Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h −0.028%

Price spread now: Gate against Deribit−0.102%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 Gate

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. Gate is 0.102% cheaper against Deribit than usual: you would sell low and buy high (spread −0.102% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 6.0 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MERL_USDC-PERPETUAL	0.02734	0.0043	pay 0.0005% / 1h	27m 30s	$47K	$59K	10x
Short	Gate MERL_USDT	0.02731	0.0100	get 0.0100% / 8h	27m 30s	$252K	$66K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.102%Rate

Funding earned: $12.03
Price spread: −0.102% → 0.000%: −$10.24
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$20.21
Costs to cover: 0.220%
Break-even: 18.8 days

Slippage unknown: Deribit: no order-book sample; Gate: live order book, 44 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 Gate live order book, 44 min ago	5.51 bp	71.4 bp −$71	doesn't fit	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	−0.282%	$26K	$509K	50x	as long as short
Deribit MERL_USDC-PERPETUALlong	+0.0043%	1h	0.02734	long leg	$47K	$59K	10x
BloFin MERL-USDT	+0.0084%	4h	0.02733	−0.029%	$120K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02734	+0.007%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02735	+0.051%	$438K	$134K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02732	−0.060%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02733	−0.039%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02733	−0.029%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDTshort	+0.0100%	8h	0.02731	−0.102%	$252K	$66K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02730	−0.139%	$14.3M	$116K	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	0.02732	−0.066%	$881K	$64K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02738	+0.154%	$1.6M	$285K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02723	−0.407%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02730	−0.139%	$2K	$1.0M	20x	as long as short
BingX MERL-USDT	+0.0634%	4h	0.02733	−0.029%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0695%	8h	0.02723	−0.395%	$1.2M	$447K	25x	as long as short