Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Aster−0.258%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 Variational Omni

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—+ Points / potential airdropAster: Stage 5 · Variational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.258% cheaper against Aster than usual: you would sell low and buy high, −$26 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	0.02732	0.0100	pay 0.0050% / 4h	33m 48s	$3K	$427	5x
Short	Variational Omni MERL	0.02725	0.0100	get 0.0100% / 8h	33m 48s	$9K	$188	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Aster. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.258%Rate

Funding earned: $0
Price spread: −0.258% → 0.000%: −$25.77
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$33.77
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Aster: no order-book sample; Variational Omni: 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 Variational Omni no order-book sample	—	—	—	—	—

Aster and Variational Omni: 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	0.02726	−0.224%	$26K	$509K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02731	−0.041%	$47K	$59K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02733	+0.028%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02735	+0.112%	$438K	$133K	3x	as long as short
Aster MERLUSDTlong	+0.0100%	4h	0.02732	long leg	$3K	$427	5x
Binance MERLUSDT	+0.0100%	4h	0.02734	+0.057%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02731	−0.045%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02732	−0.008%	$252K	$66K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02733	+0.028%	$14.3M	$115K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02736	+0.138%	$882K	$64K	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	+0.248%	$1.6M	$286K	25x	as long as short
Variational Omni MERLshort	+0.0100%	8h	0.02725	−0.258%	$9K	$188	—
SunX MERL-USDT	+0.0100%	4h	0.02728	−0.155%	$2K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0108%	4h	0.02732	−0.008%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0686%	4h	0.02731	−0.045%	—	$6.7M	—	as long as short
Bybit MERLUSDT	+0.0729%	8h	0.02721	−0.411%	$1.2M	$446K	25x	as long as short