Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.5% APRpaid last 24h −0.002%

Price spread now: BloFin against Hyperliquid−0.166%7-day average 0.000% · you buy dearer than you sell

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

Long on Hyperliquid Short on BloFin

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)+0.202%+$20 · spread now −0.166%, 7d avg 0.000%

Together, before fees+0.193%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 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: BloFin is 0.166% cheaper against Hyperliquid than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MERL	0.02946	0.0100	pay 0.0013% / 1h	58m 44s	$491K	$159K	3x
Short	BloFin MERL-USDT	0.02941	0.0096	get 0.0048% / 4h	58m 44s	$127K	$4K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.166%Rate

Funding earned: −$0.92
Price spread: −0.166% → 0.000%: −$16.6
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$38.52
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 61 min ago; BloFin: live order book, 8 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, 61 min ago	5.47 bp	37.8 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 8 min ago	5.09 bp	22.3 bp −$22	109.5 bp −$1,095	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	−0.0328%	1h	0.02927	−0.631%	$20K	$679K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02951	+0.187%	$59K	$41K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0095%	4h	0.02950	+0.139%	$15K	$2K	10x	as long as short
BloFin MERL-USDTshort	+0.0096%	4h	0.02941	−0.166%	$127K	$4K	50x
Hyperliquid MERLlong	+0.0100%	1h	0.02946	long leg	$491K	$159K	3x
Aster MERLUSDT	+0.0100%	4h	0.02949	+0.122%	$3K	$1K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02949	+0.105%	$2.0M	$2.2M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02944	−0.064%	$1.3M	$465K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02947	+0.037%	$1.4M	$2.3M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02950	+0.139%	$265K	$62K	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	0.02948	+0.071%	$3.7M	$122K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02947	+0.037%	$936K	$43K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02953	+0.241%	$1.7M	$274K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02949	+0.105%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02936	−0.337%	$10K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02950	+0.139%	$2K	$1.1M	20x	as long as short