Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: OKX against Gate+0.037%7-day average −0.151% · you sell dearer than you buy

Net, funding: paid 7d − costs−$194as in the Funding arb table

Net, price: spread back to 7d avg − costs−$173as in the Price arb table

costs, in and out, $10k−$1921.922% of the position

Long on Gate Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 4 days (all we have)−0.095%−$9 · spread now +0.037%, 7d avg −0.151%

Together, before fees−0.117%−$12 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: OKX is 0.188% dearer against Gate than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.151%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MERL_USDT	0.02731	0.0100	pay 0.0100% / 8h	6h 49m	$251K	$61K	25x
Short	OKX MERL-USDT-SWAP	0.02732	0.0100	get 0.0050% / 4h	2h 49m	$1.2M	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.037%Rate

Funding earned: $0
Price spread: +0.037% → −0.151%: $18.81
Slippage, 4 orders: −$167.16
Fee Gate: 7.5 bp × 2 orders: −$15
Fee OKX: 5 bp × 2 orders: −$10
Net: −$173.35
Costs to cover: 1.922%
Break-even: never at this rate

Slippage from Gate: live order book, 12 min ago; OKX: 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, 12 min ago	5.46 bp	60.2 bp −$60	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	3.66 bp	26.7 bp −$27	124.6 bp −$1,246	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	−0.0232%	1h	0.02721	−0.363%	$26K	$497K	50x	as long as short
BloFin MERL-USDT	+0.0084%	4h	0.02738	+0.256%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02733	+0.073%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02736	+0.168%	$430K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02732	+0.050%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02735	+0.146%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02729	−0.073%	$1.2M	$431K	25x	as long as short
OKX MERL-USDT-SWAPshort	+0.0100%	4h	0.02732	+0.037%	$1.2M	$2.5M	20x
Gate MERL_USDTlong	+0.0100%	8h	0.02731	long leg	$251K	$61K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02736	+0.183%	$14.4M	$116K	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	0.02733	+0.073%	$881K	$65K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02736	+0.183%	$1.6M	$254K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02729	−0.073%	—	$6.7M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02728	−0.125%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02734	+0.110%	$954	$1.0M	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0628%	1h	0.02735	+0.161%	$49K	$61K	10x	as long as short