Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.010%

Price spread now: Binance against GMX−0.132%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Binance

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 against this trade now: funding costs −$3 a day on $10k at the current rate, and Binance is 0.132% cheaper against GMX than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MORPHO/USD [ETH-USDC]	2.6644	L +0.0188% / S −12.8197%	pay 0.0024% / 1h	22m 00s	$1K	—	100x
Short	Binance MORPHOUSDT	2.6609	0.0100	get 0.0050% / 4h	2h 22m	$16.3M	$26.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.132%Rate

Funding earned: −$18.5
Price spread: −0.132% → 0.000%: −$13.18
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$53.69
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 4 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 Binance live order book, 4 min ago	0.19 bp	18.2 bp −$18	41.0 bp −$410	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 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	−0.2052%	1h	2.6569	−0.280%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0988%	1h	2.6629	−0.056%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0848%	1h	2.6583	−0.229%	$874	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0393%	1h	2.6618	−0.098%	$26K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0390%	4h	2.6543	−0.379%	$29K	$154K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.691%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	−0.101%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6584	−0.225%	$647K	$222K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0170%	4h	2.6617	−0.101%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0068%	4h	2.6618	−0.098%	$763K	$523K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit MORPHOUSDT	−0.0056%	4h	2.6623	−0.079%	$8.7M	$10.1M	25x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6606	−0.143%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6622	−0.081%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6662	+0.067%	$318K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6601	−0.162%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6656	+0.045%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6630	−0.054%	$58K	$33K	20x	as long as short
Binance MORPHOUSDTshort	+0.0100%	4h	2.6609	−0.132%	$16.3M	$26.8M	75x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6624	−0.075%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6615	−0.109%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6638	−0.023%	$624K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6639	−0.019%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6631	−0.049%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6609	−0.131%	$644K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6615	−0.109%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6608	−0.136%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0188% / S −12.8197%	1h	2.6644	long leg	$1K	—	100x