Funding arb · Price arb /

MERL

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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: MEXC against BingX+0.037%7-day average +0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$750.753% of the position

Long on BingX Short on MEXC

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+0.111%+$11 · spread now +0.037%, 7d avg +0.061%

Together, before fees−0.229%−$23 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: MEXC is 0.024% cheaper against BingX than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.061%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX MERL-USDT	0.02739	0.0100	pay 0.0050% / 4h	2h 24m	—	$6.7M	—
Short	MEXC MERL_USDT	0.02740	0.0100	get 0.0050% / 4h	2h 24m	$14.4M	$118K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.037%Rate

Funding earned: $0
Price spread: +0.037% → +0.061%: −$2.43
Slippage, 4 orders: −$61.29
Fee BingX: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$77.72
Costs to cover: 0.753%
Break-even: never at this rate

Slippage from BingX: live order book, 8 min ago; MEXC: live order book, 4 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, 8 min ago	9.15 bp	30.1 bp −$30	95.5 bp −$955	766.1 bp −$76.6K	doesn't fit
Sell MEXC live order book, 4 min ago	3.65 bp	5.7 bp −$6	55.7 bp −$557	167.5 bp −$16.8K	430.4 bp −$215.2K

MERL on 15 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	0.02724	−0.540%	$26K	$498K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02738	−0.033%	$49K	$61K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02736	−0.110%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02738	−0.037%	$429K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02737	−0.088%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02739	0.000%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02736	−0.110%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02740	+0.037%	$252K	$61K	25x	as long as short
MEXC MERL_USDTshort	+0.0100%	4h	0.02740	+0.037%	$14.4M	$118K	100x
KuCoin MERLUSDTM	+0.0100%	4h	0.02736	−0.110%	$882K	$65K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02742	+0.110%	$1.6M	$246K	25x	as long as short
BingX MERL-USDTlong	+0.0100%	4h	0.02739	long leg	—	$6.7M	—
Variational Omni MERL	+0.0100%	8h	0.02732	−0.254%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02738	−0.037%	$1K	$1.0M	20x	as long as short
Bybit MERLUSDT	+0.0123%	8h	0.02732	−0.256%	$1.2M	$429K	25x	as long as short