Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h −0.018%

Price spread now: MEXC against GMX−0.044%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 MEXC

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 against this trade now: funding costs −$2 a day on $10k at the current rate, and MEXC is 0.044% cheaper against GMX than usual: you would sell low and buy high (−$4 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]	2.6010	L +0.0183% / S −15.3821%	pay 0.0023% / 1h	57m 22s	$1K	—	100x
Short	MEXC MORPHO_USDT	2.5999	0.0100	get 0.0050% / 4h	1h 57m	$6.2M	$895K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$17.45
Price spread: −0.044% → 0.000%: −$4.42
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$37.87
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: live order book, just now. 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 MEXC live order book, just now	0.96 bp	6.8 bp −$7	40.4 bp −$404	120.4 bp −$12.0K	doesn't fit

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
Deribit MORPHO_USDC-PERPETUAL	−0.1478%	1h	2.6003	−0.029%	$11K	$2K	10x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1373%	1h	2.5982	−0.109%	$81K	$137K	20x	as long as short
01 Exchange MORPHOUSD	−0.0984%	1h	2.5948	−0.240%	$853	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0432%	1h	2.6044	+0.129%	$73K	$40K	25x	as long as short
GRVT MORPHO_USDT_Perp	−0.0270%	4h	2.6056	+0.177%	$30K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0206%	1h	2.6019	+0.033%	$27K	$1.5M	5x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6004	−0.025%	$638K	$240K	20x	as long as short
Phoenix MORPHO	−0.0154%	1h	2.6094	+0.321%	$34K	$315K	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0123%	4h	2.5977	−0.129%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5984	−0.103%	$16	—	10x	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	+1.613%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6059	+0.185%	$313K	$294K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6024	+0.050%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6043	+0.125%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6020	+0.035%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.5984	−0.102%	$15.8M	$24.5M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5985	−0.098%	$8.0M	$8.6M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5992	−0.071%	$3.2M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6016	+0.021%	$762K	$505K	50x	as long as short
MEXC MORPHO_USDTshort	+0.0100%	4h	2.5999	−0.044%	$6.2M	$895K	100x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6032	+0.083%	$593K	$254K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5967	−0.167%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5988	−0.086%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6055	+0.172%	$620K	$677K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6002	−0.033%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6010	−0.001%	$100K	$342K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0183% / S −15.3821%	1h	2.6010	long leg	$1K	—	100x