Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+15.6729%/8h= +17161.9% APRpaid last 24h +5.930%

Price spread now: GMX against MEXC+0.103%7-day average — · you sell dearer than you buy

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

Long on MEXC Short on GMX

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 for this trade now. Funding pays +$4,702 a day on $10k at the current rate, and GMX is 0.103% dearer against MEXC than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MORPHO_USDT	2.6217	0.0100	pay 0.0050% / 4h	2h 02m	$5.7M	$974K	100x
Short	GMX MORPHO/USD [ETH-USDC]	2.6244	L +0.0186% / S −15.6829%	get 1.9604% / 1h	2m 37s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against MEXC. 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 MEXCbpFee GMXbpOrdersPrice spread, now +0.103%Rate

Funding earned: $32,913.17
Price spread: +0.103% → 0.000%: $10.3
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee GMX: 6 bp × 2 orders: −$12
Net: $32,907.47
Costs to cover: 0.160%
Break-even: 0.0 days

Slippage unknown: MEXC: live order book, 5 min ago; GMX: 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 MEXC live order book, 5 min ago	0.76 bp	5.5 bp −$6	40.7 bp −$407	193.0 bp −$19.3K	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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 26 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	−0.1911%	1h	2.6215	−0.008%	$82K	$130K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0854%	1h	2.6232	+0.057%	$11K	$955	10x	as long as short
01 Exchange MORPHOUSD	−0.0488%	1h	2.6209	−0.031%	$861	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0232%	1h	2.6241	+0.092%	$75K	$42K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0160%	1h	2.6231	+0.053%	$25K	$1.8M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0156%	4h	2.6223	+0.023%	$10K	$34K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0090%	4h	2.6174	−0.165%	$32K	$142K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6230	+0.049%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0030%	1h	2.6209	−0.031%	$43K	$426K	5x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.812%	$37	$242K	5.5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	+0.0054%	4h	2.6247	+0.114%	$762K	$519K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6253	+0.138%	$315K	$322K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6236	+0.072%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6285	+0.259%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6221	+0.014%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6223	+0.021%	$15.8M	$25.8M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6242	+0.095%	$8.2M	$9.3M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6235	+0.069%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDTlong	+0.0100%	4h	2.6217	long leg	$5.7M	$974K	100x
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6228	+0.042%	$597K	$255K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6215	−0.008%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6225	+0.031%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6190	−0.101%	$625K	$912K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6231	+0.053%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6210	−0.027%	$101K	$351K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]short	L +0.0186% / S −15.6829%	1h	2.6244	+0.103%	$1K	—	100x