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 Paradex+0.042%7-day average — · you sell dearer than you buy

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

Long on Paradex 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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$3,843 a day on $10k at the current rate, and GMX is 0.042% dearer against Paradex than usual: you sell high and buy low: +$4 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	Paradex MORPHO-USD-PERP	2.6540	0.0100	pay 0.0100% / 8h	2h 48m	$5K	$3	5x
Short	GMX MORPHO/USD [ETH-USDC]	2.6551	L +0.0188% / S −12.8197%	get 1.6025% / 1h	48m 04s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Paradex. 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 ParadexbpFee GMXbpOrdersPrice spread, now +0.042%Rate

Funding earned: $26,900.39
Price spread: +0.042% → 0.000%: $4.24
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee GMX: 6 bp × 2 orders: −$12
Net: $26,888.63
Costs to cover: 0.160%
Break-even: 0.0 days

Slippage unknown: Paradex: no order-book sample; 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 Paradex no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Paradex and 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	−0.2057%	1h	2.6499	−0.154%	$82K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1293%	1h	2.6531	−0.032%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1256%	1h	2.6470	−0.262%	$870	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0632%	4h	2.6610	+0.265%	$30K	$162K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0618%	1h	2.6522	−0.066%	$25K	$1.9M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6670	+0.491%	$37	$142K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6527	−0.048%	$76K	$46K	25x	as long as short
Bybit MORPHOUSDT	−0.0236%	4h	2.6530	−0.036%	$8.6M	$10.1M	25x	as long as short
Gate MORPHO_USDT	−0.0212%	4h	2.6528	−0.044%	$759K	$521K	50x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6487	−0.198%	$649K	$216K	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	−0.0192%	4h	2.6524	−0.059%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6664	+0.469%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6518	−0.081%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6561	+0.082%	$316K	$335K	5x	as long as short
Paradex MORPHO-USD-PERPlong	+0.0100%	8h	2.6540	long leg	$5K	$3	5x
Hyperliquid MORPHO	+0.0100%	1h	2.6576	+0.135%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6533	−0.027%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6529	−0.041%	$16.3M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6537	−0.010%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6514	−0.097%	$5.3M	$1.1M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6525	−0.055%	$598K	$272K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6519	−0.078%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6521	−0.070%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6630	+0.341%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6522	−0.066%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6526	−0.051%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]short	L +0.0188% / S −12.8197%	1h	2.6551	+0.042%	$1K	—	100x