Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0528%/8h= +57.8% APRpaid last 24h +0.036%

Price spread now: Deribit against Binance−0.043%7-day average — · you buy dearer than you sell

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

Long on Binance 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—needs both histories

Funding pays, the price is against you. Deribit is 0.043% cheaper against Binance than usual: you would sell low and buy high (spread −0.043% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 6 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MERLUSDT	0.02737	0.0100	pay 0.0050% / 4h	2h 50m	$1.8M	$2.1M	50x
Short	Deribit MERL_USDC-PERPETUAL	0.02735	0.0628	get 0.0079% / 1h	50m 14s	$49K	$61K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.043%Rate

Funding earned: $110.91
Price spread: −0.043% → 0.000%: −$4.28
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $89.63
Costs to cover: 0.170%
Break-even: 1.3 days

Slippage unknown: Binance: live order book, 14 min ago; 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 Binance live order book, 14 min ago	3.62 bp	28.3 bp −$28	175.7 bp −$1,757	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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	−0.0232%	1h	0.02721	−0.565%	$26K	$497K	50x	as long as short
BloFin MERL-USDT	+0.0084%	4h	0.02738	+0.052%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02733	−0.130%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02736	−0.035%	$430K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02732	−0.174%	$3K	$427	5x	as long as short
Binance MERLUSDTlong	+0.0100%	4h	0.02737	long leg	$1.8M	$2.1M	50x
Bybit MERLUSDT	+0.0100%	8h	0.02729	−0.277%	$1.2M	$431K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02732	−0.167%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02731	−0.204%	$251K	$61K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02736	−0.021%	$14.4M	$116K	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	0.02733	−0.130%	$881K	$66K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02736	−0.021%	$1.6M	$254K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02729	−0.277%	—	$6.7M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02728	−0.329%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02734	−0.094%	$954	$1.0M	20x	as long as short
Deribit MERL_USDC-PERPETUALshort	+0.0628%	1h	0.02735	−0.043%	$49K	$61K	10x