Funding arb · Price arb /

MERL

all MERL markets

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 −0.106%

Price spread now: Binance against BingX+0.129%7-day average +0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$171as in the Funding arb table

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1371.374% of the position

Long on BingX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.341%−$34 on $10k

Price spread, last 7 days+0.006%+$1 · spread now +0.129%, 7d avg +0.060%

Together, before fees−0.335%−$33 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: Binance is 0.068% dearer against BingX than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX MERL-USDT	0.02769	0.0100	pay 0.0050% / 4h	3m 16s	—	$6.6M	—
Short	Binance MERLUSDT	0.02773	0.0100	get 0.0050% / 4h	3m 16s	$1.9M	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against BingX. 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 BingXbpFee BinancebpOrdersPrice spread, now +0.129%Rate

Funding earned: $0
Price spread: +0.129% → +0.060%: $6.83
Slippage, 4 orders: −$117.43
Fee BingX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$130.6
Costs to cover: 1.374%
Break-even: never at this rate

Slippage from BingX: live order book, 9 min ago; Binance: live order book, 16 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 BingX live order book, 9 min ago	7.19 bp	35.2 bp −$35	152.8 bp −$1,528	765.3 bp −$76.5K	doesn't fit
Sell Binance live order book, 16 min ago	1.80 bp	35.7 bp −$36	180.2 bp −$1,802	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	−0.0232%	1h	0.02759	−0.376%	$45K	$536K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02771	+0.061%	$49K	$54K	10x	as long as short
BloFin MERL-USDT	+0.0059%	4h	0.02772	+0.108%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02770	+0.036%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02774	+0.170%	$436K	$135K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02770	+0.047%	$3K	$263	5x	as long as short
Binance MERLUSDTshort	+0.0100%	4h	0.02773	+0.129%	$1.9M	$2.0M	50x
Bybit MERLUSDT	+0.0100%	8h	0.02764	−0.181%	$1.2M	$422K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02770	+0.036%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02770	+0.036%	$254K	$61K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MERL_USDT	+0.0100%	4h	0.02772	+0.108%	$14.5M	$121K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02772	+0.108%	$890K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02776	+0.253%	$1.6M	$231K	25x	as long as short
BingX MERL-USDTlong	+0.0100%	4h	0.02769	long leg	—	$6.6M	—
Variational Omni MERL	+0.0100%	8h	0.02768	−0.054%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02771	+0.072%	$2K	$996K	20x	as long as short