Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.049%

Price spread now: OKX against Deribit+0.130%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 OKX

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 for this trade now. Funding pays +$3 a day on $10k at the current rate, and OKX is 0.130% dearer against Deribit than usual: you sell high and buy low: +$13 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	0.02770	0	get 0.0000% / 1h	35m 39s	$52K	$43K	10x
Short	OKX MERL-USDT-SWAP	0.02774	0.0100	get 0.0050% / 4h	2h 35m	$1.3M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.130%Rate

Funding earned: $21
Price spread: +0.130% → 0.000%: $12.99
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $16.99
Costs to cover: 0.170%
Break-even: 1.3 days

Slippage unknown: Deribit: no order-book sample; OKX: live order book, 1 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 OKX live order book, 1 min ago	3.61 bp	51.6 bp −$52	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	−0.0272%	1h	0.02744	−0.957%	$25K	$635K	50x	as long as short
Deribit MERL_USDC-PERPETUALlong	0.0000%	1h	0.02770	long leg	$52K	$43K	10x
BloFin MERL-USDT	+0.0064%	4h	0.02772	+0.058%	$122K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02770	−0.014%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02776	+0.191%	$435K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02772	+0.072%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02777	+0.224%	$1.9M	$1.8M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02768	−0.087%	$1.2M	$384K	25x	as long as short
OKX MERL-USDT-SWAPshort	+0.0100%	4h	0.02774	+0.130%	$1.3M	$1.9M	20x
Gate MERL_USDT	+0.0100%	8h	0.02770	−0.014%	$251K	$52K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MERL_USDT	+0.0100%	4h	0.02775	+0.166%	$14.5M	$119K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02769	−0.051%	$887K	$39K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02775	+0.166%	$1.6M	$240K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02772	+0.058%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02765	−0.192%	$9K	$240	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02770	−0.014%	$1K	$919K	20x	as long as short