Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Aster against Hyperliquid+0.029%7-day average — · you sell dearer than you buy

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

Long on Hyperliquid Short on Aster

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—+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Aster is 0.029% dearer against Hyperliquid than usual: you sell high and buy low, +$3 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MERL	0.02769	0.0100	pay 0.0013% / 1h	8m 38s	$432K	$138K	3x
Short	Aster MERLUSDT	0.02769	0.0100	get 0.0050% / 4h	3h 08m	$3K	$263	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now +0.029%Rate

Funding earned: $0
Price spread: +0.029% → 0.000%: $2.86
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$14.14
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 1 min ago; Aster: 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 Hyperliquid live order book, 1 min ago	2.71 bp	30.9 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Aster no order-book sample	—	—	—	—	—

Aster: 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	−0.0360%	1h	0.02778	+0.329%	$49K	$623K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02765	−0.130%	$51K	$44K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02765	−0.126%	$14K	$2K	10x	as long as short
Hyperliquid MERLlong	+0.0100%	1h	0.02769	long leg	$432K	$138K	3x
Aster MERLUSDTshort	+0.0100%	4h	0.02769	+0.029%	$3K	$263	5x
Binance MERLUSDT	+0.0100%	4h	0.02771	+0.091%	$1.9M	$1.9M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02764	−0.163%	$1.2M	$392K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02772	+0.126%	$1.3M	$2.0M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02769	+0.018%	$251K	$57K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02769	+0.018%	$14.5M	$122K	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	0.02769	+0.018%	$889K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02775	+0.235%	$1.6M	$238K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02769	+0.018%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02769	+0.036%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02767	−0.054%	$2K	$950K	20x	as long as short
BloFin MERL-USDT	+0.0117%	4h	0.02774	+0.199%	$121K	$3K	50x	as long as short