Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0478%/8h= −52.4% APRpaid last 24h +0.051%

Price spread now: Deribit against Aster−0.029%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 Deribit

What this pair did over the last

the charts below follow

Funding, last 6 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 −$14 a day on $10k at the current rate, and Deribit is 0.029% cheaper against Aster than usual: you would sell low and buy high (−$3 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	0.02864	0.0100	pay 0.0050% / 4h	3h 39m	$4K	$5K	5x
Short	Deribit MERL_USDC-PERPETUAL	0.02864	−0.0378	pay 0.0047% / 1h	39m 45s	$56K	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$100.42
Price spread: −0.029% → 0.000%: −$2.88
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$118.29
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Aster: no order-book sample; Deribit: 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 Aster no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Aster and Deribit: 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	−0.0624%	1h	0.02822	−1.467%	$16K	$488K	50x	as long as short
Deribit MERL_USDC-PERPETUALshort	−0.0378%	1h	0.02864	−0.029%	$56K	$66K	10x
Orderly PERP_MERL_USDC	+0.0069%	4h	0.02862	−0.085%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02868	+0.121%	$476K	$155K	3x	as long as short
Aster MERLUSDTlong	+0.0100%	4h	0.02864	long leg	$4K	$5K	5x
Binance MERLUSDT	+0.0100%	4h	0.02868	+0.141%	$1.9M	$2.5M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02867	+0.090%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02861	−0.120%	$258K	$68K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02869	+0.160%	$3.6M	$129K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02863	−0.050%	$901K	$43K	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	0.02867	+0.090%	$1.7M	$288K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02854	−0.363%	$9K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02864	−0.015%	$1K	$1.2M	20x	as long as short
BloFin MERL-USDT	+0.0109%	4h	0.02864	−0.015%	$123K	$5K	50x	as long as short
BingX MERL-USDT	+0.0330%	4h	0.02864	−0.015%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0387%	8h	0.02861	−0.120%	$1.2M	$483K	25x	as long as short