Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.010%

Price spread now: MEXC against GMX+0.049%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 MEXC

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. MEXC is 0.049% dearer against GMX than usual: you sell high and buy low (spread +0.049% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 45 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MORPHO/USD [ETH-USDC]	2.6503	L +0.0188% / S −12.8197%	pay 0.0024% / 1h	48m 37s	$1K	—	100x
Short	MEXC MORPHO_USDT	2.6516	0.0100	get 0.0050% / 4h	2h 48m	$5.3M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$18.5
Price spread: +0.049% → 0.000%: $4.95
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$29.55
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 4 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 MEXC live order book, 4 min ago	1.32 bp	7.0 bp −$7	40.1 bp −$401	202.5 bp −$20.2K	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	−0.2063%	1h	2.6418	−0.321%	$82K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1333%	1h	2.6483	−0.075%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1256%	1h	2.6470	−0.124%	$870	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0634%	1h	2.6478	−0.094%	$25K	$1.9M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0632%	4h	2.6610	+0.404%	$30K	$162K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6670	+0.631%	$37	$142K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6445	−0.218%	$76K	$46K	25x	as long as short
Bybit MORPHOUSDT	−0.0236%	4h	2.6538	+0.132%	$8.6M	$10.1M	25x	as long as short
Gate MORPHO_USDT	−0.0212%	4h	2.6508	+0.019%	$759K	$521K	50x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6487	−0.060%	$649K	$216K	20x	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	−0.0192%	4h	2.6473	−0.113%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6664	+0.608%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6473	−0.111%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6546	+0.164%	$316K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6540	+0.139%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6552	+0.185%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6520	+0.065%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6519	+0.061%	$16.3M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6528	+0.095%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDTshort	+0.0100%	4h	2.6516	+0.049%	$5.3M	$1.1M	100x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6527	+0.091%	$598K	$272K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6520	+0.065%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6528	+0.095%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6630	+0.480%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6471	−0.120%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6503	+0.002%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0188% / S −12.8197%	1h	2.6503	long leg	$1K	—	100x