Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+12.8812%/8h= +14104.9% APRpaid last 24h +19.211%

Price spread now: GMX against Bitget+0.279%54s7-day average — · you sell dearer than you buy

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

Long on Bitget Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 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 +$3,864 a day on $10k at the current rate, and GMX is 0.279% dearer against Bitget than usual: you sell high and buy low: +$28 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MORPHOUSDT	2.5777	0.0100	pay 0.0050% / 4h	3h 22m	$2.8M	$1.7M	75x
Short	GMX MORPHO/USD [ETH-USDC]	2.5849	L +0.0156% / S −12.8912%	get 1.6114% / 1h	22m 32s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bitget. 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 BitgetbpFee GMXbpOrdersPrice spread, now +0.279%Rate

Funding earned: $27,050.45
Price spread: +0.279% → 0.000%: $27.92
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $27,054.37
Costs to cover: 0.240%
Break-even: from the start

Slippage unknown: Bitget: live order book, 5 min ago; 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 Bitget live order book, 5 min ago	4.09 bp	24.1 bp −$24	73.5 bp −$735	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.2465%	1h	2.5791	+0.053%	$85K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0872%	1h	2.5818	+0.159%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.5789	+0.047%	$847	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5837	+0.233%	$70K	$37K	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0534%	4h	2.5729	−0.185%	$30K	$123K	10x	as long as short
BloFin MORPHO-USDT	−0.0423%	4h	2.5792	+0.058%	$634K	$239K	20x	as long as short
Variational Omni MORPHO	−0.0387%	4h	2.5675	−0.396%	$612K	$526K	—	as long as short
Aster MORPHOUSDT	−0.0319%	4h	2.5793	+0.062%	$54K	$49K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0315%	4h	2.5808	+0.120%	$10K	$34K	10x	as long as short
Extended MORPHO-USD	−0.0184%	1h	2.5782	+0.020%	$99K	$365K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MORPHO_USDT	−0.0182%	4h	2.5793	+0.062%	$6.4M	$932K	100x	as long as short
Binance MORPHOUSDT	−0.0178%	4h	2.5785	+0.033%	$15.5M	$23.8M	75x	as long as short
Phoenix MORPHO	−0.0155%	1h	2.5728	−0.190%	$33K	$308K	5x	as long as short
Bybit MORPHOUSDT	−0.0052%	4h	2.5804	+0.105%	$7.8M	$8.3M	25x	as long as short
Gate MORPHO_USDT	−0.0010%	4h	2.5812	+0.136%	$759K	$486K	50x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5784	+0.026%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.533%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5861	+0.324%	$312K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5784	+0.027%	$5K	$203	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5819	+0.163%	$5.9M	$7.0M	5x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5798	+0.081%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5799	+0.085%	$581K	$267K	50x	as long as short
Bitget MORPHOUSDTlong	+0.0100%	4h	2.5777	long leg	$2.8M	$1.7M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.5797	+0.078%	—	$1.5M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5810	+0.128%	$25K	$1.3M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5818	+0.159%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]short	L +0.0156% / S −12.8912%	1h	2.5849	+0.279%	$1K	—	100x