Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0087%/8h= −9.5% APRpaid last 24h −0.011%

Price spread now: KuCoin against GMX+0.039%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 KuCoin

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. KuCoin is 0.039% dearer against GMX than usual: you sell high and buy low (spread +0.039% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 36 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MORPHO/USD [ETH-USDC]	2.6728	L +0.0187% / S −0.4126%	pay 0.0023% / 1h	14m 49s	$1K	—	100x
Short	KuCoin MORPHOUSDTM	2.6738	0.0100	get 0.0050% / 4h	3h 14m	$597K	$266K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$18.18
Price spread: +0.039% → 0.000%: $3.91
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$38.27
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 38 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 KuCoin live order book, 38 min ago	8.87 bp	104.9 bp −$105	187.4 bp −$1,874	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	−0.1823%	1h	2.6668	−0.223%	$81K	$126K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0461%	1h	2.6716	−0.043%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0448%	1h	2.6691	−0.137%	$877	$13K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0280%	1h	2.6715	−0.047%	$77K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6726	−0.006%	$647K	$230K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6708	−0.073%	$10K	$34K	10x	as long as short
Variational Omni MORPHO	−0.0077%	4h	2.6631	−0.362%	$634K	$926K	—	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6644	−0.313%	$44K	$474K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0029%	1h	2.6724	−0.013%	$25K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0018%	4h	2.6607	−0.451%	$41K	$133K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0004%	1h	2.6727	−0.002%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	−1.113%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0092%	4h	2.6726	−0.006%	$772K	$524K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6797	+0.261%	$321K	$325K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6730	+0.009%	$5K	$3	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6725	−0.011%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6723	−0.016%	$16.2M	$25.6M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6743	+0.058%	$8.6M	$9.0M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6719	−0.032%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6716	−0.043%	$5.6M	$905K	100x	as long as short
KuCoin MORPHOUSDTMshort	+0.0100%	4h	2.6738	+0.039%	$597K	$266K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.6749	+0.080%	$3.0M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6743	+0.058%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6724	−0.013%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6722	−0.020%	$102K	$362K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0187% / S −0.4126%	1h	2.6728	long leg	$1K	—	100x
Hyperliquid MORPHO	+0.0354%	1h	2.6782	+0.204%	$6.3M	$7.0M	5x	as long as short