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 +0.001%

Price spread now: Bitget against Gate+0.220%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$205as in the Funding arb table

Net, price: spread back to 7d avg − costs−$193as in the Price arb table

costs, in and out, $10k−$2102.099% of the position

Long on Gate Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 4 days (all we have)−0.240%−$24 · spread now +0.220%, 7d avg +0.052%

Together, before fees−0.188%−$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: Bitget is 0.168% dearer against Gate than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MERL_USDT	0.02732	0.0100	pay 0.0100% / 8h	34m 29s	$252K	$66K	25x
Short	Bitget MERLUSDT	0.02738	0.0100	get 0.0050% / 4h	34m 29s	$1.6M	$286K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.220%Rate

Funding earned: $0
Price spread: +0.220% → +0.052%: $16.78
Slippage, 4 orders: −$182.91
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$193.13
Costs to cover: 2.099%
Break-even: never at this rate

Slippage from Gate: live order book, 37 min ago; Bitget: live order book, 2 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, 37 min ago	5.51 bp	61.5 bp −$62	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	3.65 bp	45.5 bp −$45	174.1 bp −$1,741	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	0.02730	−0.070%	$26K	$510K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02730	−0.055%	$47K	$59K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02731	−0.037%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02734	+0.073%	$438K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02732	+0.004%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02733	+0.048%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02730	−0.073%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDTlong	+0.0100%	8h	0.02732	long leg	$252K	$66K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02732	0.000%	$14.3M	$115K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02736	+0.146%	$882K	$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 MERLUSDTshort	+0.0100%	4h	0.02738	+0.220%	$1.6M	$286K	25x
Variational Omni MERL	+0.0100%	8h	0.02725	−0.249%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02726	−0.220%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0108%	4h	0.02732	0.000%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0686%	4h	0.02732	0.000%	—	$6.7M	—	as long as short
Bybit MERLUSDT	+0.0729%	8h	0.02720	−0.439%	$1.2M	$446K	25x	as long as short