Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0556%/8h= −60.9% APRpaid last 24h −0.086%

Price spread now: Variational Omni against BingX−0.268%7-day average — · you buy dearer than you sell

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

Long on BingX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Variational Omni is 0.268% cheaper against BingX than usual: you would sell low and buy high (−$27 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX MERL-USDT	0.02730	0.0656	pay 0.0328% / 4h	30m 18s	—	$6.7M	—
Short	Variational Omni MERL	0.02723	0.0100	get 0.0100% / 8h	30m 18s	$9K	$188	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.268%Rate

Funding earned: −$116.76
Price spread: −0.268% → 0.000%: −$26.79
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$153.55
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 7 min ago; Variational Omni: 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, 7 min ago	5.49 bp	28.0 bp −$28	83.0 bp −$830	743.6 bp −$74.4K	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: 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	−0.0136%	1h	0.02726	−0.143%	$26K	$509K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02731	+0.029%	$47K	$59K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02731	+0.037%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02734	+0.136%	$438K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02731	+0.038%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02732	+0.064%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02729	−0.037%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02730	0.000%	$252K	$66K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02731	+0.037%	$14.3M	$115K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02731	+0.037%	$880K	$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	0.02737	+0.256%	$1.6M	$285K	25x	as long as short
Variational Omni MERLshort	+0.0100%	8h	0.02723	−0.268%	$9K	$188	—
SunX MERL-USDT	+0.0100%	4h	0.02727	−0.110%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0106%	4h	0.02734	+0.147%	$120K	$3K	50x	as long as short
BingX MERL-USDTlong	+0.0656%	4h	0.02730	long leg	—	$6.7M	—
Bybit MERLUSDT	+0.0711%	8h	0.02722	−0.293%	$1.2M	$447K	25x	as long as short