Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.106%

Price spread now: BingX against Gate−0.218%7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$157as in the Funding arb table

Net, price: spread back to 7d avg − costs−$209as in the Price arb table

costs, in and out, $10k−$1961.961% of the position

Long on Gate Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.393%+$39 on $10k

Price spread, last 4 days (all we have)+0.127%+$13 · spread now −0.218%, 7d avg −0.091%

Together, before fees+0.520%+$52 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: BingX is 0.127% cheaper against Gate than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.091%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MERL_USDT	0.02749	0.0100	pay 0.0100% / 8h	7h 41m	$253K	$65K	25x
Short	BingX MERL-USDT	0.02743	0.0100	get 0.0050% / 4h	3h 41m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.218%Rate

Funding earned: $0
Price spread: −0.218% → −0.091%: −$12.71
Slippage, 4 orders: −$171.11
Fee Gate: 7.5 bp × 2 orders: −$15
Fee BingX: 5 bp × 2 orders: −$10
Net: −$208.82
Costs to cover: 1.961%
Break-even: never at this rate

Slippage from Gate: live order book, 26 min ago; BingX: live order book, 6 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, 26 min ago	5.47 bp	67.5 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	7.30 bp	36.7 bp −$37	111.2 bp −$1,112	770.3 bp −$77.0K	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	−0.0152%	1h	0.02735	−0.527%	$27K	$510K	50x	as long as short
BloFin MERL-USDT	+0.0051%	4h	0.02745	−0.146%	$120K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02745	−0.146%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02745	−0.138%	$439K	$132K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02743	−0.208%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02745	−0.153%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02739	−0.364%	$1.2M	$437K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02742	−0.255%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDTlong	+0.0100%	8h	0.02749	long leg	$253K	$65K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02745	−0.146%	$14.4M	$114K	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	0.02744	−0.182%	$885K	$64K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02749	0.000%	$1.6M	$253K	25x	as long as short
BingX MERL-USDTshort	+0.0100%	4h	0.02743	−0.218%	—	$6.6M	—
Variational Omni MERL	+0.0100%	8h	0.02736	−0.470%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02742	−0.255%	$1K	$997K	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0296%	1h	0.02746	−0.095%	$49K	$61K	10x	as long as short