Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0056%/8h= −6.2% APRpaid last 24h −0.020%

Price spread now: Paradex against GMX−0.048%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 Paradex

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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Paradex is 0.048% cheaper against GMX than usual: you would sell low and buy high (−$5 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]	2.5789	L +0.0156% / S −12.8912%	pay 0.0020% / 1h	18m 21s	$1K	—	100x
Short	Paradex MORPHO-USD-PERP	2.5776	0.0100	get 0.0100% / 8h	18m 21s	$5K	$3	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$11.86
Price spread: −0.048% → 0.000%: −$4.84
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$32.7
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Paradex: 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 Paradex no order-book sample	—	—	—	—	—

GMX and Paradex: 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
Deribit MORPHO_USDC-PERPETUAL	−0.1532%	1h	2.5767	−0.085%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.1504%	1h	2.5688	−0.391%	$844	$9K	5x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1239%	1h	2.5749	−0.156%	$84K	$133K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0706%	4h	2.5712	−0.298%	$30K	$135K	10x	as long as short
Bybit MORPHOUSDT	−0.0548%	4h	2.5782	−0.027%	$7.9M	$8.4M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0496%	1h	2.5783	−0.023%	$71K	$37K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0415%	1h	2.5772	−0.065%	$27K	$1.4M	5x	as long as short
Variational Omni MORPHO	−0.0415%	4h	2.5715	−0.285%	$613K	$526K	—	as long as short
BloFin MORPHO-USDT	−0.0392%	4h	2.5762	−0.104%	$632K	$238K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0233%	4h	2.5756	−0.127%	$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	−0.182%	$33K	$336K	5x	as long as short
Gate MORPHO_USDT	−0.0162%	4h	2.5765	−0.093%	$754K	$503K	50x	as long as short
Extended MORPHO-USD	−0.0152%	1h	2.5752	−0.145%	$99K	$375K	10x	as long as short
Binance MORPHOUSDT	−0.0152%	4h	2.5759	−0.118%	$15.5M	$24.1M	75x	as long as short
MEXC MORPHO_USDT	−0.0150%	4h	2.5760	−0.112%	$6.2M	$907K	100x	as long as short
Aster MORPHOUSDT	−0.0059%	4h	2.5759	−0.116%	$54K	$48K	20x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5759	−0.116%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.486%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5806	+0.065%	$311K	$288K	5x	as long as short
Paradex MORPHO-USD-PERPshort	+0.0100%	8h	2.5776	−0.048%	$5K	$3	5x
Hyperliquid MORPHO	+0.0100%	1h	2.5809	+0.078%	$5.9M	$7.0M	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5780	−0.034%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5773	−0.062%	$587K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5770	−0.073%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5770	−0.073%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5760	−0.112%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0156% / S −12.8912%	1h	2.5789	long leg	$1K	—	100x