Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.106%

Price spread now: BingX against Hyperliquid−0.192%7-day average −0.060% · you buy dearer than you sell

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

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.351%+$35 on $10k

Price spread, last 4 days (all we have)+0.057%+$6 · spread now −0.192%, 7d avg −0.060%

Together, before fees+0.408%+ Points / potential airdropHyperliquid: Season 2 · farm board+$41 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: BingX is 0.132% cheaper against Hyperliquid than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MERL	0.02766	0.0100	pay 0.0013% / 1h	33m 17s	$434K	$136K	3x
Short	BingX MERL-USDT	0.02761	0.0100	get 0.0050% / 4h	3h 33m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now −0.192%Rate

Funding earned: $0
Price spread: −0.192% → −0.060%: −$13.19
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$32.19
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 47 min ago; BingX: live order book, 4 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, 47 min ago	2.53 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	5.43 bp	35.1 bp −$35	108.8 bp −$1,088	747.8 bp −$74.8K	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	−0.0360%	1h	0.02760	−0.239%	$45K	$536K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0039%	1h	0.02764	−0.065%	$51K	$56K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02763	−0.119%	$14K	$2K	10x	as long as short
Hyperliquid MERLlong	+0.0100%	1h	0.02766	long leg	$434K	$136K	3x
Aster MERLUSDT	+0.0100%	4h	0.02763	−0.112%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02766	−0.011%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02759	−0.264%	$1.2M	$416K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02763	−0.119%	$1.3M	$2.3M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02762	−0.155%	$251K	$55K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02765	−0.047%	$14.5M	$120K	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	0.02763	−0.119%	$887K	$40K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02769	+0.098%	$1.6M	$227K	25x	as long as short
BingX MERL-USDTshort	+0.0100%	4h	0.02761	−0.192%	—	$6.6M	—
Variational Omni MERL	+0.0100%	8h	0.02757	−0.336%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02763	−0.119%	$2K	$994K	20x	as long as short
BloFin MERL-USDT	+0.0144%	4h	0.02762	−0.155%	$120K	$3K	50x	as long as short