Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0055%/8h= +6.0% APRpaid last 24h −0.091%

Price spread now: BloFin against Bybit+0.408%7-day average +0.241% · you sell dearer than you buy

Net, funding: paid 7d − costs−$311as in the Funding arb table

Net, price: spread back to 7d avg − costs−$266as in the Price arb table

costs, in and out, $10k−$2832.828% of the position

Long on Bybit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.280%−$28 on $10k

Price spread, last 4 days (all we have)−0.066%−$7 · spread now +0.408%, 7d avg +0.241%

Together, before fees−0.346%−$35 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and BloFin is 0.167% dearer against Bybit than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.241%. Mind the row above: over the last 7 days funding on this pair cost −0.280%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02938	0.0100	pay 0.0100% / 8h	1h 07m	$1.3M	$460K	25x
Short	BloFin MERL-USDT	0.02950	0.0155	get 0.0078% / 4h	1h 07m	$127K	$4K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.408%Rate

Funding earned: $11.59
Price spread: +0.408% → +0.241%: $16.73
Slippage, 4 orders: −$259.77
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$254.44
Costs to cover: 2.828%
Break-even: 160.6 days

Slippage from Bybit: live order book, 4 min ago; BloFin: live order book, 64 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	5.13 bp	104.1 bp −$104	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 64 min ago	5.36 bp	29.8 bp −$30	116.1 bp −$1,161	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	−0.0472%	1h	0.02928	−0.344%	$25K	$674K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02949	+0.368%	$60K	$40K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0095%	4h	0.02948	+0.340%	$15K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02943	+0.170%	$490K	$159K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02946	+0.281%	$3K	$1K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02946	+0.281%	$2.0M	$2.1M	50x	as long as short
Bybit MERLUSDTlong	+0.0100%	8h	0.02938	long leg	$1.3M	$460K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02945	+0.238%	$1.4M	$2.2M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02950	+0.408%	$266K	$63K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02950	+0.408%	$3.7M	$125K	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	0.02946	+0.272%	$936K	$42K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02947	+0.306%	$1.8M	$268K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02946	+0.272%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02917	−0.716%	$10K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02946	+0.272%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDTshort	+0.0155%	4h	0.02950	+0.408%	$127K	$4K	50x