Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.089%

Price spread now: KuCoin against Bybit0.000%7-day average +0.308% · you sell dearer than you buy

Net, funding: paid 7d − costs−$655as in the Funding arb table

Net, price: spread back to 7d avg − costs−$661as in the Price arb table

costs, in and out, $10k−$6306.303% of the position

Long on Bybit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.249%−$25 on $10k

Price spread, last 4 days (all we have)+0.145%+$14 · spread now 0.000%, 7d avg +0.308%

Together, before fees−0.104%−$10 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: KuCoin is 0.308% cheaper against Bybit than usual: you would sell low and buy high, −$31 on $10k if it goes back to its 7-day average of +0.308%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02758	0.0100	pay 0.0100% / 8h	4h 20m	$1.2M	$411K	25x
Short	KuCoin MERLUSDTM	0.02758	0.0100	get 0.0050% / 4h	20m 55s	$886K	$41K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → +0.308%: −$30.78
Slippage, 4 orders: −$607.28
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$661.06
Costs to cover: 6.303%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; KuCoin: live order book, 19 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, 5 min ago	3.63 bp	113.3 bp −$113	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 19 min ago	12.76 bp	183.0 bp −$183	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	0.02732	−0.932%	$29K	$503K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02762	+0.160%	$49K	$55K	10x	as long as short
BloFin MERL-USDT	+0.0045%	4h	0.02756	−0.073%	$120K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02762	+0.145%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02763	+0.189%	$432K	$136K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02761	+0.099%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02764	+0.210%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDTlong	+0.0100%	8h	0.02758	long leg	$1.2M	$411K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02760	+0.073%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02760	+0.073%	$253K	$60K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MERL_USDT	+0.0100%	4h	0.02763	+0.181%	$14.5M	$119K	100x	as long as short
KuCoin MERLUSDTMshort	+0.0100%	4h	0.02758	0.000%	$886K	$41K	30x
Bitget MERLUSDT	+0.0100%	4h	0.02762	+0.145%	$1.6M	$237K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02764	+0.218%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02754	−0.127%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02761	+0.109%	$2K	$988K	20x	as long as short