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: MEXC against Gate+0.036%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$1241.244% of the position

Long on Gate Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 4 days (all we have)−0.181%−$18 · spread now +0.036%, 7d avg −0.037%

Together, before fees−0.128%−$13 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: MEXC is 0.073% dearer against Gate than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MERL_USDT	0.02770	0.0100	pay 0.0100% / 8h	3h 58m	$254K	$53K	25x
Short	MEXC MERL_USDT	0.02771	0.0100	get 0.0050% / 4h	3h 58m	$14.5M	$117K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.036%Rate

Funding earned: $0
Price spread: +0.036% → −0.037%: $7.32
Slippage, 4 orders: −$105.45
Fee Gate: 7.5 bp × 2 orders: −$15
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$117.13
Costs to cover: 1.244%
Break-even: never at this rate

Slippage from Gate: live order book, 53 min ago; MEXC: live order book, 5 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, 53 min ago	3.66 bp	54.6 bp −$55	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	3.61 bp	5.6 bp −$6	55.3 bp −$553	164.9 bp −$16.5K	524.3 bp −$262.2K

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
Deribit MERL_USDC-PERPETUAL	−0.0581%	1h	0.02767	−0.123%	$49K	$54K	10x	as long as short
Coinbase International MERL-PERP-INTX	−0.0360%	1h	0.02758	−0.437%	$45K	$535K	50x	as long as short
BloFin MERL-USDT	+0.0058%	4h	0.02769	−0.036%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02770	0.000%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02771	+0.036%	$435K	$135K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02771	+0.028%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02770	+0.010%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02763	−0.253%	$1.2M	$421K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02768	−0.072%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDTlong	+0.0100%	8h	0.02770	long leg	$254K	$53K	25x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MERL_USDTshort	+0.0100%	4h	0.02771	+0.036%	$14.5M	$117K	100x
KuCoin MERLUSDTM	+0.0100%	4h	0.02772	+0.072%	$890K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02774	+0.144%	$1.6M	$231K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02769	−0.036%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02766	−0.144%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02769	−0.036%	$1K	$997K	20x	as long as short