Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Gate+0.054%7-day average −0.031% · you sell dearer than you buy

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

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 4 days (all we have)+0.267%+$27 · spread now +0.054%, 7d avg −0.031%

Together, before fees+0.309%+ Points / potential airdropHyperliquid: Season 2 · farm board+$31 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: Hyperliquid is 0.085% dearer against Gate than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MERL_USDT	0.02760	0.0100	pay 0.0100% / 8h	5h 21m	$254K	$61K	25x
Short	Hyperliquid MERL	0.02762	0.0100	get 0.0013% / 1h	21m 09s	$436K	$138K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpOrdersPrice spread, now +0.054%Rate

Funding earned: $0
Price spread: +0.054% → −0.031%: $8.5
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$15.5
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 35 min ago; Hyperliquid: live order book, 9 min ago. 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, 35 min ago	7.29 bp	77.6 bp −$78	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	4.53 bp	doesn't fit	doesn't fit	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	0.02745	−0.562%	$26K	$501K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0040%	1h	0.02760	+0.014%	$49K	$59K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0100%	4h	0.02760	0.000%	$14K	$2K	10x	as long as short
Hyperliquid MERLshort	+0.0100%	1h	0.02762	+0.054%	$436K	$138K	3x
Aster MERLUSDT	+0.0100%	4h	0.02760	−0.016%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02762	+0.066%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02756	−0.145%	$1.2M	$416K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02760	0.000%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDTlong	+0.0100%	8h	0.02760	long leg	$254K	$61K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02761	+0.036%	$14.5M	$119K	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	0.02756	−0.145%	$888K	$42K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02763	+0.109%	$1.6M	$243K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02759	−0.036%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02744	−0.564%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02760	0.000%	$1K	$990K	20x	as long as short
BloFin MERL-USDT	+0.0137%	4h	0.02760	0.000%	$120K	$3K	50x	as long as short