Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bitget against Hyperliquid+0.135%7-day average +0.086% · you sell dearer than you buy

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

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)−0.147%−$15 · spread now +0.135%, 7d avg +0.086%

Together, before fees−0.136%+ Points / potential airdropHyperliquid: Season 2 · farm board−$14 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: Bitget is 0.049% dearer against Hyperliquid than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.086%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MERL	0.02738	0.0100	pay 0.0013% / 1h	10m 59s	$432K	$140K	3x
Short	Bitget MERLUSDT	0.02742	0.0100	get 0.0050% / 4h	2h 10m	$1.6M	$247K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.135%Rate

Funding earned: $0
Price spread: +0.135% → +0.086%: $4.95
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$16.05
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 29 min ago; Bitget: live order book, 1 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, 29 min ago	4.03 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	3.65 bp	27.4 bp −$27	165.2 bp −$1,652	doesn't fit	doesn't fit

MERL on 15 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	0.02724	−0.515%	$26K	$498K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02737	−0.047%	$14K	$2K	10x	as long as short
Hyperliquid MERLlong	+0.0100%	1h	0.02738	long leg	$432K	$140K	3x
Aster MERLUSDT	+0.0100%	4h	0.02737	−0.032%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02738	−0.011%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02730	−0.303%	$1.2M	$424K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02734	−0.157%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02736	−0.084%	$251K	$62K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02737	−0.047%	$14.4M	$118K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02738	−0.011%	$882K	$65K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDTshort	+0.0100%	4h	0.02742	+0.135%	$1.6M	$247K	25x
BingX MERL-USDT	+0.0100%	4h	0.02735	−0.121%	—	$6.7M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02730	−0.321%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02736	−0.084%	$1K	$1.0M	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.1028%	1h	0.02742	+0.121%	$49K	$61K	10x	as long as short