Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: OKX against Hyperliquid−0.035%7-day average −0.115% · you buy dearer than you sell

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

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 4 days (all we have)−0.072%−$7 · spread now −0.035%, 7d avg −0.115%

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: OKX is 0.080% dearer against Hyperliquid than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.115%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MERL	0.02829	0.0100	pay 0.0013% / 1h	23m 44s	$468K	$156K	3x
Short	OKX MERL-USDT-SWAP	0.02828	0.0100	get 0.0050% / 4h	23m 44s	$1.3M	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.035%Rate

Funding earned: $0
Price spread: −0.035% → −0.115%: $7.97
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$11.03
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 26 min ago; OKX: live order book, 3 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, 26 min ago	3.87 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	3.54 bp	26.2 bp −$26	256.4 bp −$2,564	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
Deribit MERL_USDC-PERPETUAL	−0.0562%	1h	0.02832	+0.092%	$60K	$62K	10x	as long as short
Coinbase International MERL-PERP-INTX	−0.0328%	1h	0.02824	−0.159%	$15K	$594K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0081%	4h	0.02830	+0.035%	$14K	$2K	10x	as long as short
Hyperliquid MERLlong	+0.0100%	1h	0.02829	long leg	$468K	$156K	3x
Aster MERLUSDT	+0.0100%	4h	0.02831	+0.084%	$4K	$5K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02830	+0.027%	$1.9M	$2.5M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02824	−0.177%	$1.2M	$494K	25x	as long as short
OKX MERL-USDT-SWAPshort	+0.0100%	4h	0.02828	−0.035%	$1.3M	$2.5M	20x
Gate MERL_USDT	+0.0100%	8h	0.02831	+0.071%	$254K	$69K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02831	+0.071%	$3.5M	$129K	100x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02831	+0.071%	$893K	$47K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02834	+0.177%	$1.7M	$294K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02832	+0.106%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02822	−0.248%	$9K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02832	+0.106%	$2K	$1.2M	20x	as long as short
BloFin MERL-USDT	+0.0155%	4h	0.02834	+0.177%	$125K	$4K	50x	as long as short