Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1694%/8h= −185.5% APRpaid last 24h −0.036%

Price spread now: KuCoin against Deribit−0.204%53s7-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 KuCoin

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 −$51 a day on $10k at the current rate, and KuCoin is 0.204% cheaper against Deribit than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MERL_USDC-PERPETUAL	0.02746	0.1794	pay 0.0224% / 1h	59m 28s	$49K	$61K	10x
Short	KuCoin MERLUSDTM	0.02740	0.0100	get 0.0050% / 4h	1h 59m	$883K	$47K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.204%Rate

Funding earned: −$355.7
Price spread: −0.204% → 0.000%: −$20.4
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$395.09
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; KuCoin: live order book, 50 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 KuCoin live order book, 50 min ago	20.08 bp	165.4 bp −$165	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 15 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	−0.0232%	1h	0.02724	−0.779%	$26K	$497K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0100%	4h	0.02741	−0.168%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02741	−0.182%	$432K	$139K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02742	−0.139%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02742	−0.131%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02735	−0.386%	$1.2M	$418K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02738	−0.277%	$1.2M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02740	−0.204%	$251K	$60K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02742	−0.131%	$14.4M	$116K	100x	as long as short
KuCoin MERLUSDTMshort	+0.0100%	4h	0.02740	−0.204%	$883K	$47K	30x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02745	−0.022%	$1.6M	$243K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02740	−0.204%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02734	−0.422%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02742	−0.131%	$1K	$991K	20x	as long as short
Deribit MERL_USDC-PERPETUALlong	+0.1794%	1h	0.02746	long leg	$49K	$61K	10x