Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0324%/8h= −35.5% APRpaid last 24h −0.082%

Price spread now: Orderly against GMX−0.113%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 Orderly

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 −$10 a day on $10k at the current rate, and Orderly is 0.113% 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]	2.6162	L +0.0186% / S −15.6829%	pay 0.0023% / 1h	51m 35s	$1K	—	100x
Short	Orderly PERP_MORPHO_USDC	2.6132	−0.0138	pay 0.0069% / 4h	3h 51m	$10K	$34K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.113%Rate

Funding earned: −$68.11
Price spread: −0.113% → 0.000%: −$11.32
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$97.43
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: 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 Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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	−0.2165%	1h	2.6075	−0.331%	$81K	$126K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1126%	1h	2.6121	−0.155%	$11K	$1K	10x	as long as short
01 Exchange MORPHOUSD	−0.0816%	1h	2.6073	−0.339%	$857	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0344%	4h	2.6136	−0.097%	$34K	$140K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.6167	+0.021%	$75K	$41K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0214%	1h	2.6147	−0.056%	$25K	$1.5M	5x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6115	−0.178%	$636K	$242K	20x	as long as short
Bybit MORPHOUSDT	−0.0158%	4h	2.6118	−0.167%	$8.1M	$8.5M	25x	as long as short
Orderly PERP_MORPHO_USDCshort	−0.0138%	4h	2.6132	−0.113%	$10K	$34K	10x
Phoenix MORPHO	−0.0061%	1h	2.6074	−0.335%	$43K	$337K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0005%	1h	2.6128	−0.127%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.026%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6150	−0.044%	$314K	$293K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6100	−0.236%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6163	+0.007%	$6.1M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6138	−0.088%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6089	−0.279%	$15.8M	$24.2M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6104	−0.220%	$3.2M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6120	−0.159%	$765K	$469K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6107	−0.209%	$5.9M	$820K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6140	−0.083%	$596K	$250K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6109	−0.201%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6116	−0.174%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6030	−0.501%	$621K	$675K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6116	−0.174%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6093	−0.263%	$101K	$346K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0186% / S −15.6829%	1h	2.6162	long leg	$1K	—	100x