Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.089%

Price spread now: MEXC against Bybit+0.253%7-day average +0.193% · you sell dearer than you buy

Net, funding: paid 7d − costs−$280as in the Funding arb table

Net, price: spread back to 7d avg − costs−$248as in the Price arb table

costs, in and out, $10k−$2542.535% of the position

Long on Bybit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.260%−$26 on $10k

Price spread, last 7 days−0.074%−$7 · spread now +0.253%, 7d avg +0.193%

Together, before fees−0.333%−$33 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: MEXC is 0.060% dearer against Bybit than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.193%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02768	0.0100	pay 0.0100% / 8h	2h 35m	$1.2M	$384K	25x
Short	MEXC MERL_USDT	0.02775	0.0100	get 0.0050% / 4h	2h 35m	$14.5M	$119K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.253%Rate

Funding earned: $0
Price spread: +0.253% → +0.193%: $5.99
Slippage, 4 orders: −$238.54
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$247.55
Costs to cover: 2.535%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; MEXC: live order book, 3 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	130.3 bp −$130	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	1.81 bp	3.8 bp −$4	87.1 bp −$871	179.5 bp −$17.9K	534.6 bp −$267.3K

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	0.02744	−0.871%	$25K	$635K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02770	+0.087%	$52K	$43K	10x	as long as short
BloFin MERL-USDT	+0.0064%	4h	0.02772	+0.145%	$122K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02770	+0.072%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02776	+0.278%	$435K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02772	+0.159%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02777	+0.311%	$1.9M	$1.8M	50x	as long as short
Bybit MERLUSDTlong	+0.0100%	8h	0.02768	long leg	$1.2M	$384K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02774	+0.217%	$1.3M	$1.9M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02770	+0.072%	$251K	$52K	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_USDTshort	+0.0100%	4h	0.02775	+0.253%	$14.5M	$119K	100x
KuCoin MERLUSDTM	+0.0100%	4h	0.02769	+0.036%	$887K	$39K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02775	+0.253%	$1.6M	$240K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02772	+0.145%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02765	−0.106%	$9K	$240	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02770	+0.072%	$1K	$919K	20x	as long as short