Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Binance against Hyperliquid+0.127%7-day average +0.005% · you sell dearer than you buy

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

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)−0.129%−$13 · spread now +0.127%, 7d avg +0.005%

Together, before fees−0.119%+ Points / potential airdropHyperliquid: Season 2 · farm board−$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: Binance is 0.122% dearer against Hyperliquid than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MERL	0.02952	0.0100	pay 0.0013% / 1h	4m 08s	$492K	$159K	3x
Short	Binance MERLUSDT	0.02956	0.0100	get 0.0050% / 4h	1h 04m	$2.0M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.127%Rate

Funding earned: $0
Price spread: +0.127% → +0.005%: $12.24
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$6.76
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 56 min ago; Binance: live order book, 15 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 Hyperliquid live order book, 56 min ago	5.47 bp	37.8 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	3.43 bp	38.0 bp −$38	242.9 bp −$2,429	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	0.02933	−0.654%	$24K	$676K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02946	−0.200%	$59K	$41K	10x	as long as short
BloFin MERL-USDT	+0.0045%	4h	0.02950	−0.064%	$127K	$4K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0095%	4h	0.02947	−0.166%	$15K	$2K	10x	as long as short
Hyperliquid MERLlong	+0.0100%	1h	0.02952	long leg	$492K	$159K	3x
Aster MERLUSDT	+0.0100%	4h	0.02956	+0.127%	$3K	$1K	5x	as long as short
Binance MERLUSDTshort	+0.0100%	4h	0.02956	+0.127%	$2.0M	$2.1M	50x
Bybit MERLUSDT	+0.0100%	8h	0.02955	+0.105%	$1.3M	$464K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02960	+0.274%	$1.4M	$2.3M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02950	−0.064%	$265K	$64K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MERL_USDT	+0.0100%	4h	0.02954	+0.071%	$3.7M	$125K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02949	−0.098%	$936K	$42K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02957	+0.173%	$1.8M	$269K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02952	+0.003%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02939	−0.437%	$10K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02943	−0.302%	$2K	$1.1M	20x	as long as short