Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.027%

Price spread now: Variational Omni against Deribit−0.576%7-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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.576% cheaper against Deribit than usual: you would sell low and buy high (spread −0.576% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$58 on $10k: about 19 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MERL_USDC-PERPETUAL	0.02716	0	get 0.0000% / 1h	22m 13s	$47K	$63K	10x
Short	Variational Omni MERL	0.02701	0.0100	get 0.0100% / 8h	1h 22m	$9K	$163	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.576%Rate

Funding earned: $21
Price spread: −0.576% → 0.000%: −$57.57
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$43.57
Costs to cover: 0.070%
Break-even: 21.5 days

Slippage unknown: Deribit: no order-book sample; Variational Omni: 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 Variational Omni no order-book sample	—	—	—	—	—

Deribit and Variational Omni: 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	−0.0128%	1h	0.02708	−0.291%	$26K	$505K	50x	as long as short
Deribit MERL_USDC-PERPETUALlong	0.0000%	1h	0.02716	long leg	$47K	$63K	10x
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02714	−0.085%	$13K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02719	+0.092%	$436K	$134K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02715	−0.049%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02718	+0.063%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02712	−0.158%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02711	−0.195%	$250K	$66K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02717	+0.026%	$14.3M	$112K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02715	−0.048%	$875K	$65K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02720	+0.136%	$1.6M	$289K	25x	as long as short
Variational Omni MERLshort	+0.0100%	8h	0.02701	−0.576%	$9K	$163	—
SunX MERL-USDT	+0.0100%	4h	0.02713	−0.121%	$1K	$998K	20x	as long as short
BloFin MERL-USDT	+0.0158%	4h	0.02717	+0.026%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0650%	4h	0.02713	−0.121%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0718%	8h	0.02705	−0.416%	$1.2M	$470K	25x	as long as short