Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0650%/8h= +71.2% APRpaid last 24h +0.059%

Price spread now: BingX against Deribit−0.125%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 BingX

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

Funding pays, the price is against you. BingX is 0.125% cheaper against Deribit than usual: you would sell low and buy high (spread −0.125% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 15 hours of funding at the current rate (+$20 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MERL_USDC-PERPETUAL	0.02719	0	get 0.0000% / 1h	21m 11s	$47K	$63K	10x
Short	BingX MERL-USDT	0.02716	0.0650	get 0.0325% / 4h	1h 21m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.125%Rate

Funding earned: $136.5
Price spread: −0.125% → 0.000%: −$12.5
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $107
Costs to cover: 0.170%
Break-even: 1.5 days

Slippage unknown: Deribit: no order-book sample; BingX: live order book, 6 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 BingX live order book, 6 min ago	7.38 bp	35.3 bp −$35	91.1 bp −$911	714.3 bp −$71.4K	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 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	−0.0128%	1h	0.02708	−0.405%	$26K	$505K	50x	as long as short
Deribit MERL_USDC-PERPETUALlong	0.0000%	1h	0.02719	long leg	$47K	$63K	10x
BloFin MERL-USDT	+0.0049%	4h	0.02722	+0.096%	$120K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02719	−0.015%	$13K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02721	+0.044%	$436K	$134K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02720	+0.005%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02721	+0.059%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02715	−0.162%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02720	+0.022%	$251K	$66K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02721	+0.059%	$14.3M	$112K	100x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02718	−0.051%	$876K	$65K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02725	+0.206%	$1.6M	$289K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02701	−0.689%	$9K	$163	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02716	−0.125%	$2K	$997K	20x	as long as short
BingX MERL-USDTshort	+0.0650%	4h	0.02716	−0.125%	—	$6.6M	—
Bybit MERLUSDT	+0.0721%	8h	0.02710	−0.346%	$1.2M	$470K	25x	as long as short