Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.018%

Price spread now: Aster against GMX−0.019%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Aster

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 airdropAster: Stage 5 · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MORPHO/USD [ETH-USDC]	2.5881	L +0.0148% / S +0.0039%	pay 0.0019% / 1h	22m 07s	$6K	—	100x
Short	Aster MORPHOUSDT	2.5876	0.0100	get 0.0050% / 4h	2h 22m	$57K	$31K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against GMX. 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 GMXbpFee AsterbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$10.1
Price spread: −0.019% → 0.000%: −$1.93
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$32.04
Costs to cover: 0.200%
Break-even: never at this rate

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

GMX and Aster: 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	−0.1560%	1h	2.5868	−0.050%	$81K	$129K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1217%	1h	2.5869	−0.046%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.0856%	1h	2.5849	−0.123%	$849	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0362%	4h	2.5831	−0.192%	$32K	$134K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.5836	−0.174%	$73K	$39K	25x	as long as short
BloFin MORPHO-USDT	−0.0196%	4h	2.5837	−0.170%	$631K	$238K	20x	as long as short
Phoenix MORPHO	−0.0154%	1h	2.5885	+0.016%	$33K	$330K	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0131%	4h	2.5860	−0.081%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5866	−0.057%	$16	—	10x	as long as short
Polymarket Perps MORPHO-USD	+0.0025%	1h	2.5874	−0.027%	$25K	$1.5M	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	+2.121%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5912	+0.118%	$312K	$295K	5x	as long as short
MEXC MORPHO_USDT	+0.0096%	4h	2.5871	−0.038%	$6.2M	$911K	100x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5875	−0.024%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5900	+0.074%	$5.9M	$6.9M	5x	as long as short
Aster MORPHOUSDTshort	+0.0100%	4h	2.5876	−0.019%	$57K	$31K	20x
Binance MORPHOUSDT	+0.0100%	4h	2.5873	−0.033%	$15.6M	$24.1M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5883	+0.008%	$8.0M	$8.5M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5899	+0.070%	$3.2M	$4.0M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.5862	−0.073%	$755K	$497K	50x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5882	+0.004%	$594K	$246K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5880	−0.004%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5882	+0.004%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.5836	−0.175%	$614K	$677K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5870	−0.042%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.5853	−0.109%	$103K	$343K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0148% / S +0.0039%	1h	2.5881	long leg	$6K	—	100x