MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h −0.028%

Price spread now: Hyperliquid against Deribit+0.110%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 Hyperliquid

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—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hyperliquid is 0.110% dearer against Deribit than usual: you sell high and buy low: +$11 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	0.02733	0	get 0.0000% / 1h	32m 09s	$47K	$59K	10x
Short	Hyperliquid MERL	0.02736	0.0100	get 0.0013% / 1h	32m 09s	$438K	$133K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.110%Rate

Funding earned: $21
Price spread: +0.110% → 0.000%: $10.98
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $15.98
Costs to cover: 0.160%
Break-even: 1.7 days

Slippage unknown: Deribit: no order-book sample; Hyperliquid: live order book, 28 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 Hyperliquid live order book, 28 min ago	3.83 bp	doesn't fit	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	−0.238%	$26K	$509K	50x	as long as short
Deribit MERL_USDC-PERPETUALlong	0.0000%	1h	0.02733	long leg	$47K	$59K	10x
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02733	+0.015%	$14K	$2K	10x	as long as short
Hyperliquid MERLshort	+0.0100%	1h	0.02736	+0.110%	$438K	$133K	3x
Aster MERLUSDT	+0.0100%	4h	0.02732	−0.027%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02733	+0.015%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02731	−0.059%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02731	−0.059%	$252K	$66K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02733	+0.015%	$14.3M	$115K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02731	−0.059%	$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 MERLUSDT	+0.0100%	4h	0.02738	+0.198%	$1.6M	$286K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02725	−0.271%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02728	−0.168%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0120%	4h	0.02732	−0.022%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0686%	4h	0.02731	−0.059%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0722%	8h	0.02725	−0.278%	$1.2M	$446K	25x	as long as short