Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: OKX against Bitget−0.244%7-day average −0.173% · you buy dearer than you sell

Net, funding: paid 7d − costs−$157as in the Funding arb table

Net, price: spread back to 7d avg − costs−$156as in the Price arb table

costs, in and out, $10k−$1491.494% of the position

Long on Bitget Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$7 on $10k

Price spread, last 7 days+0.110%+$11 · spread now −0.244%, 7d avg −0.173%

Together, before fees+0.036%+$4 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: OKX is 0.070% cheaper against Bitget than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.173%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MERLUSDT	0.02873	0.0100	pay 0.0050% / 4h	42m 33s	$1.7M	$282K	25x
Short	OKX MERL-USDT-SWAP	0.02866	0.0100	get 0.0050% / 4h	42m 33s	$1.4M	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.244%Rate

Funding earned: $0
Price spread: −0.244% → −0.173%: −$7.05
Slippage, 4 orders: −$127.45
Fee Bitget: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$156.49
Costs to cover: 1.494%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; OKX: live order book, 4 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	8.70 bp	53.3 bp −$53	431.8 bp −$4,318	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	3.49 bp	22.5 bp −$23	287.2 bp −$2,872	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	−0.0328%	1h	0.02839	−1.187%	$17K	$641K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02880	+0.237%	$58K	$40K	10x	as long as short
BloFin MERL-USDT	+0.0055%	4h	0.02871	−0.070%	$129K	$4K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0089%	4h	0.02878	+0.174%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02875	+0.087%	$476K	$158K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02874	+0.035%	$3K	$3K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02870	−0.088%	$1.9M	$2.3M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02864	−0.313%	$1.2M	$483K	25x	as long as short
OKX MERL-USDT-SWAPshort	+0.0100%	4h	0.02866	−0.244%	$1.4M	$2.4M	20x
Gate MERL_USDT	+0.0100%	8h	0.02878	+0.174%	$258K	$66K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MERL_USDT	+0.0100%	4h	0.02876	+0.104%	$3.6M	$127K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02874	+0.035%	$906K	$44K	30x	as long as short
Bitget MERLUSDTlong	+0.0100%	4h	0.02873	long leg	$1.7M	$282K	25x
BingX MERL-USDT	+0.0100%	4h	0.02870	−0.104%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02865	−0.280%	$9K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02879	+0.209%	$2K	$1.1M	20x	as long as short