Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0306%/8h= −33.5% APRpaid last 24h −0.070%

Price spread now: GRVT against GMX−0.212%69s7-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 GRVT

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 airdropGRVT: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and GRVT is 0.212% cheaper against GMX than usual: you would sell low and buy high (−$21 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 69 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MORPHO/USD [ETH-USDC]	2.6132	L +0.0186% / S −15.6829%	pay 0.0023% / 1h	44m 12s	$1K	—	100x
Short	GRVT MORPHO_USDT_Perp	2.6077	−0.0120	pay 0.0060% / 4h	1h 44m	$32K	$142K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.212%Rate

Funding earned: −$64.33
Price spread: −0.212% → 0.000%: −$21.23
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$106.56
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; GRVT: live order book, 18 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 GRVT live order book, 18 min ago	1.33 bp	30.2 bp −$30	doesn't fit	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	−0.1679%	1h	2.6104	−0.111%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1241%	1h	2.6120	−0.048%	$11K	$955	10x	as long as short
01 Exchange MORPHOUSD	−0.0552%	1h	2.6087	−0.174%	$857	$9K	5x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6128	−0.017%	$638K	$242K	20x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0192%	1h	2.6327	+0.744%	$75K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0158%	4h	2.6112	−0.078%	$10K	$34K	10x	as long as short
GRVT MORPHO_USDT_Perpshort	−0.0120%	4h	2.6077	−0.212%	$32K	$142K	10x
Polymarket Perps MORPHO-USD	−0.0079%	1h	2.6128	−0.017%	$25K	$1.8M	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6126	−0.025%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6097	−0.136%	$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
Gate MORPHO_USDT	+0.0032%	4h	2.6117	−0.059%	$753K	$503K	50x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.139%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6148	+0.059%	$313K	$308K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6131	−0.004%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6172	+0.151%	$6.1M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6128	−0.017%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6117	−0.059%	$15.7M	$25.7M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6148	+0.059%	$8.3M	$9.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6166	+0.128%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6127	−0.021%	$5.8M	$840K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6145	+0.048%	$595K	$254K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6137	+0.017%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6122	−0.040%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6105	−0.104%	$622K	$907K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6117	−0.059%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6103	−0.113%	$101K	$350K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0186% / S −15.6829%	1h	2.6132	long leg	$1K	—	100x