Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+15.6729%/8h= +17161.9% APRpaid last 24h +5.928%

Price spread now: GMX against Paradex−0.090%7-day average — · you buy dearer than you sell

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

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

Funding pays, the price is against you. GMX is 0.090% cheaper against Paradex than usual: you would sell low and buy high (spread −0.090% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about under an hour of funding at the current rate (+$4,702 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex MORPHO-USD-PERP	2.6300	0.0100	pay 0.0100% / 8h	5h 57m	$5K	$3	5x
Short	GMX MORPHO/USD [ETH-USDC]	2.6277	L +0.0186% / S −15.6829%	get 1.9604% / 1h	57m 57s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Paradex. 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 ParadexbpFee GMXbpOrdersPrice spread, now −0.090%Rate

Funding earned: $32,913.17
Price spread: −0.090% → 0.000%: −$8.96
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee GMX: 6 bp × 2 orders: −$12
Net: $32,888.21
Costs to cover: 0.160%
Break-even: 0.0 days

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

Paradex 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 26 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	−0.1670%	1h	2.6244	−0.214%	$82K	$130K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0929%	1h	2.6262	−0.146%	$11K	$955	10x	as long as short
01 Exchange MORPHOUSD	−0.0616%	1h	2.6259	−0.157%	$863	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0192%	1h	2.6318	+0.067%	$75K	$42K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0161%	1h	2.6293	−0.028%	$25K	$1.8M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0152%	4h	2.6261	−0.150%	$10K	$34K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0092%	4h	2.6213	−0.332%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6259	−0.157%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0030%	1h	2.6283	−0.066%	$43K	$369K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.493%	$37	$242K	5.5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	+0.0066%	4h	2.6274	−0.100%	$758K	$503K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6303	+0.011%	$316K	$308K	5x	as long as short
Paradex MORPHO-USD-PERPlong	+0.0100%	8h	2.6300	long leg	$5K	$3	5x
Hyperliquid MORPHO	+0.0100%	1h	2.6301	+0.002%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6274	−0.100%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6239	−0.233%	$15.8M	$25.7M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6265	−0.134%	$8.3M	$9.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6255	−0.173%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6239	−0.233%	$5.7M	$830K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6290	−0.039%	$599K	$254K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6216	−0.321%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6258	−0.161%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6270	−0.114%	$626K	$909K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6261	−0.150%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6227	−0.280%	$101K	$351K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]short	L +0.0186% / S −15.6829%	1h	2.6277	−0.090%	$1K	—	100x