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% APRpaid last 24h 0.000%

Price spread now: KuCoin against Gate+0.170%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$879as in the Funding arb table

Net, price: spread back to 7d avg − costs−$872as in the Price arb table

costs, in and out, $10k−$8858.852% of the position

Long on Gate Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 4 days (all we have)−0.071%−$7 · spread now +0.170%, 7d avg +0.042%

Together, before fees−0.008%−$1 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: KuCoin is 0.128% dearer against Gate than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MERL_USDT	0.02940	0.0100	pay 0.0100% / 8h	1h 06m	$265K	$63K	25x
Short	KuCoin MERLUSDTM	0.02945	0.0100	get 0.0050% / 4h	1h 06m	$935K	$42K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.170%Rate

Funding earned: $0
Price spread: +0.170% → +0.042%: $12.84
Slippage, 4 orders: −$858.15
Fee Gate: 7.5 bp × 2 orders: −$15
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$872.31
Costs to cover: 8.852%
Break-even: never at this rate

Slippage from Gate: live order book, 30 min ago; KuCoin: live order book, 18 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, 30 min ago	6.97 bp	180.9 bp −$181	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 18 min ago	20.69 bp	184.6 bp −$185	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	−0.0472%	1h	0.02928	−0.412%	$25K	$674K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02945	+0.167%	$60K	$40K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0095%	4h	0.02943	+0.102%	$15K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02941	+0.041%	$490K	$159K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02943	+0.107%	$3K	$1K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02943	+0.107%	$2.0M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02939	−0.034%	$1.3M	$461K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02944	+0.136%	$1.4M	$2.3M	20x	as long as short
Gate MERL_USDTlong	+0.0100%	8h	0.02940	long leg	$265K	$63K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02944	+0.136%	$3.7M	$125K	100x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTMshort	+0.0100%	4h	0.02945	+0.170%	$935K	$42K	30x
Bitget MERLUSDT	+0.0100%	4h	0.02949	+0.306%	$1.8M	$268K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02943	+0.102%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02917	−0.784%	$10K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02940	0.000%	$2K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0155%	4h	0.02950	+0.340%	$127K	$4K	50x	as long as short