Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.089%

Price spread now: Hyperliquid against Bybit+0.298%7-day average +0.235% · you sell dearer than you buy

Net, funding: paid 7d − costs−$345as in the Funding arb table

Net, price: spread back to 7d avg − costs−$312as in the Price arb table

costs, in and out, $10k−$3183.184% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.270%−$27 on $10k

Price spread, last 4 days (all we have)−0.102%−$10 · spread now +0.298%, 7d avg +0.235%

Together, before fees−0.373%+ Points / potential airdropHyperliquid: Season 2 · farm board−$37 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.063% dearer against Bybit than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.235%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02715	0.0100	pay 0.0100% / 8h	6h 54m	$1.2M	$430K	25x
Short	Hyperliquid MERL	0.02723	0.0100	get 0.0013% / 1h	54m 30s	$428K	$137K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.298%Rate

Funding earned: $0
Price spread: +0.298% → +0.235%: $6.33
Slippage, 4 orders: −$298.39
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$312.07
Costs to cover: 3.184%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Hyperliquid: live order book, 56 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, 1 min ago	5.51 bp	136.8 bp −$137	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 56 min ago	1.64 bp	33.8 bp −$34	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	−0.0232%	1h	0.02721	+0.225%	$26K	$497K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02727	+0.435%	$49K	$61K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02727	+0.442%	$13K	$2K	10x	as long as short
Hyperliquid MERLshort	+0.0100%	1h	0.02723	+0.298%	$428K	$137K	3x
Aster MERLUSDT	+0.0100%	4h	0.02729	+0.499%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02721	+0.211%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDTlong	+0.0100%	8h	0.02715	long leg	$1.2M	$430K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02720	+0.184%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02727	+0.442%	$250K	$60K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02726	+0.405%	$14.3M	$114K	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	0.02732	+0.626%	$880K	$66K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02724	+0.331%	$1.6M	$254K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02724	+0.331%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02721	+0.205%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02726	+0.405%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0134%	4h	0.02729	+0.516%	$119K	$3K	50x	as long as short