Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.3318%/8h= +363.3% APRpaid last 24h +5.877%

Price spread now: GMX against OKX+0.065%7-day average — · you sell dearer than you buy

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

Long on OKX 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 +$100 a day on $10k at the current rate, and GMX is 0.065% dearer against OKX than usual: you sell high and buy low: +$6 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	OKX MORPHO-USDT-SWAP	2.6524	0.0100	pay 0.0050% / 4h	3h 42m	$3.2M	$4.5M	20x
Short	GMX MORPHO/USD [ETH-USDC]	2.6541	L +0.0158% / S −0.3418%	get 0.0427% / 1h	42m 20s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now +0.065%Rate

Funding earned: $696.8
Price spread: +0.065% → 0.000%: $6.47
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $681.26
Costs to cover: 0.220%
Break-even: 0.2 days

Slippage unknown: OKX: live order book, 5 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 OKX live order book, 5 min ago	0.94 bp	20.8 bp −$21	144.8 bp −$1,448	doesn't fit	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	−0.1834%	1h	2.6499	−0.095%	$80K	$132K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0466%	1h	2.6528	+0.015%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0456%	1h	2.6537	+0.049%	$872	$13K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0280%	1h	2.6554	+0.113%	$76K	$43K	25x	as long as short
Variational Omni MORPHO	−0.0242%	4h	2.6451	−0.276%	$628K	$1.0M	—	as long as short
BloFin MORPHO-USDT	−0.0191%	4h	2.6518	−0.023%	$639K	$229K	20x	as long as short
Polymarket Perps MORPHO-USD	−0.0154%	1h	2.6530	+0.023%	$28K	$1.7M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0141%	4h	2.6519	−0.019%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6525	+0.004%	$43K	$474K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6521	−0.010%	$16	—	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	−0.354%	$37	$242K	5.5x	as long as short
GRVT MORPHO_USDT_Perp	+0.0064%	4h	2.6465	−0.223%	$41K	$133K	10x	as long as short
MEXC MORPHO_USDT	+0.0094%	4h	2.6526	+0.008%	$5.5M	$902K	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6606	+0.308%	$318K	$325K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6538	+0.051%	$5K	$3	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6534	+0.037%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6524	+0.001%	$16.1M	$25.9M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6512	−0.045%	$8.3M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAPlong	+0.0100%	4h	2.6524	long leg	$3.2M	$4.5M	20x
Gate MORPHO_USDT	+0.0100%	4h	2.6530	+0.023%	$768K	$516K	50x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6528	+0.015%	$594K	$266K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6537	+0.049%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6523	−0.004%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6519	−0.019%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6519	−0.020%	$101K	$426K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]short	L +0.0158% / S −0.3418%	1h	2.6541	+0.065%	$1K	—	100x
Hyperliquid MORPHO	+0.0347%	1h	2.6585	+0.230%	$6.3M	$7.0M	5x	as long as short