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 0.000%

Price spread now: Aster against Bitget+0.025%7-day average — · you sell dearer than you buy

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

Long on Bitget Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Aster is 0.025% dearer against Bitget than usual: you sell high and buy low, +$2 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MERLUSDT	0.02739	0.0100	pay 0.0050% / 4h	54m 28s	$1.6M	$240K	25x
Short	Aster MERLUSDT	0.02740	0.0100	get 0.0050% / 4h	54m 28s	$3K	$497	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Bitget. 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 BitgetbpFee AsterbpOrdersPrice spread, now +0.025%Rate

Funding earned: $0
Price spread: +0.025% → 0.000%: $2.45
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$17.55
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 min ago; Aster: 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 Bitget live order book, 2 min ago	5.47 bp	31.7 bp −$32	272.7 bp −$2,727	doesn't fit	doesn't fit
Sell Aster no order-book sample	—	—	—	—	—

Aster: 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	0.02721	−0.646%	$29K	$501K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02738	−0.037%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02739	+0.011%	$431K	$134K	3x	as long as short
Aster MERLUSDTshort	+0.0100%	4h	0.02740	+0.025%	$3K	$497	5x
Binance MERLUSDT	+0.0100%	4h	0.02740	+0.019%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02732	−0.256%	$1.2M	$417K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02736	−0.110%	$1.2M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02739	0.000%	$252K	$59K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02739	0.000%	$14.4M	$117K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02739	0.000%	$882K	$40K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDTlong	+0.0100%	4h	0.02739	long leg	$1.6M	$240K	25x
BingX MERL-USDT	+0.0100%	4h	0.02735	−0.146%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02733	−0.236%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02736	−0.110%	$1K	$985K	20x	as long as short
BloFin MERL-USDT	+0.0113%	4h	0.02737	−0.073%	$120K	$3K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0882%	1h	0.02741	+0.062%	$49K	$55K	10x	as long as short