Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.106%

Price spread now: OKX against BingX+0.035%7-day average −0.029% · 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−$123as in the Price arb table

costs, in and out, $10k−$1291.293% of the position

Long on BingX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.415%−$41 on $10k

Price spread, last 7 days−0.072%−$7 · spread now +0.035%, 7d avg −0.029%

Together, before fees−0.486%−$49 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: OKX is 0.064% dearer against BingX than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX MERL-USDT	0.02841	0.0100	pay 0.0050% / 4h	3h 58m	—	$6.6M	—
Short	OKX MERL-USDT-SWAP	0.02842	0.0100	get 0.0050% / 4h	3h 58m	$1.3M	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.035%Rate

Funding earned: $0
Price spread: +0.035% → −0.029%: $6.39
Slippage, 4 orders: −$109.32
Fee BingX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$122.93
Costs to cover: 1.293%
Break-even: never at this rate

Slippage from BingX: live order book, 8 min ago; OKX: live order book, 3 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	7.06 bp	34.7 bp −$35	142.6 bp −$1,426	789.9 bp −$79.0K	doesn't fit
Sell OKX live order book, 3 min ago	3.53 bp	24.6 bp −$25	346.2 bp −$3,462	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	−0.0624%	1h	0.02822	−0.655%	$16K	$491K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02843	+0.088%	$56K	$66K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0072%	4h	0.02840	−0.035%	$14K	$2K	10x	as long as short
BloFin MERL-USDT	+0.0100%	4h	0.02838	−0.106%	$122K	$4K	50x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02841	−0.014%	$470K	$156K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02840	−0.035%	$4K	$5K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02841	0.000%	$1.9M	$2.5M	50x	as long as short
OKX MERL-USDT-SWAPshort	+0.0100%	4h	0.02842	+0.035%	$1.3M	$2.4M	20x
Gate MERL_USDT	+0.0100%	8h	0.02840	−0.035%	$256K	$67K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02843	+0.070%	$3.5M	$128K	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	0.02840	−0.035%	$893K	$46K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02841	0.000%	$1.7M	$286K	25x	as long as short
BingX MERL-USDTlong	+0.0100%	4h	0.02841	long leg	—	$6.6M	—
Variational Omni MERL	+0.0100%	8h	0.02835	−0.207%	$9K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02837	−0.141%	$2K	$1.2M	20x	as long as short
Bybit MERLUSDT	+0.1623%	8h	0.02836	−0.176%	$1.2M	$488K	25x	as long as short