Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: MEXC against Bitget−0.110%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$760.756% of the position

Long on Bitget Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 7 days+0.159%+$16 · spread now −0.110%, 7d avg −0.080%

Together, before fees+0.159%+$16 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: MEXC is 0.030% cheaper against Bitget than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MERLUSDT	0.02728	0.0100	pay 0.0050% / 4h	1h 37m	$1.6M	$296K	25x
Short	MEXC MERL_USDT	0.02725	0.0100	get 0.0050% / 4h	1h 37m	$14.3M	$111K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.110%Rate

Funding earned: $0
Price spread: −0.110% → −0.080%: −$3.01
Slippage, 4 orders: −$59.57
Fee Bitget: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$78.57
Costs to cover: 0.756%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; MEXC: live order book, 1 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	5.49 bp	34.0 bp −$34	253.8 bp −$2,538	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	1.83 bp	3.8 bp −$4	45.3 bp −$453	165.4 bp −$16.5K	517.7 bp −$258.9K

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	−0.0128%	1h	0.02708	−0.718%	$26K	$506K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02728	0.000%	$13K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02727	−0.048%	$437K	$134K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02728	−0.018%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02725	−0.110%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02721	−0.257%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02720	−0.293%	$251K	$66K	25x	as long as short
MEXC MERL_USDTshort	+0.0100%	4h	0.02725	−0.110%	$14.3M	$111K	100x
KuCoin MERLUSDTM	+0.0100%	4h	0.02725	−0.110%	$878K	$65K	30x	as long as short
Bitget MERLUSDTlong	+0.0100%	4h	0.02728	long leg	$1.6M	$296K	25x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MERL	+0.0100%	8h	0.02717	−0.415%	$9K	$163	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02726	−0.073%	$1K	$997K	20x	as long as short
BloFin MERL-USDT	+0.0116%	4h	0.02727	−0.037%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0690%	4h	0.02723	−0.183%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0759%	8h	0.02714	−0.513%	$1.2M	$477K	25x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.1070%	1h	0.02731	+0.103%	$46K	$64K	10x	as long as short