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 −0.106%

Price spread now: Bitget against BingX+0.072%7-day average +0.146% · you sell dearer than you buy

Net, funding: paid 7d − costs−$183as in the Funding arb table

Net, price: spread back to 7d avg − costs−$156as in the Price arb table

costs, in and out, $10k−$1491.487% of the position

Long on BingX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.340%−$34 on $10k

Price spread, last 7 days+0.129%+$13 · spread now +0.072%, 7d avg +0.146%

Together, before fees−0.211%−$21 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: Bitget is 0.073% cheaper against BingX than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.146%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX MERL-USDT	0.02761	0.0100	pay 0.0050% / 4h	2h 40m	—	$6.6M	—
Short	Bitget MERLUSDT	0.02763	0.0100	get 0.0050% / 4h	2h 40m	$1.6M	$239K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.072%Rate

Funding earned: $0
Price spread: +0.072% → +0.146%: −$7.34
Slippage, 4 orders: −$126.68
Fee BingX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$156.02
Costs to cover: 1.487%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; Bitget: live order book, 2 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, 7 min ago	7.20 bp	43.3 bp −$43	218.8 bp −$2,188	746.2 bp −$74.6K	doesn't fit
Sell Bitget live order book, 2 min ago	5.41 bp	32.5 bp −$32	227.2 bp −$2,272	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	−0.0272%	1h	0.02748	−0.471%	$25K	$636K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	−0.0112%	1h	0.02760	−0.051%	$52K	$43K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02760	−0.036%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02761	+0.011%	$432K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02761	+0.005%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02762	+0.027%	$1.9M	$1.8M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02755	−0.217%	$1.2M	$385K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02759	−0.072%	$1.3M	$1.9M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02760	−0.036%	$250K	$52K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02761	0.000%	$14.5M	$119K	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	0.02764	+0.109%	$885K	$39K	30x	as long as short
Bitget MERLUSDTshort	+0.0100%	4h	0.02763	+0.072%	$1.6M	$239K	25x
BingX MERL-USDTlong	+0.0100%	4h	0.02761	long leg	—	$6.6M	—
Variational Omni MERL	+0.0100%	8h	0.02759	−0.071%	$9K	$240	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02759	−0.072%	$1K	$918K	20x	as long as short
BloFin MERL-USDT	+0.0156%	4h	0.02767	+0.217%	$121K	$3K	50x	as long as short