Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.089%

Price spread now: Bybit against Hyperliquid−0.311%7-day average −0.237% · you buy dearer than you sell

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

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.270%+$27 on $10k

Price spread, last 4 days (all we have)+0.134%+$13 · spread now −0.311%, 7d avg −0.237%

Together, before fees+0.404%+ Points / potential airdropHyperliquid: Season 2 · farm board+$40 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: Bybit is 0.073% cheaper against Hyperliquid than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.237%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MERL	0.02770	0.0100	pay 0.0013% / 1h	31m 56s	$434K	$138K	3x
Short	Bybit MERLUSDT	0.02761	0.0100	get 0.0100% / 8h	2h 31m	$1.2M	$383K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.311%Rate

Funding earned: $0
Price spread: −0.311% → −0.237%: −$7.33
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$27.33
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 38 min ago; Bybit: live order book, 9 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, 38 min ago	2.71 bp	30.9 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 9 min ago	3.63 bp	115.6 bp −$116	395.6 bp −$3,956	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	−0.0272%	1h	0.02744	−0.928%	$25K	$635K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02766	−0.116%	$52K	$43K	10x	as long as short
BloFin MERL-USDT	+0.0063%	4h	0.02765	−0.166%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02767	−0.094%	$14K	$2K	10x	as long as short
Hyperliquid MERLlong	+0.0100%	1h	0.02770	long leg	$434K	$138K	3x
Aster MERLUSDT	+0.0100%	4h	0.02766	−0.112%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02769	−0.027%	$1.9M	$1.8M	50x	as long as short
Bybit MERLUSDTshort	+0.0100%	8h	0.02761	−0.311%	$1.2M	$383K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02766	−0.130%	$1.3M	$1.9M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02768	−0.058%	$251K	$52K	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	0.02767	−0.094%	$14.5M	$120K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02765	−0.166%	$885K	$39K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02772	+0.087%	$1.6M	$241K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02766	−0.130%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02765	−0.164%	$9K	$240	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02768	−0.058%	$1K	$919K	20x	as long as short