Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: KuCoin against Binance+0.005%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$565as in the Funding arb table

Net, price: spread back to 7d avg − costs−$572as in the Price arb table

costs, in and out, $10k−$5665.662% of the position

Long on Binance Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)+0.058%+$6 · spread now +0.005%, 7d avg +0.064%

Together, before fees+0.069%+$7 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: KuCoin is 0.059% cheaper against Binance than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.064%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MERLUSDT	0.02789	0.0100	pay 0.0050% / 4h	3h 29m	$1.9M	$2.0M	50x
Short	KuCoin MERLUSDTM	0.02789	0.0100	get 0.0050% / 4h	3h 29m	$896K	$40K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.005%Rate

Funding earned: $0
Price spread: +0.005% → +0.064%: −$5.87
Slippage, 4 orders: −$544.22
Fee Binance: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$572.09
Costs to cover: 5.662%
Break-even: never at this rate

Slippage from Binance: live order book, 4 min ago; KuCoin: live order book, 5 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, 4 min ago	5.42 bp	28.6 bp −$29	242.9 bp −$2,429	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	16.27 bp	176.8 bp −$177	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	−0.0360%	1h	0.02790	+0.052%	$27K	$568K	50x	as long as short
BloFin MERL-USDT	+0.0054%	4h	0.02796	+0.256%	$122K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02793	+0.149%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02789	+0.009%	$437K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02789	0.000%	$3K	$263	5x	as long as short
Binance MERLUSDTlong	+0.0100%	4h	0.02789	long leg	$1.9M	$2.0M	50x
Bybit MERLUSDT	+0.0100%	8h	0.02785	−0.138%	$1.2M	$420K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02791	+0.077%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02790	+0.041%	$254K	$55K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02789	+0.005%	$14.6M	$121K	100x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTMshort	+0.0100%	4h	0.02789	+0.005%	$896K	$40K	30x
Bitget MERLUSDT	+0.0100%	4h	0.02792	+0.113%	$1.7M	$234K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02789	+0.005%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02788	−0.030%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02793	+0.149%	$2K	$1.0M	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.1611%	1h	0.02799	+0.353%	$52K	$56K	10x	as long as short