Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0373%/8h= +40.8% APRpaid last 24h +0.005%

Price spread now: Bybit against Deribit−0.433%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 Bybit

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. Bybit is 0.433% cheaper against Deribit than usual: you would sell low and buy high (spread −0.433% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$43 on $10k: about 3.9 days of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MERL_USDC-PERPETUAL	0.02748	0.0405	pay 0.0051% / 1h	56m 01s	$47K	$59K	10x
Short	Bybit MERLUSDT	0.02736	0.0778	get 0.0778% / 8h	56m 01s	$1.2M	$451K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.433%Rate

Funding earned: $78.3
Price spread: −0.433% → 0.000%: −$43.31
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $16.99
Costs to cover: 0.180%
Break-even: 5.5 days

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	1.83 bp	110.4 bp −$110	390.2 bp −$3,902	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	0.02740	−0.287%	$26K	$512K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02746	−0.069%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02748	−0.004%	$440K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02743	−0.182%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02747	−0.033%	$1.9M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02744	−0.142%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02739	−0.324%	$252K	$65K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02748	+0.004%	$14.4M	$113K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02744	−0.142%	$885K	$65K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02751	+0.113%	$1.6M	$285K	25x	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	0.02722	−0.938%	$9K	$163	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02742	−0.215%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0116%	4h	0.02743	−0.178%	$120K	$3K	50x	as long as short
Deribit MERL_USDC-PERPETUALlong	+0.0405%	1h	0.02748	long leg	$47K	$59K	10x
BingX MERL-USDT	+0.0688%	4h	0.02744	−0.142%	—	$6.6M	—	as long as short
Bybit MERLUSDTshort	+0.0778%	8h	0.02736	−0.433%	$1.2M	$451K	25x