Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+16.5631%/8hpaid last 24h +0.134%

Price spread now: GMX against Orderly+0.094%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on GMX

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 for this trade now. Funding pays +$4,969 a day on $10k at the current rate, and GMX is 0.094% dearer against Orderly than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MORPHO_USDC	2.6765	−0.0211	get 0.0106% / 4h	6m 15s	$10K	$34K	10x
Short	GMX MORPHO/USD [ETH-USDC]	2.6790	L +0.0193% / S −16.5420%	get 2.0677% / 1h	6m 15s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Orderly. 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 OrderlybpFee GMXbpOrdersPrice spread, now +0.094%Rate

Funding earned: $34,782.53
Price spread: +0.094% → 0.000%: $9.43
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $34,773.96
Costs to cover: 0.180%
Break-even: 0.0 days

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

Orderly and 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	−0.1669%	1h	2.6744	−0.079%	$84K	$151K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0944%	1h	2.6773	+0.030%	$10K	$721	10x	as long as short
01 Exchange MORPHOUSD	−0.0584%	1h	2.6739	−0.097%	$879	$12K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0328%	1h	2.6815	+0.187%	$77K	$46K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0276%	1h	2.6785	+0.075%	$28K	$2.0M	5x	as long as short
Orderly PERP_MORPHO_USDClong	−0.0211%	4h	2.6765	long leg	$10K	$34K	10x
BloFin MORPHO-USDT	−0.0200%	4h	2.6745	−0.075%	$657K	$209K	20x	as long as short
Gate MORPHO_USDT	−0.0162%	4h	2.6772	+0.026%	$772K	$533K	50x	as long as short
Injective MORPHO/USDC PERP	−0.0114%	1h	2.6810	+0.168%	$38	$76K	5.5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0084%	4h	2.6785	+0.075%	$41K	$150K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0004%	1h	2.6787	+0.081%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0030%	1h	2.6803	+0.142%	$34K	$473K	5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6822	+0.215%	$319K	$356K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6759	−0.022%	$5K	$3	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6766	+0.005%	$58K	$32K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6767	+0.007%	$16.4M	$26.7M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6800	+0.131%	$8.8M	$10.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6803	+0.142%	$3.2M	$4.6M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6766	+0.004%	$5.2M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6786	+0.078%	$602K	$276K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6780	+0.056%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6787	+0.082%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6805	+0.149%	$650K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6776	+0.041%	$22K	$2K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6764	−0.002%	$101K	$303K	10x	as long as short
Hyperliquid MORPHO	+0.0110%	1h	2.6840	+0.280%	$6.4M	$7.1M	5x	as long as short
GMX MORPHO/USD [ETH-USDC]short	L +0.0193% / S −16.5420%	1h	2.6790	+0.094%	$1K	—	100x