0.118%	$16	—	10x	as long as short
Binance MORPHOUSDT	+0.0015%	4h	2.6443	−0.033%	$16.1M	$25.8M	75x	as long as short
Extended MORPHO-USD	+0.0016%	1h	2.6437	−0.054%	$103K	$301K	10x	as long as short
MEXC MORPHO_USDT	+0.0016%	4h	2.6439	−0.048%	$5.4M	$1.1M	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6498	+0.173%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6435	−0.061%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6506	+0.205%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6462	+0.038%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6448	−0.014%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6475	+0.088%	$592K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6452	+0.001%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6444	−0.029%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6420	−0.120%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0188% / S −0.3373%	1h	2.6452	long leg	$1K	—	100x