Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.010%

Price spread now: Orderly against Hyperliquid−0.156%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.156% cheaper against Hyperliquid than usual: you would sell low and buy high, −$16 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MERL	0.02754	0.0100	pay 0.0013% / 1h	30m 36s	$433K	$134K	3x
Short	Orderly PERP_MERL_USDC	0.02750	0.0099	get 0.0050% / 4h	30m 36s	$14K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.156%Rate

Funding earned: −$0.16
Price spread: −0.156% → 0.000%: −$15.61
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$30.77
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 59 min ago; Orderly: no order-book sample. 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, 59 min ago	4.53 bp	27.6 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0232%	1h	0.02732	−0.799%	$29K	$503K	50x	as long as short
Orderly PERP_MERL_USDCshort	+0.0099%	4h	0.02750	−0.156%	$14K	$2K	10x
Hyperliquid MERLlong	+0.0100%	1h	0.02754	long leg	$433K	$134K	3x
Aster MERLUSDT	+0.0100%	4h	0.02748	−0.226%	$3K	$497	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02755	+0.023%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02748	−0.229%	$1.2M	$412K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02753	−0.047%	$1.2M	$2.3M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02751	−0.120%	$252K	$60K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02754	−0.011%	$14.4M	$119K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02751	−0.120%	$884K	$41K	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	0.02755	+0.025%	$1.6M	$240K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02751	−0.120%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02745	−0.337%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02751	−0.120%	$2K	$988K	20x	as long as short
BloFin MERL-USDT	+0.0105%	4h	0.02749	−0.192%	$120K	$3K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0550%	1h	0.02752	−0.102%	$49K	$55K	10x	as long as short