Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0332%/8h= −36.4% APRpaid last 24h −0.072%

Price spread now: Coinbase International against Aster−0.699%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 Coinbase International

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

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Coinbase International is 0.699% cheaper against Aster than usual: you would sell low and buy high (−$70 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	Aster MERLUSDT	0.02752	0.0100	pay 0.0050% / 4h	28m 55s	$3K	$497	5x
Short	Coinbase International MERL-PERP-INTX	0.02732	−0.0232	pay 0.0029% / 1h	28m 55s	$29K	$503K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.699%Rate

Funding earned: −$69.72
Price spread: −0.699% → 0.000%: −$69.94
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$157.66
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Aster: no order-book sample; Coinbase International: live order book, 29 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 Coinbase International live order book, 29 min ago	15.98 bp	21.0 bp −$21	doesn't fit	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-INTXshort	−0.0232%	1h	0.02732	−0.699%	$29K	$503K	50x
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02756	+0.173%	$49K	$55K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02755	+0.126%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02756	+0.155%	$433K	$134K	3x	as long as short
Aster MERLUSDTlong	+0.0100%	4h	0.02752	long leg	$3K	$497	5x
Binance MERLUSDT	+0.0100%	4h	0.02754	+0.089%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02750	−0.056%	$1.2M	$411K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02752	+0.017%	$1.2M	$2.3M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02751	−0.020%	$252K	$60K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02754	+0.089%	$14.4M	$119K	100x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02755	+0.126%	$885K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02755	+0.126%	$1.6M	$240K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02753	+0.053%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02745	−0.237%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02755	+0.126%	$2K	$988K	20x	as long as short
BloFin MERL-USDT	+0.0125%	4h	0.02753	+0.053%	$120K	$3K	50x	as long as short