Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0045%/8h= −4.9% APRpaid last 24h −0.016%

Price spread now: Bitget against GMX−0.199%54s7-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 Bitget

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 −$1 a day on $10k at the current rate, and Bitget is 0.199% cheaper against GMX than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MORPHO/USD [ETH-USDC]	2.5969	L +0.0145% / S +0.0040%	pay 0.0018% / 1h	17m 37s	$6K	—	100x
Short	Bitget MORPHOUSDT	2.5917	0.0100	get 0.0050% / 4h	2h 17m	$2.8M	$1.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.199%Rate

Funding earned: −$9.45
Price spread: −0.199% → 0.000%: −$19.92
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$53.37
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 5 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 Bitget live order book, 5 min ago	2.13 bp	26.9 bp −$27	doesn't fit	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	−0.1556%	1h	2.5948	−0.079%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1482%	1h	2.5939	−0.114%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.0816%	1h	2.5894	−0.288%	$851	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0306%	4h	2.5912	−0.218%	$33K	$134K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.5783	−0.715%	$73K	$39K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.5903	−0.253%	$631K	$239K	20x	as long as short
Phoenix MORPHO	−0.0154%	1h	2.5939	−0.114%	$33K	$330K	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0129%	4h	2.5947	−0.084%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5914	−0.210%	$16	—	10x	as long as short
Polymarket Perps MORPHO-USD	+0.0016%	1h	2.5920	−0.188%	$25K	$1.5M	5x	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	+1.776%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5951	−0.070%	$312K	$295K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5944	−0.095%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5946	−0.088%	$5.9M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5913	−0.213%	$57K	$31K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.5903	−0.253%	$15.7M	$24.2M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5942	−0.103%	$8.0M	$8.5M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5933	−0.138%	$3.2M	$4.0M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.5935	−0.130%	$757K	$497K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.5902	−0.257%	$6.2M	$911K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5945	−0.091%	$598K	$247K	50x	as long as short
Bitget MORPHOUSDTshort	+0.0100%	4h	2.5917	−0.199%	$2.8M	$1.6M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.5943	−0.099%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.5880	−0.340%	$615K	$677K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5937	−0.122%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.5899	−0.269%	$100K	$347K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0145% / S +0.0040%	1h	2.5969	long leg	$6K	—	100x