Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.079%

Price spread now: Orderly against GMX−0.095%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 Orderly

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 −$10 a day on $10k at the current rate, and Orderly is 0.095% cheaper against GMX than usual: you would sell low and buy high (−$10 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]	2.6066	L +0.0186% / S −15.6829%	pay 0.0023% / 1h	41m 43s	$1K	—	100x
Short	Orderly PERP_MORPHO_USDC	2.6041	−0.0153	pay 0.0077% / 4h	41m 43s	$10K	$34K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.095%Rate

Funding earned: −$71.35
Price spread: −0.095% → 0.000%: −$9.51
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$98.87
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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	−0.1665%	1h	2.6020	−0.174%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1284%	1h	2.6034	−0.122%	$11K	$759	10x	as long as short
01 Exchange MORPHOUSD	−0.1024%	1h	2.5972	−0.360%	$853	$9K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0304%	1h	2.6048	−0.068%	$25K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0268%	4h	2.6005	−0.232%	$34K	$150K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6172	+0.407%	$75K	$42K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6032	−0.130%	$638K	$239K	20x	as long as short
Orderly PERP_MORPHO_USDCshort	−0.0153%	4h	2.6041	−0.095%	$10K	$34K	10x
Gate MORPHO_USDT	−0.0012%	4h	2.6060	−0.022%	$762K	$482K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6044	−0.085%	$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	2.6040	−0.099%	$43K	$370K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.397%	$37	$242K	5.5x	as long as short
Bybit MORPHOUSDT	+0.0071%	4h	2.6060	−0.022%	$8.2M	$9.2M	25x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6081	+0.059%	$313K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6018	−0.183%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6096	+0.116%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6077	+0.044%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6040	−0.098%	$15.7M	$25.2M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6061	−0.018%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6042	−0.091%	$5.9M	$809K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6094	+0.108%	$592K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6042	−0.091%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6067	+0.005%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6035	−0.117%	$621K	$829K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6033	−0.126%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6040	−0.098%	$100K	$350K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0186% / S −15.6829%	1h	2.6066	long leg	$1K	—	100x