Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0941%/8h= +103.1% APRpaid last 24h +0.026%

Price spread now: Deribit against BloFin−0.200%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Deribit is 0.200% cheaper against BloFin than usual: you would sell low and buy high (spread −0.200% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$20 on $10k: about 17 hours of funding at the current rate (+$28 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MERL-USDT	0.02754	0.0084	pay 0.0042% / 4h	48m 51s	$120K	$3K	50x
Short	Deribit MERL_USDC-PERPETUAL	0.02748	0.1025	get 0.0128% / 1h	48m 51s	$47K	$59K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now −0.200%Rate

Funding earned: $197.7
Price spread: −0.200% → 0.000%: −$19.97
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $158.73
Costs to cover: 0.190%
Break-even: 1.4 days

Slippage unknown: BloFin: live order book, 11 min ago; Deribit: no order-book sample. 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 BloFin live order book, 11 min ago	3.65 bp	16.6 bp −$17	83.0 bp −$830	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0136%	1h	0.02740	−0.508%	$26K	$512K	50x	as long as short
BloFin MERL-USDTlong	+0.0084%	4h	0.02754	long leg	$120K	$3K	50x
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02746	−0.290%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02747	−0.243%	$440K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02746	−0.284%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02747	−0.256%	$1.9M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02743	−0.399%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02746	−0.290%	$253K	$65K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02747	−0.254%	$14.4M	$114K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02749	−0.182%	$886K	$65K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02751	−0.109%	$1.6M	$286K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02742	−0.430%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02742	−0.436%	$1K	$1.0M	20x	as long as short
BingX MERL-USDT	+0.0708%	4h	0.02747	−0.254%	—	$6.7M	—	as long as short
Bybit MERLUSDT	+0.0796%	8h	0.02738	−0.581%	$1.2M	$451K	25x	as long as short
Deribit MERL_USDC-PERPETUALshort	+0.1025%	1h	0.02748	−0.200%	$47K	$59K	10x