Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0611%/8h= −66.9% APRpaid last 24h −0.032%

Price spread now: Aster against Bybit+0.332%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Aster is 0.332% dearer against Bybit than usual: you sell high and buy low (spread +0.332% now, against zero (this spread has no 7-day history yet)): +$33 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 43 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02722	0.0711	pay 0.0711% / 8h	30m 13s	$1.2M	$447K	25x
Short	Aster MERLUSDT	0.02731	0.0100	get 0.0050% / 4h	30m 13s	$3K	$427	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Bybit. 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 BybitbpFee AsterbpOrdersPrice spread, now +0.332%Rate

Funding earned: −$128.27
Price spread: +0.332% → 0.000%: $33.18
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Aster: 4 bp × 2 orders: −$8
Net: −$114.09
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Bybit: live order book, just now; Aster: 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 Bybit live order book, just now	3.67 bp	94.6 bp −$95	doesn't fit	doesn't fit	doesn't fit
Sell Aster no order-book sample	—	—	—	—	—

Aster: 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	0.02726	+0.151%	$26K	$509K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02731	+0.323%	$47K	$59K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02731	+0.331%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02734	+0.430%	$438K	$133K	3x	as long as short
Aster MERLUSDTshort	+0.0100%	4h	0.02731	+0.332%	$3K	$427	5x
Binance MERLUSDT	+0.0100%	4h	0.02732	+0.359%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02729	+0.257%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02730	+0.294%	$252K	$66K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02731	+0.331%	$14.3M	$115K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02731	+0.331%	$880K	$64K	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	0.02737	+0.551%	$1.6M	$285K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02723	+0.025%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02727	+0.184%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0106%	4h	0.02734	+0.441%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0656%	4h	0.02730	+0.294%	—	$6.7M	—	as long as short
Bybit MERLUSDTlong	+0.0711%	8h	0.02722	long leg	$1.2M	$447K	25x