Funding arb · Price arb /

MERL

all MERL markets

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: OKX against Bybit+0.072%7-day average +0.105% · you sell dearer than you buy

Net, funding: paid 7d − costs−$368as in the Funding arb table

Net, price: spread back to 7d avg − costs−$338as in the Price arb table

costs, in and out, $10k−$3353.348% of the position

Long on Bybit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.334%−$33 on $10k

Price spread, last 7 days−0.042%−$4 · spread now +0.072%, 7d avg +0.105%

Together, before fees−0.376%−$38 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: OKX is 0.033% cheaper against Bybit than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.105%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02767	0.0100	pay 0.0100% / 8h	2h 36m	$1.2M	$384K	25x
Short	OKX MERL-USDT-SWAP	0.02769	0.0100	get 0.0050% / 4h	2h 36m	$1.3M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.072%Rate

Funding earned: $0
Price spread: +0.072% → +0.105%: −$3.29
Slippage, 4 orders: −$313.83
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee OKX: 5 bp × 2 orders: −$10
Net: −$338.11
Costs to cover: 3.348%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; OKX: live order book, 6 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	3.63 bp	130.3 bp −$130	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 6 min ago	3.62 bp	44.2 bp −$44	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	−0.0272%	1h	0.02744	−0.835%	$25K	$635K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02770	+0.123%	$52K	$43K	10x	as long as short
BloFin MERL-USDT	+0.0064%	4h	0.02772	+0.181%	$122K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02770	+0.108%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02773	+0.206%	$434K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02770	+0.122%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02771	+0.145%	$1.9M	$1.8M	50x	as long as short
Bybit MERLUSDTlong	+0.0100%	8h	0.02767	long leg	$1.2M	$384K	25x
OKX MERL-USDT-SWAPshort	+0.0100%	4h	0.02769	+0.072%	$1.3M	$1.9M	20x
Gate MERL_USDT	+0.0100%	8h	0.02770	+0.108%	$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_USDT	+0.0100%	4h	0.02773	+0.217%	$14.5M	$119K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02769	+0.072%	$887K	$39K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02775	+0.289%	$1.6M	$240K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02770	+0.108%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02759	−0.288%	$9K	$240	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02770	+0.108%	$1K	$919K	20x	as long as short