Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0086%/8h= −9.5% APRpaid last 24h −0.044%

Price spread now: Bybit against GMX+0.024%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 Bybit

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

The price spread pays, funding is against you. Bybit is 0.024% dearer against GMX than usual: you sell high and buy low (spread +0.024% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MORPHO/USD [ETH-USDC]	2.6263	L +0.0186% / S −15.6829%	pay 0.0023% / 1h	24m 16s	$1K	—	100x
Short	Bybit MORPHOUSDT	2.6269	0.0100	get 0.0050% / 4h	2h 24m	$8.3M	$9.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$18.14
Price spread: +0.024% → 0.000%: $2.36
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$38.77
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: 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 Bybit live order book, 4 min ago	1.90 bp	20.1 bp −$20	71.5 bp −$715	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 26 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	−0.1910%	1h	2.6224	−0.148%	$80K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0815%	1h	2.6260	−0.011%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0464%	1h	2.6246	−0.064%	$862	$10K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0232%	1h	2.6299	+0.138%	$75K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0152%	4h	2.6246	−0.064%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0118%	1h	2.6254	−0.033%	$28K	$1.8M	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6260	−0.011%	$16	—	10x	as long as short
GRVT MORPHO_USDT_Perp	+0.0010%	4h	2.6257	−0.022%	$32K	$142K	10x	as long as short
Phoenix MORPHO	+0.0030%	1h	2.6299	+0.138%	$43K	$426K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.637%	$37	$242K	5.5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MORPHO	+0.0096%	1h	2.6301	+0.144%	$315K	$319K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6267	+0.018%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6298	+0.134%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6276	+0.050%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6252	−0.041%	$15.8M	$25.2M	75x	as long as short
Bybit MORPHOUSDTshort	+0.0100%	4h	2.6269	+0.024%	$8.3M	$9.3M	25x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6286	+0.088%	$3.2M	$4.3M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6270	+0.027%	$766K	$505K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6252	−0.041%	$5.5M	$888K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6282	+0.073%	$597K	$255K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6274	+0.043%	$2.9M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6274	+0.043%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6281	+0.068%	$626K	$912K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6255	−0.030%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6244	−0.072%	$101K	$355K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0186% / S −15.6829%	1h	2.6263	long leg	$1K	—	100x