Funding arb · Price arb /

MERL

all MERL markets

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: Gate against Binance−0.066%7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$199as in the Funding arb table

Net, price: spread back to 7d avg − costs−$203as in the Price arb table

costs, in and out, $10k−$1941.937% of the position

Long on Binance Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 4 days (all we have)+0.041%+$4 · spread now −0.066%, 7d avg +0.026%

Together, before fees−0.011%−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Gate is 0.092% cheaper against Binance than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MERLUSDT	0.02732	0.0100	pay 0.0050% / 4h	30m 59s	$1.8M	$2.1M	50x
Short	Gate MERL_USDT	0.02730	0.0100	get 0.0100% / 8h	30m 59s	$252K	$66K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.066%Rate

Funding earned: $0
Price spread: −0.066% → +0.026%: −$9.23
Slippage, 4 orders: −$168.74
Fee Binance: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$202.97
Costs to cover: 1.937%
Break-even: never at this rate

Slippage from Binance: live order book, 3 min ago; Gate: live order book, 41 min ago.

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, 3 min ago	3.66 bp	25.1 bp −$25	183.8 bp −$1,838	doesn't fit	doesn't fit
Sell Gate live order book, 41 min ago	5.51 bp	71.4 bp −$71	doesn't fit	doesn't fit	doesn't fit

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	−0.209%	$26K	$509K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02730	−0.048%	$47K	$59K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02732	+0.007%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02733	+0.051%	$438K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02731	−0.015%	$3K	$427	5x	as long as short
Binance MERLUSDTlong	+0.0100%	4h	0.02732	long leg	$1.8M	$2.1M	50x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02729	−0.103%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDTshort	+0.0100%	8h	0.02730	−0.066%	$252K	$66K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02731	−0.030%	$14.3M	$115K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02731	−0.030%	$880K	$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	0.02736	+0.153%	$1.6M	$286K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02723	−0.334%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02726	−0.213%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0106%	4h	0.02734	+0.080%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0656%	4h	0.02731	−0.030%	—	$6.7M	—	as long as short
Bybit MERLUSDT	+0.0716%	8h	0.02722	−0.359%	$1.2M	$446K	25x	as long as short