Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0086%/8h= −9.4% APRpaid last 24h −0.017%

Price spread now: KuCoin against GMX−0.105%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 KuCoin

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 KuCoin is 0.105% cheaper against GMX than usual: you would sell low and buy high (−$11 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]	2.6009	L +0.0186% / S −15.6829%	pay 0.0023% / 1h	59m 40s	$1K	—	100x
Short	KuCoin MORPHOUSDTM	2.5982	0.0100	get 0.0050% / 4h	59m 40s	$589K	$260K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.105%Rate

Funding earned: −$18.12
Price spread: −0.105% → 0.000%: −$10.52
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$52.64
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 45 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 KuCoin live order book, 45 min ago	8.07 bp	85.9 bp −$86	159.5 bp −$1,595	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
01 Exchange MORPHOUSD	−0.1424%	1h	2.5890	−0.459%	$851	$9K	5x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1373%	1h	2.5982	−0.107%	$84K	$134K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1211%	1h	2.5980	−0.113%	$11K	$2K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0538%	4h	2.5961	−0.186%	$30K	$134K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0432%	1h	2.5825	−0.709%	$72K	$38K	25x	as long as short
Bybit MORPHOUSDT	−0.0414%	4h	2.5990	−0.074%	$7.9M	$8.6M	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0310%	1h	2.5992	−0.067%	$27K	$1.4M	5x	as long as short
BloFin MORPHO-USDT	−0.0203%	4h	2.5970	−0.151%	$638K	$240K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0164%	4h	2.5976	−0.128%	$10K	$34K	10x	as long as short
Variational Omni MORPHO	−0.0130%	4h	2.5970	−0.150%	$619K	$677K	—	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	−0.0092%	1h	2.5987	−0.086%	$33K	$339K	5x	as long as short
Gate MORPHO_USDT	−0.0018%	4h	2.5988	−0.082%	$762K	$500K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5976	−0.127%	$16	—	10x	as long as short
Binance MORPHOUSDT	+0.0027%	4h	2.5966	−0.167%	$15.7M	$24.4M	75x	as long as short
MEXC MORPHO_USDT	+0.0030%	4h	2.5956	−0.205%	$6.3M	$896K	100x	as long as short
Extended MORPHO-USD	+0.0032%	1h	2.5951	−0.223%	$99K	$345K	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.617%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6021	+0.045%	$313K	$287K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5959	−0.193%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6014	+0.018%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6000	−0.037%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5986	−0.090%	$3.2M	$4.2M	20x	as long as short
KuCoin MORPHOUSDTMshort	+0.0100%	4h	2.5982	−0.105%	$589K	$260K	50x
Bitget MORPHOUSDT	+0.0100%	4h	2.5961	−0.186%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5987	−0.086%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5976	−0.128%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0186% / S −15.6829%	1h	2.6009	long leg	$1K	—	100x