Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Gate against Bitget+0.110%7-day average −0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$216as in the Funding arb table

Net, price: spread back to 7d avg − costs−$194as in the Price arb table

costs, in and out, $10k−$2112.106% of the position

Long on Bitget Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 4 days (all we have)−0.137%−$14 · spread now +0.110%, 7d avg −0.054%

Together, before fees−0.190%−$19 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: Gate is 0.163% dearer against Bitget than usual: you sell high and buy low, +$16 on $10k if it goes back to its 7-day average of −0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MERLUSDT	0.02737	0.0100	pay 0.0050% / 4h	2h 33m	$1.6M	$251K	25x
Short	Gate MERL_USDT	0.02740	0.0100	get 0.0100% / 8h	6h 33m	$251K	$61K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.110%Rate

Funding earned: $0
Price spread: +0.110% → −0.054%: $16.32
Slippage, 4 orders: −$183.6
Fee Bitget: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$194.28
Costs to cover: 2.106%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; Gate: live order book, 29 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 Bitget live order book, 4 min ago	1.82 bp	37.5 bp −$38	325.0 bp −$3,250	doesn't fit	doesn't fit
Sell Gate live order book, 29 min ago	5.46 bp	72.4 bp −$72	doesn't fit	doesn't fit	doesn't fit

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	0.02734	−0.128%	$26K	$499K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02731	−0.205%	$49K	$61K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02734	−0.110%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02729	−0.278%	$428K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02738	+0.021%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02732	−0.183%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02729	−0.292%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDTshort	+0.0100%	8h	0.02740	+0.110%	$251K	$61K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02731	−0.219%	$14.3M	$117K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02740	+0.110%	$883K	$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 MERLUSDTlong	+0.0100%	4h	0.02737	long leg	$1.6M	$251K	25x
Variational Omni MERL	+0.0100%	8h	0.02734	−0.107%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02731	−0.219%	$1K	$1.0M	20x	as long as short
BingX MERL-USDT	+0.0106%	4h	0.02738	+0.037%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0150%	8h	0.02727	−0.365%	$1.2M	$432K	25x	as long as short