Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.089%

Price spread now: Bybit against Gate+0.073%7-day average −0.267% · you sell dearer than you buy

Net, funding: paid 7d − costs−$340as in the Funding arb table

Net, price: spread back to 7d avg − costs−$337as in the Price arb table

costs, in and out, $10k−$3713.709% of the position

Long on Gate Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.312%+$31 on $10k

Price spread, last 4 days (all we have)+0.092%+$9 · spread now +0.073%, 7d avg −0.267%

Together, before fees+0.404%+$40 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: Bybit is 0.340% dearer against Gate than usual: you sell high and buy low, +$34 on $10k if it goes back to its 7-day average of −0.267%.

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	5h 43m	$252K	$61K	25x
Short	Bybit MERLUSDT	0.02742	0.0100	get 0.0100% / 8h	5h 43m	$1.2M	$417K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.073%Rate

Funding earned: $0
Price spread: +0.073% → −0.267%: $34.01
Slippage, 4 orders: −$344.9
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$336.9
Costs to cover: 3.709%
Break-even: never at this rate

Slippage from Gate: live order book, 13 min ago; Bybit: 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, 13 min ago	7.29 bp	77.6 bp −$78	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	3.66 bp	121.9 bp −$122	578.0 bp −$5,780	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	−0.0272%	1h	0.02724	−0.577%	$26K	$497K	50x	as long as short
BloFin MERL-USDT	+0.0071%	4h	0.02741	+0.036%	$119K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0100%	4h	0.02737	−0.109%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02741	+0.044%	$432K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02738	−0.070%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02746	+0.226%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDTshort	+0.0100%	8h	0.02742	+0.073%	$1.2M	$417K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02746	+0.219%	$1.2M	$2.4M	20x	as long as short
Gate MERL_USDTlong	+0.0100%	8h	0.02740	long leg	$252K	$61K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02743	+0.109%	$14.4M	$117K	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	0.02739	−0.036%	$883K	$47K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02747	+0.255%	$1.6M	$243K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02746	+0.219%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02727	−0.474%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02737	−0.109%	$1K	$991K	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0919%	1h	0.02740	+0.004%	$49K	$61K	10x	as long as short