Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0097%/8h= −10.7% APRpaid last 24h −0.052%

Price spread now: Deribit against BingX+0.126%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.126% dearer against BingX than usual: you sell high and buy low (spread +0.126% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.3 days.

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	1m 44s	—	$6.6M	—
Short	Deribit MERL_USDC-PERPETUAL	0.02772	0.0003	get 0.0000% / 1h	1m 44s	$49K	$54K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpOrdersPrice spread, now +0.126%Rate

Funding earned: −$20.47
Price spread: +0.126% → 0.000%: $12.64
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$24.83
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 10 min ago; Deribit: no order-book sample. Net counts fees only.

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, 10 min ago	7.19 bp	35.2 bp −$35	152.8 bp −$1,528	765.3 bp −$76.5K	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.02758	−0.401%	$45K	$535K	50x	as long as short
Deribit MERL_USDC-PERPETUALshort	+0.0003%	1h	0.02772	+0.126%	$49K	$54K	10x
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	0.02773	+0.163%	$436K	$135K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02770	+0.024%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02773	+0.134%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02767	−0.072%	$1.2M	$422K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02771	+0.072%	$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	0.02773	+0.144%	$14.5M	$121K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02771	+0.072%	$890K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02777	+0.289%	$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	0.02769	0.000%	$2K	$994K	20x	as long as short