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: SunX against Bybit+0.181%7-day average +0.204% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on SunX

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.166%+$17 · spread now +0.181%, 7d avg +0.204%

Together, before fees−0.094%−$9 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: SunX is 0.024% cheaper against Bybit than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.204%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02766	0.0100	pay 0.0100% / 8h	2h 36m	$1.2M	$384K	25x
Short	SunX MERL-USDT	0.02771	0.0100	get 0.0050% / 4h	2h 36m	$1K	$919K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.181%Rate

Funding earned: $0
Price spread: +0.181% → +0.204%: −$2.36
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SunX: 4 bp × 2 orders: −$8
Net: −$21.36
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; SunX: live order book, 46 min ago. 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, 4 min ago	3.63 bp	130.3 bp −$130	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 46 min ago	499.46 bp	doesn't fit	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	−0.799%	$25K	$635K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02772	+0.202%	$52K	$43K	10x	as long as short
BloFin MERL-USDT	+0.0064%	4h	0.02772	+0.217%	$122K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02770	+0.145%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02774	+0.304%	$434K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02771	+0.176%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02774	+0.289%	$1.9M	$1.8M	50x	as long as short
Bybit MERLUSDTlong	+0.0100%	8h	0.02766	long leg	$1.2M	$384K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02771	+0.181%	$1.3M	$1.9M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02770	+0.145%	$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	0.02774	+0.289%	$14.5M	$119K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02768	+0.072%	$886K	$39K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02775	+0.325%	$1.6M	$240K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02772	+0.217%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02759	−0.251%	$9K	$240	—	as long as short
SunX MERL-USDTshort	+0.0100%	4h	0.02771	+0.181%	$1K	$919K	20x