Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0332%/8h= +36.4% APRpaid last 24h +0.070%

Price spread now: Aster against Coinbase International+0.346%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Aster is 0.346% dearer against Coinbase International than usual: you sell high and buy low: +$35 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MERL-PERP-INTX	0.02724	−0.0232	get 0.0029% / 1h	7m 19s	$26K	$498K	50x
Short	Aster MERLUSDT	0.02734	0.0100	get 0.0050% / 4h	2h 07m	$3K	$427	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Coinbase International. 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 Coinbase InternationalbpFee AsterbpOrdersPrice spread, now +0.346%Rate

Funding earned: $69.72
Price spread: +0.346% → 0.000%: $34.62
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: $86.34
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Coinbase International: live order book, 61 min ago; Aster: no order-book sample. 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 Coinbase International live order book, 61 min ago	17.09 bp	152.3 bp −$152	doesn't fit	doesn't fit	doesn't fit
Sell Aster no order-book sample	—	—	—	—	—

Aster: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MERL on 15 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-INTXlong	−0.0232%	1h	0.02724	long leg	$26K	$498K	50x
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02733	+0.323%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02733	+0.319%	$431K	$139K	3x	as long as short
Aster MERLUSDTshort	+0.0100%	4h	0.02734	+0.346%	$3K	$427	5x
Binance MERLUSDT	+0.0100%	4h	0.02735	+0.403%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02725	+0.029%	$1.2M	$424K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02730	+0.213%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02730	+0.213%	$251K	$62K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02734	+0.360%	$14.3M	$119K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02734	+0.360%	$881K	$65K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02738	+0.507%	$1.6M	$245K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02733	+0.323%	—	$6.7M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02730	+0.195%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02733	+0.323%	$1K	$1.0M	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0738%	1h	0.02736	+0.437%	$49K	$61K	10x	as long as short