Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: MEXC against Aster+0.085%7-day average — · you sell dearer than you buy

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

Long on Aster Short on MEXC

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 between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 0.085% dearer against Aster than usual: you sell high and buy low, +$9 on $10k if it 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	Aster MERLUSDT	0.02738	0.0100	pay 0.0050% / 4h	2h 27m	$3K	$427	5x
Short	MEXC MERL_USDT	0.02740	0.0100	get 0.0050% / 4h	2h 27m	$14.4M	$118K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.085%Rate

Funding earned: $0
Price spread: +0.085% → 0.000%: $8.54
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$3.46
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Aster: no order-book sample; MEXC: live order book, 1 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 MEXC live order book, 1 min ago	3.65 bp	5.7 bp −$6	55.7 bp −$557	167.5 bp −$16.8K	430.4 bp −$215.2K

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 15 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	−0.0232%	1h	0.02724	−0.492%	$26K	$498K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02736	−0.061%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02738	+0.012%	$429K	$138K	3x	as long as short
Aster MERLUSDTlong	+0.0100%	4h	0.02738	long leg	$3K	$427	5x
Binance MERLUSDT	+0.0100%	4h	0.02741	+0.112%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02730	−0.280%	$1.2M	$429K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02736	−0.061%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02735	−0.097%	$251K	$61K	25x	as long as short
MEXC MERL_USDTshort	+0.0100%	4h	0.02740	+0.085%	$14.4M	$118K	100x
KuCoin MERLUSDTM	+0.0100%	4h	0.02737	−0.024%	$882K	$65K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02738	+0.012%	$1.6M	$246K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02735	−0.097%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02728	−0.350%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02738	+0.012%	$1K	$1.0M	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0955%	1h	0.02741	+0.129%	$49K	$61K	10x	as long as short