Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0086%/8h= −9.4% APRpaid last 24h −0.017%

Price spread now: Paradex against GMX−0.171%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 Paradex

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 airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Paradex is 0.171% cheaper against GMX than usual: you would sell low and buy high (−$17 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]	2.6000	L +0.0186% / S −15.6829%	pay 0.0023% / 1h	4m 57s	$1K	—	100x
Short	Paradex MORPHO-USD-PERP	2.5956	0.0100	get 0.0100% / 8h	1h 04m	$5K	$3	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.171%Rate

Funding earned: −$18.11
Price spread: −0.171% → 0.000%: −$17.14
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$51.25
Costs to cover: 0.160%
Break-even: never at this rate

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

GMX and Paradex: 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	−0.1374%	1h	2.5972	−0.109%	$84K	$135K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1250%	1h	2.5967	−0.128%	$11K	$2K	10x	as long as short
01 Exchange MORPHOUSD	−0.1184%	1h	2.5890	−0.424%	$851	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0496%	4h	2.5990	−0.041%	$30K	$134K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0432%	1h	2.5975	−0.097%	$72K	$38K	25x	as long as short
Bybit MORPHOUSDT	−0.0350%	4h	2.5986	−0.055%	$7.9M	$8.6M	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0313%	1h	2.5978	−0.086%	$27K	$1.4M	5x	as long as short
BloFin MORPHO-USDT	−0.0183%	4h	2.5977	−0.089%	$638K	$241K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0158%	4h	2.5973	−0.105%	$10K	$34K	10x	as long as short
Variational Omni MORPHO	−0.0105%	4h	2.5980	−0.076%	$619K	$677K	—	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MORPHO	−0.0092%	1h	2.6025	+0.095%	$33K	$339K	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5973	−0.103%	$16	—	10x	as long as short
Gate MORPHO_USDT	+0.0016%	4h	2.5979	−0.082%	$761K	$512K	50x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.653%	$37	$242K	5.5x	as long as short
Extended MORPHO-USD	+0.0056%	1h	2.5956	−0.171%	$99K	$345K	10x	as long as short
MEXC MORPHO_USDT	+0.0056%	4h	2.5958	−0.162%	$6.3M	$904K	100x	as long as short
Binance MORPHOUSDT	+0.0057%	4h	2.5960	−0.153%	$15.7M	$24.4M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6008	+0.031%	$313K	$294K	5x	as long as short
Paradex MORPHO-USD-PERPshort	+0.0100%	8h	2.5956	−0.171%	$5K	$3	5x
Hyperliquid MORPHO	+0.0100%	1h	2.6015	+0.058%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5996	−0.017%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5964	−0.139%	$3.2M	$4.2M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5993	−0.028%	$589K	$260K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5967	−0.128%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5982	−0.070%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5967	−0.128%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0186% / S −15.6829%	1h	2.6000	long leg	$1K	—	100x