Settings8H · net · $10k
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Funding arb · Price arb / Crypto

MERL

All MERL markets →
LegExchangePriceFund. /8hEach paymentNext inOIVol 24hLev
LONG
Bybit SpotMERLUSDT
0.02689spotno funding——$198K1xBuy Bybit Spot
SHORT
BybitMERLUSDT
0.02689+0.0100get 0.0100% / 8h7h 44m$686K$605K25xShort Bybit
Price gap0.000%
Funding gap+0.0100% /8h

Both sides work: funding pays +$3 a day on $10k, and the gap is 0.079% above its 7d average: +$8 more if it goes back.

If you open now and hold

on $10k a leg · figures of the last 7D, not a forecast
Funding+$13+0.0100% /8h now · paid +0.130% over the last 7D
Price+$8spread 0.000% now, avg −0.079% → +0.079% if it goes back
Costs−$3053.051% of $10k · taker + slippage, in and out
Result−$284−2.84%no points

Price and funding

1h · history
PRICE SPREAD · 7D
Now0.000%
Average—
Range—
Wider than now—
FUNDING SPREAD · 7D
Average /8h—
Highest—
Lowest—
Paid you—

Where the spread has been, last 7D

share of time at each level

Funding on every exchange

/8h

MERL on 15 exchanges

lowest funding first

Before you open

2 ok · 3 to watch
  • Watch: Thin at this size98.8 / 68.0 bp
    At $10k entering Bybit Spot costs 98.8 bp, fee and slippage, 1.5× Bybit’s.
  • Note: Spot in full, margin on the short$10,000 + $400
    The spot leg is bought with the whole $10k; Bybit runs at up to 25x. Only the short can be liquidated, when the price rises, while the spot leg's gain is not yet realised: keep about 2× the margin on Bybit.
  • OK: Only the short pays funding— / 8h
    The spot leg pays no funding; Bybit settles every 8h.
    Next 24h at the current rates, on $10k a leg: +$3.00Long Bybit Spot: 0 payments, $0.00; short Bybit: 3 payments, +$3.00.
  • OK: Entry gap works for you0.000% vs −0.079%
    You short the dearer leg. If the gap goes back to average, the short gains.
  • Watch: Short leg is thin$686K OI
    Bybit sets your exit cost. Check its book before closing.
  • Note: No points program—
    Neither exchange runs points right now.
  • Watch: KYCBybit Spot Yes · Bybit Yes
    Standard verification is mandatory for every product.

Profit calculator

both legs, in and out
Position, each leg
Hold for
Orders
Price spread
Funding rate
Funding earned+0.0062%/8h × 21 periods+$13.04
Price spread0.000% → −0.079% (7d avg)+$7.92
Slippage, 4 orderslive order books−$274.13
Fee Bybit Spot bp × 2 orders−$20.00
Fee Bybit bp × 2 orders−$11.00
Net · 7 days · $10k−$284.16
Costs to cover3.051%Break-even159.5 days
Slippage: Bybit Spot: live order book, 15 min ago; Bybit: live order book, 34 min ago

Cost to enter

taker + slippage from mid, one side
BUY · LONGBybit Spot7.6198.8 bp−$99doesn’t fitdoesn’t fitdoesn’t fit
SELL · SHORTBybit5.5868.0 bp−$68225.4 bp−$2,254doesn’t fitdoesn’t fit

Closing costs about the same again.

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