Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0302%/8h= −33.1% APRpaid last 24h −0.022%

Price spread now: MEXC against GMX+0.011%58s7-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 MEXC

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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$9 a day on $10k at the current rate. The two prices were read 58 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]	2.5767	L +0.0156% / S −12.8912%	pay 0.0020% / 1h	19m 20s	$1K	—	100x
Short	MEXC MORPHO_USDT	2.5770	−0.0146	pay 0.0073% / 4h	19m 20s	$6.2M	$907K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$63.52
Price spread: +0.011% → 0.000%: $1.11
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$78.41
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 3 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 MEXC live order book, 3 min ago	1.17 bp	5.4 bp −$5	39.5 bp −$395	199.8 bp −$20.0K	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	−0.1504%	1h	2.5695	−0.280%	$844	$9K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1338%	1h	2.5780	+0.050%	$11K	$3K	10x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1239%	1h	2.5749	−0.071%	$84K	$133K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0706%	4h	2.5712	−0.214%	$30K	$135K	10x	as long as short
Bybit MORPHOUSDT	−0.0562%	4h	2.5800	+0.127%	$7.9M	$8.4M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0496%	1h	2.5783	+0.062%	$71K	$37K	25x	as long as short
Variational Omni MORPHO	−0.0415%	4h	2.5715	−0.200%	$613K	$526K	—	as long as short
Polymarket Perps MORPHO-USD	−0.0414%	1h	2.5781	+0.054%	$27K	$1.4M	5x	as long as short
BloFin MORPHO-USDT	−0.0392%	4h	2.5762	−0.020%	$632K	$238K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0232%	4h	2.5769	+0.007%	$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
Phoenix MORPHO	−0.0185%	1h	2.5742	−0.098%	$33K	$336K	5x	as long as short
Gate MORPHO_USDT	−0.0166%	4h	2.5764	−0.012%	$754K	$503K	50x	as long as short
Extended MORPHO-USD	−0.0152%	1h	2.5766	−0.003%	$99K	$375K	10x	as long as short
Binance MORPHOUSDT	−0.0152%	4h	2.5776	+0.034%	$15.5M	$24.1M	75x	as long as short
MEXC MORPHO_USDTshort	−0.0146%	4h	2.5770	+0.011%	$6.2M	$907K	100x
Aster MORPHOUSDT	−0.0053%	4h	2.5765	−0.009%	$54K	$48K	20x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5777	+0.040%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.572%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5809	+0.164%	$311K	$288K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5755	−0.048%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5820	+0.205%	$5.9M	$7.0M	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5807	+0.155%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5765	−0.008%	$587K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5770	+0.011%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5785	+0.069%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5772	+0.019%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0156% / S −12.8912%	1h	2.5767	long leg	$1K	—	100x