Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0662%/8h= +72.5% APRpaid last 24h +0.032%

Price spread now: Bybit against Aster−0.227%7-day average — · you buy dearer than you sell

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

Long on Aster Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. Bybit is 0.227% cheaper against Aster than usual: you would sell low and buy high (spread −0.227% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$23 on $10k: about 27 hours of funding at the current rate (+$20 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MERLUSDT	0.02737	0.0100	pay 0.0050% / 4h	59m 08s	$3K	$427	5x
Short	Bybit MERLUSDT	0.02731	0.0762	get 0.0762% / 8h	59m 08s	$1.2M	$450K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aster. 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 AsterbpFee BybitbpOrdersPrice spread, now −0.227%Rate

Funding earned: $139.08
Price spread: −0.227% → 0.000%: −$22.71
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $97.37
Costs to cover: 0.190%
Break-even: 2.1 days

Slippage unknown: Aster: no order-book sample; Bybit: live order book, 2 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 Aster no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	1.83 bp	110.4 bp −$110	390.2 bp −$3,902	doesn't fit	doesn't fit

Aster: 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.

MERL on 16 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
Coinbase International MERL-PERP-INTX	−0.0136%	1h	0.02708	−1.053%	$26K	$505K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0006%	1h	0.02740	+0.094%	$47K	$59K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02740	+0.102%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02742	+0.182%	$439K	$133K	3x	as long as short
Aster MERLUSDTlong	+0.0100%	4h	0.02737	long leg	$3K	$427	5x
Binance MERLUSDT	+0.0100%	4h	0.02741	+0.136%	$1.9M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02738	+0.029%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02736	−0.044%	$252K	$65K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02740	+0.102%	$14.4M	$112K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02741	+0.138%	$884K	$65K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02739	+0.065%	$1.6M	$284K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02722	−0.551%	$9K	$163	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02737	−0.008%	$1K	$999K	20x	as long as short
BloFin MERL-USDT	+0.0108%	4h	0.02738	+0.029%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0676%	4h	0.02739	+0.065%	—	$6.7M	—	as long as short
Bybit MERLUSDTshort	+0.0762%	8h	0.02731	−0.227%	$1.2M	$450K	25x