Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0071%/8h= −7.8% APRpaid last 24h +0.054%

Price spread now: BingX against Bybit+0.259%7-day average +0.128% · you sell dearer than you buy

Net, funding: paid 7d − costs−$273as in the Funding arb table

Net, price: spread back to 7d avg − costs−$271as in the Price arb table

costs, in and out, $10k−$2842.838% of the position

Long on Bybit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 7 days−0.186%−$19 · spread now +0.259%, 7d avg +0.128%

Together, before fees−0.073%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.131% dearer against Bybit than usual: you sell high and buy low (spread +0.259% now, against its 7-day average of +0.128%): +$13 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.112%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02706	0.0721	pay 0.0721% / 8h	1h 21m	$1.2M	$470K	25x
Short	BingX MERL-USDT	0.02713	0.0650	get 0.0325% / 4h	1h 21m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.259%Rate

Funding earned: −$14.91
Price spread: +0.259% → +0.128%: $13.08
Slippage, 4 orders: −$262.77
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee BingX: 5 bp × 2 orders: −$10
Net: −$285.6
Costs to cover: 2.838%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; BingX: live order book, 6 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 Bybit live order book, 4 min ago	5.55 bp	109.2 bp −$109	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	7.38 bp	35.3 bp −$35	91.1 bp −$911	714.3 bp −$71.4K	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	+0.089%	$26K	$505K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02716	+0.381%	$47K	$63K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02714	+0.296%	$13K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02721	+0.554%	$436K	$134K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02715	+0.347%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02719	+0.480%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02713	+0.259%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02712	+0.222%	$250K	$66K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02718	+0.443%	$14.3M	$112K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02716	+0.370%	$876K	$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	0.02723	+0.628%	$1.6M	$289K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02701	−0.197%	$9K	$163	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02713	+0.259%	$1K	$998K	20x	as long as short
BloFin MERL-USDT	+0.0158%	4h	0.02717	+0.407%	$120K	$3K	50x	as long as short
BingX MERL-USDTshort	+0.0650%	4h	0.02713	+0.259%	—	$6.6M	—
Bybit MERLUSDTlong	+0.0721%	8h	0.02706	long leg	$1.2M	$470K	25x