Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0086%/8h= −9.5% APRpaid last 24h −0.013%

Price spread now: OKX against GMX−0.025%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 OKX

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 OKX is 0.025% cheaper against GMX than usual: you would sell low and buy high (−$2 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]	2.6204	L +0.0186% / S −15.6829%	pay 0.0023% / 1h	8m 51s	$1K	—	100x
Short	OKX MORPHO-USDT-SWAP	2.6198	0.0100	get 0.0050% / 4h	1h 08m	$3.2M	$4.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$18.14
Price spread: −0.025% → 0.000%: −$2.47
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$42.61
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: 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 OKX live order book, 4 min ago	2.86 bp	14.0 bp −$14	91.2 bp −$912	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	−0.1677%	1h	2.6145	−0.226%	$81K	$127K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1047%	1h	2.6177	−0.105%	$11K	$759	10x	as long as short
01 Exchange MORPHOUSD	−0.0712%	1h	2.6131	−0.280%	$859	$9K	5x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6161	−0.166%	$637K	$240K	20x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0192%	1h	2.6345	+0.536%	$75K	$42K	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0180%	4h	2.6270	+0.251%	$32K	$142K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0171%	1h	2.6182	−0.086%	$25K	$1.7M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0157%	4h	2.6178	−0.101%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0008%	4h	2.6210	+0.021%	$757K	$506K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6172	−0.124%	$16	—	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	0.0000%	1h	2.6287	+0.315%	$43K	$392K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.861%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6206	+0.007%	$314K	$308K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6167	−0.141%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6233	+0.109%	$6.2M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6181	−0.090%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6171	−0.127%	$15.8M	$25.3M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6190	−0.055%	$8.3M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAPshort	+0.0100%	4h	2.6198	−0.025%	$3.2M	$4.3M	20x
MEXC MORPHO_USDT	+0.0100%	4h	2.6173	−0.120%	$5.8M	$844K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6214	+0.036%	$595K	$252K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6187	−0.067%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6186	−0.070%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6260	+0.211%	$626K	$848K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6180	−0.093%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6164	−0.156%	$100K	$350K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0186% / S −15.6829%	1h	2.6204	long leg	$1K	—	100x