Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h −0.027%

Price spread now: Bitget against Deribit+0.128%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 Bitget

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

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bitget is 0.128% dearer against Deribit than usual: you sell high and buy low: +$13 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	Deribit MERL_USDC-PERPETUAL	0.02736	0.0006	pay 0.0001% / 1h	29m 16s	$47K	$59K	10x
Short	Bitget MERLUSDT	0.02739	0.0100	get 0.0050% / 4h	29m 16s	$1.6M	$285K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.128%Rate

Funding earned: $19.75
Price spread: +0.128% → 0.000%: $12.79
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $13.54
Costs to cover: 0.190%
Break-even: 2.2 days

Slippage unknown: Deribit: no order-book sample; Bitget: live order book, 2 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 Bitget live order book, 2 min ago	5.48 bp	45.1 bp −$45	176.6 bp −$1,766	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 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	−0.0136%	1h	0.02726	−0.344%	$26K	$509K	50x	as long as short
Deribit MERL_USDC-PERPETUALlong	+0.0006%	1h	0.02736	long leg	$47K	$59K	10x
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02733	−0.091%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02733	−0.080%	$438K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02731	−0.160%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02730	−0.186%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02732	−0.128%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02730	−0.201%	$252K	$66K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02732	−0.128%	$14.3M	$115K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02731	−0.165%	$880K	$64K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDTshort	+0.0100%	4h	0.02739	+0.128%	$1.6M	$285K	25x
Variational Omni MERL	+0.0100%	8h	0.02723	−0.468%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02726	−0.347%	$2K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0106%	4h	0.02734	−0.055%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0656%	4h	0.02726	−0.347%	—	$6.7M	—	as long as short
Bybit MERLUSDT	+0.0705%	8h	0.02723	−0.457%	$1.2M	$447K	25x	as long as short