Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0359%/8h= −39.3% APRpaid last 24h −0.075%

Price spread now: Orderly against GMX−0.111%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 Orderly

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 −$11 a day on $10k at the current rate, and Orderly is 0.111% cheaper against GMX than usual: you would sell low and buy high (−$11 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]	2.6615	L +0.0188% / S −12.8197%	pay 0.0024% / 1h	15m 44s	$1K	—	100x
Short	Orderly PERP_MORPHO_USDC	2.6586	−0.0170	pay 0.0085% / 4h	2h 15m	$10K	$34K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.111%Rate

Funding earned: −$75.3
Price spread: −0.111% → 0.000%: −$11.08
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$104.38
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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	−0.2050%	1h	2.6589	−0.101%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1440%	1h	2.6588	−0.103%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.6537	−0.295%	$872	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0392%	1h	2.6584	−0.118%	$26K	$1.8M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6610	−0.021%	$37	$198K	5.5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0334%	4h	2.6613	−0.010%	$30K	$154K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.006%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6592	−0.088%	$644K	$223K	20x	as long as short
Orderly PERP_MORPHO_USDCshort	−0.0170%	4h	2.6586	−0.111%	$10K	$34K	10x
Bybit MORPHOUSDT	−0.0102%	4h	2.6590	−0.096%	$8.6M	$9.9M	25x	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	−0.0096%	4h	2.6596	−0.073%	$771K	$528K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6655	+0.148%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6595	−0.076%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6627	+0.043%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6575	−0.151%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6634	+0.070%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6589	−0.100%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6574	−0.158%	$16.3M	$26.7M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6590	−0.096%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6573	−0.160%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6599	−0.062%	$623K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6585	−0.115%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6611	−0.017%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6639	+0.087%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6591	−0.092%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6575	−0.151%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0188% / S −12.8197%	1h	2.6615	long leg	$1K	—	100x