Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0888%/8h= −97.2% APRpaid last 24h −0.061%

Price spread now: Orderly against Deribit−0.153%55s7-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 Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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 −$27 a day on $10k at the current rate, and Orderly is 0.153% cheaper against Deribit than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 55 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	0.02751	0.0987	pay 0.0123% / 1h	13m 19s	$49K	$55K	10x
Short	Orderly PERP_MERL_USDC	0.02747	0.0100	get 0.0050% / 4h	1h 13m	$14K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.153%Rate

Funding earned: −$186.42
Price spread: −0.153% → 0.000%: −$15.27
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$214.69
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Deribit and Orderly: 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	0.02745	−0.233%	$26K	$502K	50x	as long as short
BloFin MERL-USDT	+0.0073%	4h	0.02747	−0.153%	$119K	$3K	50x	as long as short
Orderly PERP_MERL_USDCshort	+0.0100%	4h	0.02747	−0.153%	$14K	$2K	10x
Hyperliquid MERL	+0.0100%	1h	0.02749	−0.080%	$434K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02750	−0.050%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02749	−0.062%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02742	−0.334%	$1.2M	$421K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02745	−0.225%	$1.2M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02748	−0.116%	$252K	$61K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02750	−0.044%	$14.4M	$119K	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	0.02749	−0.080%	$886K	$42K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02750	−0.044%	$1.6M	$244K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02750	−0.044%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02745	−0.208%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02747	−0.153%	$1K	$991K	20x	as long as short
Deribit MERL_USDC-PERPETUALlong	+0.0987%	1h	0.02751	long leg	$49K	$55K	10x