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 0.000%

Price spread now: KuCoin against Bitget−0.455%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$526as in the Funding arb table

Net, price: spread back to 7d avg − costs−$571as in the Price arb table

costs, in and out, $10k−$5275.274% of the position

Long on Bitget Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.503%+$50 · spread now −0.455%, 7d avg −0.023%

Together, before fees+0.513%+$51 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: KuCoin is 0.432% cheaper against Bitget than usual: you would sell low and buy high, −$43 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MERLUSDT	0.02859	0.0100	pay 0.0050% / 4h	3h 56m	$1.7M	$286K	25x
Short	KuCoin MERLUSDTM	0.02846	0.0100	get 0.0050% / 4h	3h 56m	$895K	$47K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.455%Rate

Funding earned: $0
Price spread: −0.455% → −0.023%: −$43.16
Slippage, 4 orders: −$503.43
Fee Bitget: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$570.59
Costs to cover: 5.274%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; KuCoin: live order book, 18 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, 5 min ago	7.04 bp	44.8 bp −$45	322.2 bp −$3,222	doesn't fit	doesn't fit
Sell KuCoin live order book, 18 min ago	19.36 bp	159.6 bp −$160	doesn't fit	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	−1.280%	$16K	$491K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	−0.0100%	1h	0.02852	−0.234%	$56K	$66K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0072%	4h	0.02850	−0.315%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02850	−0.315%	$472K	$157K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02854	−0.189%	$4K	$5K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02856	−0.119%	$1.9M	$2.5M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02853	−0.210%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02851	−0.280%	$257K	$67K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02859	0.000%	$3.6M	$128K	100x	as long as short
KuCoin MERLUSDTMshort	+0.0100%	4h	0.02846	−0.455%	$895K	$47K	30x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDTlong	+0.0100%	4h	0.02859	long leg	$1.7M	$286K	25x
Variational Omni MERL	+0.0100%	8h	0.02835	−0.835%	$9K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02846	−0.455%	$2K	$1.2M	20x	as long as short
BloFin MERL-USDT	+0.0115%	4h	0.02850	−0.315%	$102K	$5K	50x	as long as short
Bybit MERLUSDT	+0.0993%	8h	0.02850	−0.315%	$1.2M	$489K	25x	as long as short
BingX MERL-USDT	+0.1460%	4h	0.02853	−0.210%	—	$6.6M	—	as long as short