Funding you earn now, next payment 02:00 UTC−0.0117%/8h= −12.8% APRpaid last 24h −0.028%
Price spread now: Variational Omni against GMX−0.036%50s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
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 airdropVariational Omni: Active · farm boardneeds both histories
Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Variational Omni is 0.036% cheaper against GMX than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 50 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] | 2.6245 | L +0.0186% / S −15.6829% | pay 0.0023% / 1h | 33m 40s | $1K | — | 100x |
| Short | Variational Omni MORPHO | 2.6236 | 0.0070 | get 0.0035% / 4h | 2h 33m | $624K | $920K | — |
GMX MORPHO/USD [ETH-USDC]
Variational Omni MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Variational Omni against GMX. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$24.51
- Price spread: −0.036% → 0.000%
- −$3.57
- Slippage, 4 orders
- no order book: not counted
- Fee GMX: 6 bp × 2 orders
- −$12
- Fee Variational Omni: 0 bp × 2 orders
- $0
- Net
- −$40.08
- Costs to cover
- 0.120%
- Break-even
- never at this rate
Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 40 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 Variational Omni RFQ quote, 40 min ago | 4.60 bp | doesn't fit | 51.5 bp −$515 | 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 26 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 | −0.1915% | 1h | 2.6162 | −0.316% | $80K | $128K | 20x | as long as short |
| 01 Exchange MORPHOUSD | −0.0536% | 1h | 2.6229 | −0.062% | $862 | $11K | 5x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0512% | 1h | 2.6232 | −0.051% | $11K | $785 | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0232% | 1h | 2.6220 | −0.096% | $75K | $42K | 25x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0159% | 1h | 2.6233 | −0.047% | $29K | $1.8M | 5x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0148% | 4h | 2.6223 | −0.085% | $10K | $34K | 10x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0114% | 4h | 2.6197 | −0.186% | $32K | $142K | 10x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6245 | 0.000% | $16 | — | 10x | as long as short |
| Phoenix MORPHO | +0.0030% | 1h | 2.6232 | −0.051% | $43K | $426K | 5x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +0.704% | $37 | $242K | 5.5x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
Coinbase International MORPHO-PERP-INTX
Polymarket Perps MORPHO-USD
Orderly PERP_MORPHO_USDC
GRVT MORPHO_USDT_Perp
Reya MORPHORUSDPERP
Phoenix MORPHO
Injective MORPHO/USDC PERPShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | +0.0046% | 4h | 2.6264 | +0.071% | $767K | $504K | 50x | as long as short |
| Variational Omni MORPHOshort | +0.0070% | 4h | 2.6236 | −0.036% | $624K | $920K | — | |
| Lighter MORPHO | +0.0096% | 1h | 2.6284 | +0.147% | $315K | $319K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6258 | +0.048% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6286 | +0.155% | $6.2M | $7.0M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6264 | +0.072% | $57K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6227 | −0.070% | $15.8M | $25.3M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6266 | +0.079% | $8.3M | $9.3M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6250 | +0.018% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6242 | −0.013% | $5.5M | $885K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6266 | +0.079% | $596K | $255K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6249 | +0.014% | $2.9M | $1.7M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6248 | +0.010% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6234 | −0.043% | $22K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6236 | −0.036% | $101K | $360K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC]long | L +0.0186% / S −15.6829% | 1h | 2.6245 | long leg | $1K | — | 100x |
Gate MORPHO_USDT
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
Bybit MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
Extended MORPHO-USD