Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Binance against Gate+0.266%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$182as in the Funding arb table

Net, price: spread back to 7d avg − costs−$158as in the Price arb table

costs, in and out, $10k−$1871.867% of the position

Long on Gate Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 4 days (all we have)−0.241%−$24 · spread now +0.266%, 7d avg −0.026%

Together, before fees−0.189%−$19 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.292% dearer against Gate than usual: you sell high and buy low, +$29 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MERL_USDT	0.02740	0.0100	pay 0.0100% / 8h	9m 07s	$253K	$66K	25x
Short	Binance MERLUSDT	0.02747	0.0100	get 0.0050% / 4h	9m 07s	$1.8M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Gate. 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 GatebpFee BinancebpOrdersPrice spread, now +0.266%Rate

Funding earned: $0
Price spread: +0.266% → −0.026%: $29.2
Slippage, 4 orders: −$161.72
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Binance: 5 bp × 2 orders: −$10
Net: −$157.52
Costs to cover: 1.867%
Break-even: never at this rate

Slippage from Gate: live order book, 62 min ago; Binance: live order book, 10 min ago.

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 Gate live order book, 62 min ago	5.51 bp	61.5 bp −$62	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	1.83 bp	31.1 bp −$31	123.2 bp −$1,232	doesn't fit	doesn't fit

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	−0.0136%	1h	0.02726	−0.507%	$26K	$508K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02744	+0.146%	$49K	$61K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02744	+0.146%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02751	+0.398%	$440K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02744	+0.149%	$3K	$427	5x	as long as short
Binance MERLUSDTshort	+0.0100%	4h	0.02747	+0.266%	$1.8M	$2.1M	50x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02746	+0.219%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDTlong	+0.0100%	8h	0.02740	long leg	$253K	$66K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02745	+0.182%	$14.4M	$117K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02746	+0.219%	$885K	$64K	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	0.02749	+0.328%	$1.6M	$285K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02729	−0.415%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02740	0.000%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0155%	4h	0.02734	−0.219%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0610%	4h	0.02745	+0.182%	—	$6.7M	—	as long as short
Bybit MERLUSDT	+0.0674%	8h	0.02740	0.000%	$1.2M	$445K	25x	as long as short