Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0479%/8h= −52.4% APRpaid last 24h −0.052%

Price spread now: Aster against Deribit+0.087%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 6 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

The price spread pays, funding is against you. Aster is 0.087% dearer against Deribit than usual: you sell high and buy low (spread +0.087% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MERL_USDC-PERPETUAL	0.02777	0.0579	pay 0.0072% / 1h	31m 39s	$51K	$56K	10x
Short	Aster MERLUSDT	0.02779	0.0100	get 0.0050% / 4h	3h 31m	$3K	$263	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Deribit. 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 DeribitbpFee AsterbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$100.57
Price spread: +0.087% → 0.000%: $8.75
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$106.83
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; 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 Deribit no order-book sample	—	—	—	—	—
Sell Aster no order-book sample	—	—	—	—	—

Deribit and 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 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	−0.0360%	1h	0.02775	−0.079%	$26K	$565K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02775	−0.072%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02781	+0.137%	$435K	$138K	3x	as long as short
Aster MERLUSDTshort	+0.0100%	4h	0.02779	+0.087%	$3K	$263	5x
Binance MERLUSDT	+0.0100%	4h	0.02784	+0.255%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02779	+0.072%	$1.2M	$417K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02784	+0.252%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02782	+0.180%	$253K	$55K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02782	+0.180%	$14.6M	$120K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02776	−0.036%	$892K	$40K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02788	+0.396%	$1.7M	$233K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02783	+0.216%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02757	−0.720%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02762	−0.540%	$2K	$995K	20x	as long as short
BloFin MERL-USDT	+0.0144%	4h	0.02762	−0.540%	$120K	$3K	50x	as long as short
Deribit MERL_USDC-PERPETUALlong	+0.0579%	1h	0.02777	long leg	$51K	$56K	10x