Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0066%/8h= +7.2% APRpaid last 24h −0.054%

Price spread now: Bybit against BingX−0.328%7-day average −0.130% · you buy dearer than you sell

Net, funding: paid 7d − costs−$251as in the Funding arb table

Net, price: spread back to 7d avg − costs−$260as in the Price arb table

costs, in and out, $10k−$2402.397% of the position

Long on BingX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.112%−$11 on $10k

Price spread, last 7 days+0.218%+$22 · spread now −0.328%, 7d avg −0.130%

Together, before fees+0.105%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.198% cheaper against BingX than usual: you would sell low and buy high (spread −0.328% now, against its 7-day average of −0.130%). If the spread goes back, that is −$20 on $10k: about 10 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.112%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX MERL-USDT	0.02745	0.0610	pay 0.0305% / 4h	8m 32s	—	$6.6M	—
Short	Bybit MERLUSDT	0.02736	0.0676	get 0.0676% / 8h	8m 32s	$1.2M	$446K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.328%Rate

Funding earned: $13.82
Price spread: −0.328% → −0.130%: −$19.8
Slippage, 4 orders: −$218.71
Fee BingX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$245.69
Costs to cover: 2.397%
Break-even: 131.4 days

Slippage from BingX: live order book, 3 min ago; Bybit: 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, 3 min ago	5.49 bp	28.3 bp −$28	81.8 bp −$818	744.9 bp −$74.5K	doesn't fit
Sell Bybit live order book, 2 min ago	5.49 bp	83.5 bp −$84	370.8 bp −$3,708	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	−0.689%	$26K	$508K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02744	−0.036%	$49K	$61K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02744	−0.036%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02746	+0.040%	$439K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02745	+0.009%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02744	−0.036%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02744	−0.036%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02740	−0.182%	$253K	$66K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02745	0.000%	$14.4M	$117K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02746	+0.036%	$885K	$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	0.02750	+0.182%	$1.6M	$285K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02729	−0.596%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02740	−0.182%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0155%	4h	0.02734	−0.401%	$120K	$3K	50x	as long as short
BingX MERL-USDTlong	+0.0610%	4h	0.02745	long leg	—	$6.6M	—
Bybit MERLUSDTshort	+0.0676%	8h	0.02736	−0.328%	$1.2M	$446K	25x