Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.046%

Price spread now: SunX against Deribit+0.069%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 SunX

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 SunX is 0.069% dearer against Deribit than usual: you sell high and buy low: +$7 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	0.02912	0	get 0.0000% / 1h	51m 57s	$51K	$56K	10x
Short	SunX MERL-USDT	0.02914	0.0100	get 0.0050% / 4h	51m 57s	$1K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.069%Rate

Funding earned: $21
Price spread: +0.069% → 0.000%: $6.87
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: $12.87
Costs to cover: 0.150%
Break-even: 2.7 days

Slippage unknown: Deribit: no order-book sample; SunX: live order book, 6 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 SunX live order book, 6 min ago	500.17 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 exchanges

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	−0.1336%	1h	0.02919	+0.258%	$19K	$374K	50x	as long as short
Deribit MERL_USDC-PERPETUALlong	0.0000%	1h	0.02912	long leg	$51K	$56K	10x
Orderly PERP_MERL_USDC	+0.0026%	4h	0.02911	−0.034%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02906	−0.206%	$483K	$156K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02916	+0.152%	$4K	$6K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02911	−0.034%	$1.9M	$2.6M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02907	−0.172%	$1.2M	$524K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02909	−0.103%	$1.4M	$2.6M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02913	+0.034%	$260K	$80K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02908	−0.137%	$3.6M	$139K	100x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02910	−0.069%	$907K	$46K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02912	0.000%	$1.7M	$284K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02910	−0.069%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02915	+0.111%	$10K	$789	—	as long as short
SunX MERL-USDTshort	+0.0100%	4h	0.02914	+0.069%	$1K	$1.3M	20x
BloFin MERL-USDT	+0.0160%	4h	0.02917	+0.172%	$127K	$5K	50x	as long as short