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% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: SunX against Bitget−0.252%7-day average −0.129% · you buy dearer than you sell

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

Long on Bitget Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.456%+$46 · spread now −0.252%, 7d avg −0.129%

Together, before fees+0.456%+$46 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: SunX is 0.123% cheaper against Bitget than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.129%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MERLUSDT	0.02776	0.0100	pay 0.0050% / 4h	1m 46s	$1.6M	$231K	25x
Short	SunX MERL-USDT	0.02769	0.0100	get 0.0050% / 4h	1m 46s	$2K	$994K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.252%Rate

Funding earned: $0
Price spread: −0.252% → −0.129%: −$12.3
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$32.3
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 5 min ago; SunX: live order book, 1 min ago. 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, 5 min ago	5.40 bp	29.1 bp −$29	229.7 bp −$2,297	doesn't fit	doesn't fit
Sell SunX live order book, 1 min ago	501.62 bp	doesn't fit	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	−0.0232%	1h	0.02758	−0.652%	$45K	$535K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0003%	1h	0.02772	−0.126%	$49K	$54K	10x	as long as short
BloFin MERL-USDT	+0.0059%	4h	0.02772	−0.144%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02770	−0.216%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02773	−0.090%	$436K	$135K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02770	−0.223%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02772	−0.128%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02767	−0.324%	$1.2M	$422K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02772	−0.144%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02770	−0.216%	$254K	$61K	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	0.02771	−0.180%	$14.5M	$121K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02771	−0.180%	$890K	$41K	30x	as long as short
Bitget MERLUSDTlong	+0.0100%	4h	0.02776	long leg	$1.6M	$231K	25x
BingX MERL-USDT	+0.0100%	4h	0.02769	−0.252%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02768	−0.306%	$9K	$168	—	as long as short
SunX MERL-USDTshort	+0.0100%	4h	0.02769	−0.252%	$2K	$994K	20x