Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h −0.002%

Price spread now: Gate against BloFin−0.073%7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$183as in the Funding arb table

Net, price: spread back to 7d avg − costs−$190as in the Price arb table

costs, in and out, $10k−$1801.798% of the position

Long on BloFin Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 3 days (all we have)−0.049%−$5 · spread now −0.073%, 7d avg +0.031%

Together, before fees−0.082%−$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.104% cheaper against BloFin than usual: you would sell low and buy high (spread −0.073% now, against its 7-day average of +0.031%). If the spread goes back, that is −$10 on $10k: about 6.8 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MERL-USDT	0.02722	0.0049	pay 0.0025% / 4h	1h 21m	$120K	$3K	50x
Short	Gate MERL_USDT	0.02720	0.0100	get 0.0100% / 8h	1h 21m	$251K	$66K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.073%Rate

Funding earned: $10.69
Price spread: −0.073% → +0.031%: −$10.43
Slippage, 4 orders: −$152.77
Fee BloFin: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$179.51
Costs to cover: 1.798%
Break-even: 124.5 days

Slippage from BloFin: live order book, 51 min ago; Gate: live order book, 55 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 BloFin live order book, 51 min ago	3.67 bp	24.5 bp −$25	91.0 bp −$910	doesn't fit	doesn't fit
Sell Gate live order book, 55 min ago	5.52 bp	59.0 bp −$59	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	−0.0128%	1h	0.02708	−0.500%	$26K	$505K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02719	−0.096%	$47K	$63K	10x	as long as short
BloFin MERL-USDTlong	+0.0049%	4h	0.02722	long leg	$120K	$3K	50x
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02719	−0.110%	$13K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02721	−0.051%	$436K	$134K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02720	−0.090%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02721	−0.037%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02715	−0.257%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDTshort	+0.0100%	8h	0.02720	−0.073%	$251K	$66K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02721	−0.037%	$14.3M	$112K	100x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02718	−0.147%	$876K	$65K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02725	+0.110%	$1.6M	$289K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02701	−0.784%	$9K	$163	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02716	−0.220%	$2K	$997K	20x	as long as short
BingX MERL-USDT	+0.0650%	4h	0.02716	−0.220%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0721%	8h	0.02710	−0.441%	$1.2M	$470K	25x	as long as short