Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0086%/8h= −9.4% APRpaid last 24h −0.022%

Price spread now: Aster against GMX+0.006%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Aster

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 airdropAster: Stage 5 · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MORPHO/USD [ETH-USDC]	2.5926	L +0.0186% / S −15.6829%	pay 0.0023% / 1h	40m 48s	$1K	—	100x
Short	Aster MORPHOUSDT	2.5928	0.0100	get 0.0050% / 4h	40m 48s	$55K	$45K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now +0.006%Rate

Funding earned: −$18.11
Price spread: +0.006% → 0.000%: $0.58
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$37.53
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Aster: 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 Aster no order-book sample	—	—	—	—	—

GMX and Aster: 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
Deribit MORPHO_USDC-PERPETUAL	−0.1754%	1h	2.5892	−0.133%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.1472%	1h	2.5819	−0.415%	$848	$9K	5x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1234%	1h	2.5851	−0.291%	$84K	$133K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0598%	4h	2.5896	−0.117%	$30K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0507%	4h	2.5914	−0.048%	$7.9M	$8.7M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0496%	1h	2.5910	−0.064%	$71K	$37K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0402%	1h	2.5907	−0.075%	$24K	$1.4M	5x	as long as short
Variational Omni MORPHO	−0.0281%	4h	2.5910	−0.064%	$617K	$676K	—	as long as short
Phoenix MORPHO	−0.0185%	1h	2.5911	−0.060%	$33K	$336K	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0183%	4h	2.5891	−0.137%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin MORPHO-USDT	−0.0128%	4h	2.5887	−0.152%	$632K	$239K	20x	as long as short
Gate MORPHO_USDT	−0.0072%	4h	2.5902	−0.094%	$758K	$503K	50x	as long as short
Binance MORPHOUSDT	−0.0032%	4h	2.5881	−0.175%	$15.6M	$24.5M	75x	as long as short
Extended MORPHO-USD	−0.0032%	1h	2.5883	−0.168%	$99K	$342K	10x	as long as short
MEXC MORPHO_USDT	−0.0032%	4h	2.5882	−0.172%	$6.3M	$903K	100x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5894	−0.125%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.942%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5918	−0.034%	$312K	$287K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5885	−0.161%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5936	+0.039%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDTshort	+0.0100%	4h	2.5928	+0.006%	$55K	$45K	20x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5899	−0.106%	$3.2M	$4.2M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5927	+0.002%	$591K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5877	−0.191%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5886	−0.156%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5891	−0.137%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0186% / S −15.6829%	1h	2.5926	long leg	$1K	—	100x