Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0887%/8h= +97.2% APRpaid last 24h −0.038%

Price spread now: Deribit against Bybit+0.372%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 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

Both sides work for this trade now. Funding pays +$27 a day on $10k at the current rate, and Deribit is 0.372% dearer against Bybit than usual: you sell high and buy low: +$37 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02741	0.0100	pay 0.0100% / 8h	5h 14m	$1.2M	$424K	25x
Short	Deribit MERL_USDC-PERPETUAL	0.02751	0.0987	get 0.0123% / 1h	14m 04s	$49K	$55K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.372%Rate

Funding earned: $186.34
Price spread: +0.372% → 0.000%: $37.21
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $205.56
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	5.47 bp	131.8 bp −$132	doesn't fit	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	−0.0272%	1h	0.02745	+0.139%	$26K	$502K	50x	as long as short
BloFin MERL-USDT	+0.0073%	4h	0.02747	+0.219%	$119K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0100%	4h	0.02748	+0.255%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02749	+0.292%	$434K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02749	+0.296%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02750	+0.341%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDTlong	+0.0100%	8h	0.02741	long leg	$1.2M	$424K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02747	+0.219%	$1.2M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02748	+0.255%	$252K	$61K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02750	+0.328%	$14.4M	$119K	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	0.02753	+0.438%	$887K	$42K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02747	+0.219%	$1.6M	$243K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02751	+0.365%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02745	+0.163%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02747	+0.219%	$1K	$991K	20x	as long as short
Deribit MERL_USDC-PERPETUALshort	+0.0987%	1h	0.02751	+0.372%	$49K	$55K	10x