Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0056%/8h= −6.2% APRpaid last 24h −0.020%

Price spread now: BingX against GMX−0.114%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 BingX

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 against this trade now: funding costs −$2 a day on $10k at the current rate, and BingX is 0.114% cheaper against GMX than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MORPHO/USD [ETH-USDC]	2.5783	L +0.0156% / S −12.8912%	pay 0.0020% / 1h	55m 44s	$1K	—	100x
Short	BingX MORPHO-USDT	2.5754	0.0100	get 0.0050% / 4h	3h 55m	—	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$11.86
Price spread: −0.114% → 0.000%: −$11.4
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$45.26
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 5 min ago. 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 BingX live order book, 5 min ago	2.13 bp	17.5 bp −$17	44.5 bp −$445	283.1 bp −$28.3K	638.9 bp −$319.5K

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	−0.2472%	1h	2.5720	−0.245%	$84K	$134K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1300%	1h	2.5760	−0.091%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.1064%	1h	2.5731	−0.203%	$846	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5627	−0.607%	$70K	$37K	25x	as long as short
Variational Omni MORPHO	−0.0458%	4h	2.5776	−0.030%	$614K	$526K	—	as long as short
BloFin MORPHO-USDT	−0.0416%	4h	2.5778	−0.021%	$635K	$238K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0338%	4h	2.5774	−0.035%	$30K	$123K	10x	as long as short
Orderly PERP_MORPHO_USDC	−0.0274%	4h	2.5747	−0.141%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0192%	4h	2.5761	−0.088%	$54K	$49K	20x	as long as short
Phoenix MORPHO	−0.0185%	1h	2.5793	+0.037%	$33K	$308K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MORPHO-USD	−0.0176%	1h	2.5729	−0.211%	$99K	$375K	10x	as long as short
Binance MORPHOUSDT	−0.0175%	4h	2.5721	−0.242%	$15.5M	$24.0M	75x	as long as short
MEXC MORPHO_USDT	−0.0174%	4h	2.5732	−0.199%	$6.3M	$909K	100x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5765	−0.070%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.508%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5793	+0.035%	$311K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5779	−0.017%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5771	−0.048%	$5.9M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5750	−0.130%	$7.8M	$8.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5736	−0.184%	$3.2M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.5775	−0.033%	$759K	$483K	50x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5765	−0.071%	$586K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5723	−0.234%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDTshort	+0.0100%	4h	2.5754	−0.114%	—	$1.4M	—
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5805	+0.084%	$25K	$1.4M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5759	−0.095%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0156% / S −12.8912%	1h	2.5783	long leg	$1K	—	100x