Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+12.8097%/8h= +14026.6% APRpaid last 24h +4.194%

Price spread now: GMX against MEXC+0.070%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on MEXC Short on GMX

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 for this trade now. Funding pays +$3,843 a day on $10k at the current rate, and GMX is 0.070% dearer against MEXC than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MORPHO_USDT	2.6430	0.0100	pay 0.0050% / 4h	2h 49m	$5.3M	$1.1M	100x
Short	GMX MORPHO/USD [ETH-USDC]	2.6449	L +0.0188% / S −12.8197%	get 1.6025% / 1h	49m 48s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against MEXC. 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 MEXCbpFee GMXbpOrdersPrice spread, now +0.070%Rate

Funding earned: $26,900.29
Price spread: +0.070% → 0.000%: $7.02
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee GMX: 6 bp × 2 orders: −$12
Net: $26,891.31
Costs to cover: 0.160%
Break-even: 0.0 days

Slippage unknown: MEXC: live order book, 3 min ago; GMX: 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 MEXC live order book, 3 min ago	1.32 bp	6.9 bp −$7	40.7 bp −$407	202.0 bp −$20.2K	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.265%	$82K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1563%	1h	2.6429	−0.004%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1320%	1h	2.6530	+0.378%	$872	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0646%	4h	2.6664	+0.886%	$41K	$151K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0596%	1h	2.6584	+0.583%	$25K	$1.9M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6670	+0.908%	$38K	$142K	5.5x	as long as short
Bybit MORPHOUSDT	−0.0300%	4h	2.6460	+0.114%	$8.6M	$10.1M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6445	+0.057%	$76K	$46K	25x	as long as short
Gate MORPHO_USDT	−0.0252%	4h	2.6414	−0.061%	$755K	$521K	50x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6622	+0.726%	$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	+0.061%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6664	+0.885%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6498	+0.259%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6439	+0.034%	$315K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6580	+0.568%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6493	+0.238%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6459	+0.109%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6434	+0.015%	$16.2M	$27.0M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6459	+0.110%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDTlong	+0.0100%	4h	2.6430	long leg	$5.3M	$1.1M	100x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6429	−0.004%	$596K	$266K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6434	+0.015%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6448	+0.068%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6630	+0.757%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6400	−0.114%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6420	−0.037%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]short	L +0.0188% / S −12.8197%	1h	2.6449	+0.070%	$1K	—	100x