Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0058%/8h= −6.4% APRpaid last 24h +0.028%

Price spread now: Deribit against Gate+0.022%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Gate Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.022% dearer against Gate than usual: you sell high and buy low (spread +0.022% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MERL_USDT	0.02743	0.0100	pay 0.0100% / 8h	6m 27s	$253K	$66K	25x
Short	Deribit MERL_USDC-PERPETUAL	0.02744	0.0042	get 0.0005% / 1h	6m 27s	$49K	$61K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$12.25
Price spread: +0.022% → 0.000%: $2.19
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$32.06
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 65 min ago; Deribit: 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 Gate live order book, 65 min ago	5.51 bp	61.5 bp −$62	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.0136%	1h	0.02726	−0.616%	$26K	$508K	50x	as long as short
Deribit MERL_USDC-PERPETUALshort	+0.0042%	1h	0.02744	+0.022%	$49K	$61K	10x
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02743	0.000%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02747	+0.149%	$440K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02743	+0.012%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02746	+0.111%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02743	0.000%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDTlong	+0.0100%	8h	0.02743	long leg	$253K	$66K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02743	0.000%	$14.4M	$117K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02742	−0.036%	$884K	$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	0.02751	+0.292%	$1.6M	$285K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02729	−0.524%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02738	−0.182%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0128%	4h	0.02734	−0.328%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0606%	4h	0.02743	0.000%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0674%	8h	0.02732	−0.401%	$1.2M	$446K	25x	as long as short