Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0058%/8h= +6.4% APRpaid last 24h −0.055%

Price spread now: MEXC against Deribit+0.004%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 MEXC

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MERL_USDC-PERPETUAL	0.02742	0.0042	pay 0.0005% / 1h	43m 12s	$49K	$55K	10x
Short	MEXC MERL_USDT	0.02742	0.0100	get 0.0050% / 4h	43m 12s	$14.4M	$118K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.004%Rate

Funding earned: $12.21
Price spread: +0.004% → 0.000%: $0.36
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: $1.58
Costs to cover: 0.110%
Break-even: 6.1 days

Slippage unknown: Deribit: no order-book sample; MEXC: live order book, just now. 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 MEXC live order book, just now	1.82 bp	3.8 bp −$4	41.4 bp −$414	168.2 bp −$16.8K	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	−0.0232%	1h	0.02739	−0.088%	$29K	$504K	50x	as long as short
Deribit MERL_USDC-PERPETUALlong	+0.0042%	1h	0.02742	long leg	$49K	$55K	10x
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02741	−0.033%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02741	−0.022%	$432K	$135K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02744	+0.077%	$3K	$497	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02742	−0.008%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02734	−0.288%	$1.2M	$414K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02739	−0.106%	$1.2M	$2.3M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02741	−0.033%	$251K	$60K	25x	as long as short
MEXC MERL_USDTshort	+0.0100%	4h	0.02742	+0.004%	$14.4M	$118K	100x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02742	+0.004%	$882K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02746	+0.150%	$1.6M	$241K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02740	−0.069%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02736	−0.215%	$9K	$178	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02742	+0.004%	$2K	$988K	20x	as long as short
BloFin MERL-USDT	+0.0156%	4h	0.02744	+0.077%	$119K	$3K	50x	as long as short