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: OKX against GMX−0.089%7-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 OKX

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and OKX is 0.089% cheaper against GMX than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MORPHO/USD [ETH-USDC]	2.6449	L +0.0188% / S −12.8197%	pay 0.0024% / 1h	50m 16s	$1K	—	100x
Short	OKX MORPHO-USDT-SWAP	2.6425	0.0100	get 0.0050% / 4h	2h 50m	$3.2M	$4.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.089%Rate

Funding earned: −$18.49
Price spread: −0.089% → 0.000%: −$8.9
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$49.39
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: 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 OKX live order book, 2 min ago	1.13 bp	21.1 bp −$21	104.7 bp −$1,047	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	−0.2068%	1h	2.6360	−0.335%	$82K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1563%	1h	2.6429	−0.074%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1320%	1h	2.6530	+0.308%	$872	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0646%	4h	2.6664	+0.815%	$41K	$151K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0596%	1h	2.6584	+0.512%	$25K	$1.9M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6670	+0.837%	$38K	$142K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0300%	4h	2.6410	−0.146%	$8.6M	$10.2M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6445	−0.013%	$76K	$46K	25x	as long as short
Gate MORPHO_USDT	−0.0252%	4h	2.6462	+0.051%	$756K	$517K	50x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6622	+0.656%	$652K	$205K	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	−0.0194%	4h	2.6446	−0.010%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6664	+0.815%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6498	+0.189%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6439	−0.036%	$315K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6580	+0.498%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6627	+0.675%	$6.3M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6558	+0.414%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6401	−0.179%	$16.2M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAPshort	+0.0100%	4h	2.6425	−0.089%	$3.2M	$4.5M	20x
MEXC MORPHO_USDT	+0.0100%	4h	2.6401	−0.180%	$5.3M	$1.1M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6408	−0.153%	$596K	$266K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6418	−0.116%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6433	−0.059%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6630	+0.687%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6400	−0.184%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6437	−0.045%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0188% / S −12.8197%	1h	2.6449	long leg	$1K	—	100x