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 +7.919%

Price spread now: GMX against Bybit+0.040%7-day average — · you sell dearer than you buy

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

Long on Bybit 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 +$4,702 a day on $10k at the current rate, and GMX is 0.040% dearer against Bybit than usual: you sell high and buy low: +$4 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	Bybit MORPHOUSDT	2.6220	0.0100	pay 0.0050% / 4h	1h 36m	$8.3M	$9.4M	25x
Short	GMX MORPHO/USD [ETH-USDC]	2.6230	L +0.0186% / S −15.6829%	get 1.9604% / 1h	36m 21s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.040%Rate

Funding earned: $32,913.17
Price spread: +0.040% → 0.000%: $4
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $32,894.17
Costs to cover: 0.230%
Break-even: 0.0 days

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	1.91 bp	17.3 bp −$17	64.0 bp −$640	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	−0.1676%	1h	2.6151	−0.264%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0819%	1h	2.6158	−0.236%	$11K	$955	10x	as long as short
01 Exchange MORPHOUSD	−0.0576%	1h	2.6124	−0.366%	$858	$9K	5x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6114	−0.404%	$635K	$242K	20x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0192%	1h	2.6327	+0.408%	$75K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0157%	4h	2.6206	−0.053%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0122%	1h	2.6168	−0.198%	$25K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0120%	4h	2.6122	−0.373%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6216	−0.014%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6187	−0.126%	$43K	$392K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.801%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0058%	4h	2.6200	−0.076%	$755K	$503K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6180	−0.153%	$314K	$308K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6169	−0.195%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6226	+0.023%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6159	−0.231%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6204	−0.061%	$15.8M	$25.7M	75x	as long as short
Bybit MORPHOUSDTlong	+0.0100%	4h	2.6220	long leg	$8.3M	$9.4M	25x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6234	+0.053%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6180	−0.153%	$5.8M	$840K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6214	−0.023%	$596K	$252K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6195	−0.095%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6220	0.000%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6155	−0.248%	$624K	$907K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6135	−0.324%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6144	−0.288%	$100K	$355K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]short	L +0.0186% / S −15.6829%	1h	2.6230	+0.040%	$1K	—	100x