Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0855%/8h= −93.7% APRpaid last 24h −0.036%

Price spread now: Binance against Deribit−0.017%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Binance

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—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$26 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MERL_USDC-PERPETUAL	0.02741	0.0955	pay 0.0119% / 1h	27m 35s	$49K	$61K	10x
Short	Binance MERLUSDT	0.02741	0.0100	get 0.0050% / 4h	2h 27m	$1.8M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.017%Rate

Funding earned: −$179.61
Price spread: −0.017% → 0.000%: −$1.71
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$198.32
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 7 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 Deribit no order-book sample	—	—	—	—	—
Sell Binance live order book, 7 min ago	3.65 bp	30.5 bp −$31	131.9 bp −$1,319	doesn't fit	doesn't fit

Deribit: 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-INTX	−0.0232%	1h	0.02724	−0.620%	$26K	$498K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02736	−0.190%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02738	−0.117%	$429K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02738	−0.129%	$3K	$427	5x	as long as short
Binance MERLUSDTshort	+0.0100%	4h	0.02741	−0.017%	$1.8M	$2.1M	50x
Bybit MERLUSDT	+0.0100%	8h	0.02730	−0.409%	$1.2M	$429K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02736	−0.190%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02735	−0.226%	$251K	$61K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02740	−0.044%	$14.4M	$118K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02737	−0.153%	$882K	$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	−0.117%	$1.6M	$246K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02735	−0.226%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02728	−0.479%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02738	−0.117%	$1K	$1.0M	20x	as long as short
Deribit MERL_USDC-PERPETUALlong	+0.0955%	1h	0.02741	long leg	$49K	$61K	10x