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 0.000%

Price spread now: KuCoin against Hyperliquid+0.011%7-day average +0.069% · you sell dearer than you buy

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

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 4 days (all we have)+0.089%+$9 · spread now +0.011%, 7d avg +0.069%

Together, before fees+0.110%+ Points / potential airdropHyperliquid: Season 2 · farm board+$11 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: KuCoin is 0.058% cheaper against Hyperliquid than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.069%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MERL	0.02769	0.0100	pay 0.0013% / 1h	8m 34s	$432K	$138K	3x
Short	KuCoin MERLUSDTM	0.02769	0.0100	get 0.0050% / 4h	3h 08m	$889K	$41K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → +0.069%: −$5.84
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$26.84
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 1 min ago; KuCoin: live order book, 26 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, 1 min ago	2.71 bp	30.9 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 26 min ago	16.27 bp	176.8 bp −$177	doesn't fit	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	−0.0360%	1h	0.02778	+0.321%	$49K	$623K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02765	−0.137%	$51K	$44K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02765	−0.134%	$14K	$2K	10x	as long as short
Hyperliquid MERLlong	+0.0100%	1h	0.02769	long leg	$432K	$138K	3x
Aster MERLUSDT	+0.0100%	4h	0.02769	+0.015%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02770	+0.047%	$1.9M	$1.9M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02764	−0.170%	$1.2M	$392K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02769	+0.011%	$1.3M	$2.0M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02769	+0.011%	$251K	$57K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02769	+0.011%	$14.5M	$122K	100x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTMshort	+0.0100%	4h	0.02769	+0.011%	$889K	$41K	30x
Bitget MERLUSDT	+0.0100%	4h	0.02774	+0.191%	$1.6M	$238K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02769	+0.011%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02769	+0.028%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02767	−0.061%	$2K	$950K	20x	as long as short
BloFin MERL-USDT	+0.0117%	4h	0.02774	+0.191%	$121K	$3K	50x	as long as short