Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+12.8397%/8h= +14059.4% APRpaid last 24h +4.254%

Price spread now: GMX against BloFin+0.061%51s7-day average — · you sell dearer than you buy

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

Long on BloFin 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 +$3,852 a day on $10k at the current rate, and GMX is 0.061% dearer against BloFin than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 51 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	BloFin MORPHO-USDT	2.6593	−0.0200	get 0.0100% / 4h	2h 14m	$645K	$223K	20x
Short	GMX MORPHO/USD [ETH-USDC]	2.6609	L +0.0188% / S −12.8197%	get 1.6025% / 1h	14m 03s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now +0.061%Rate

Funding earned: $26,963.29
Price spread: +0.061% → 0.000%: $6.14
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $26,945.44
Costs to cover: 0.240%
Break-even: 0.0 days

Slippage unknown: BloFin: live order book, 7 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 BloFin live order book, 7 min ago	0.56 bp	13.5 bp −$13	27.9 bp −$279	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	−0.2056%	1h	2.6516	−0.290%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1440%	1h	2.6576	−0.064%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0856%	1h	2.6513	−0.301%	$871	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0399%	1h	2.6581	−0.045%	$26K	$1.8M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6610	+0.064%	$37	$198K	5.5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0344%	4h	2.6601	+0.031%	$30K	$154K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.090%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDTlong	−0.0200%	4h	2.6593	long leg	$645K	$223K	20x
Orderly PERP_MORPHO_USDC	−0.0170%	4h	2.6580	−0.049%	$10K	$34K	10x	as long as short
Bybit MORPHOUSDT	−0.0163%	4h	2.6577	−0.060%	$8.6M	$9.9M	25x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0098%	4h	2.6591	−0.008%	$774K	$547K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6639	+0.173%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6580	−0.050%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6622	+0.110%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6557	−0.137%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6639	+0.173%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6584	−0.035%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6569	−0.089%	$16.3M	$26.7M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6600	+0.026%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6571	−0.083%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6601	+0.030%	$623K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6580	−0.049%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6592	−0.004%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6594	+0.003%	$647K	$1.2M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6575	−0.068%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6565	−0.105%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]short	L +0.0188% / S −12.8197%	1h	2.6609	+0.061%	$1K	—	100x