Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: MEXC against Hyperliquid−0.109%7-day average −0.006% · you buy dearer than you sell

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

Long on Hyperliquid Short on MEXC

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)+0.026%+$3 · spread now −0.109%, 7d avg −0.006%

Together, before fees+0.036%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 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: MEXC is 0.103% cheaper against Hyperliquid than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MERL	0.02746	0.0100	pay 0.0013% / 1h	7m 04s	$439K	$133K	3x
Short	MEXC MERL_USDT	0.02743	0.0100	get 0.0050% / 4h	7m 04s	$14.4M	$117K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.109%Rate

Funding earned: $0
Price spread: −0.109% → −0.006%: −$10.31
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$23.31
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 53 min ago; MEXC: 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, 53 min ago	3.83 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	3.64 bp	5.6 bp −$6	42.7 bp −$427	171.5 bp −$17.1K	507.7 bp −$253.8K

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	−0.0136%	1h	0.02726	−0.725%	$26K	$508K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0042%	1h	0.02744	−0.087%	$49K	$61K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02743	−0.109%	$14K	$2K	10x	as long as short
Hyperliquid MERLlong	+0.0100%	1h	0.02746	long leg	$439K	$133K	3x
Aster MERLUSDT	+0.0100%	4h	0.02742	−0.136%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02745	−0.054%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02741	−0.182%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02745	−0.036%	$253K	$66K	25x	as long as short
MEXC MERL_USDTshort	+0.0100%	4h	0.02743	−0.109%	$14.4M	$117K	100x
KuCoin MERLUSDTM	+0.0100%	4h	0.02742	−0.146%	$884K	$64K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02749	+0.109%	$1.6M	$285K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02729	−0.632%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02738	−0.291%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0128%	4h	0.02734	−0.437%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0606%	4h	0.02743	−0.109%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0676%	8h	0.02732	−0.510%	$1.2M	$446K	25x	as long as short