Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0111%/8h= −12.1% APRpaid last 24h −0.030%

Price spread now: BloFin against Deribit−0.445%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 BloFin

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 against this trade now: funding costs −$3 a day on $10k at the current rate, and BloFin is 0.445% cheaper against Deribit than usual: you would sell low and buy high (−$45 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MERL_USDC-PERPETUAL	0.02783	0.0217	pay 0.0027% / 1h	9m 07s	$50K	$61K	10x
Short	BloFin MERL-USDT	0.02771	0.0106	get 0.0053% / 4h	3h 09m	$120K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.445%Rate

Funding earned: −$23.29
Price spread: −0.445% → 0.000%: −$44.55
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$86.84
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; BloFin: live order book, 46 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 BloFin live order book, 46 min ago	5.45 bp	25.8 bp −$26	80.2 bp −$802	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	−0.0152%	1h	0.02743	−1.469%	$26K	$501K	50x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02780	−0.122%	$442K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02781	−0.077%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02779	−0.167%	$1.9M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02775	−0.302%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02780	−0.122%	$256K	$65K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02781	−0.086%	$14.6M	$116K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02777	−0.230%	$895K	$65K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02783	−0.014%	$1.6M	$250K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02779	−0.158%	—	$6.6M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MERL	+0.0100%	8h	0.02763	−0.749%	$9K	$188	—	as long as short
Orderly PERP_MERL_USDC	+0.0100%	4h	0.02781	−0.086%	$14K	$2K	10x	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02778	−0.194%	$2K	$1.0M	20x	as long as short
Bybit MERLUSDT	+0.0102%	8h	0.02772	−0.410%	$1.2M	$423K	25x	as long as short
BloFin MERL-USDTshort	+0.0106%	4h	0.02771	−0.445%	$120K	$3K	50x
Deribit MERL_USDC-PERPETUALlong	+0.0217%	1h	0.02783	long leg	$50K	$61K	10x