Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.027%

Price spread now: Deribit against Bitget−0.207%7-day average — · you buy dearer than you sell

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

Long on Bitget 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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.207% cheaper against Bitget than usual: you would sell low and buy high (−$21 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	Bitget MERLUSDT	0.02751	0.0100	pay 0.0050% / 4h	7m 50s	$1.6M	$285K	25x
Short	Deribit MERL_USDC-PERPETUAL	0.02745	0	get 0.0000% / 1h	7m 50s	$49K	$61K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.207%Rate

Funding earned: −$21
Price spread: −0.207% → 0.000%: −$20.72
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$60.72
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 4 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 Bitget live order book, 4 min ago	3.65 bp	32.2 bp −$32	230.5 bp −$2,305	doesn't fit	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	−0.0136%	1h	0.02726	−0.905%	$26K	$508K	50x	as long as short
Deribit MERL_USDC-PERPETUALshort	0.0000%	1h	0.02745	−0.207%	$49K	$61K	10x
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02744	−0.254%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02747	−0.149%	$440K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02743	−0.292%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02745	−0.218%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02744	−0.254%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02745	−0.218%	$253K	$66K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02741	−0.364%	$14.4M	$117K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02746	−0.182%	$885K	$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 MERLUSDTlong	+0.0100%	4h	0.02751	long leg	$1.6M	$285K	25x
Variational Omni MERL	+0.0100%	8h	0.02729	−0.813%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02741	−0.364%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0155%	4h	0.02734	−0.618%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0608%	4h	0.02744	−0.254%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0676%	8h	0.02736	−0.545%	$1.2M	$446K	25x	as long as short