Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Hyperliquid−0.296%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 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 · Variational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.296% cheaper against Hyperliquid than usual: you would sell low and buy high, −$30 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	0.02744	0.0100	pay 0.0013% / 1h	46m 42s	$439K	$132K	3x
Short	Variational Omni MERL	0.02736	0.0100	get 0.0100% / 8h	7h 46m	$9K	$188	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.296%Rate

Funding earned: $0
Price spread: −0.296% → 0.000%: −$29.6
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$38.6
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 3 min ago; Variational Omni: 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, 3 min ago	1.64 bp	27.2 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: 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	−0.0152%	1h	0.02740	−0.168%	$27K	$511K	50x	as long as short
Gate MERL_USDT	−0.0120%	8h	0.02739	−0.189%	$253K	$65K	25x	as long as short
BloFin MERL-USDT	+0.0050%	4h	0.02744	−0.007%	$120K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02741	−0.117%	$14K	$2K	10x	as long as short
Hyperliquid MERLlong	+0.0100%	1h	0.02744	long leg	$439K	$132K	3x
Aster MERLUSDT	+0.0100%	4h	0.02740	−0.143%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02741	−0.107%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02732	−0.445%	$1.2M	$437K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02736	−0.299%	$1.2M	$2.5M	20x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02739	−0.189%	$14.4M	$114K	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	0.02742	−0.080%	$884K	$63K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02746	+0.066%	$1.6M	$260K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02739	−0.189%	—	$6.6M	—	as long as short
Variational Omni MERLshort	+0.0100%	8h	0.02736	−0.296%	$9K	$188	—
SunX MERL-USDT	+0.0100%	4h	0.02735	−0.335%	$1K	$1.0M	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.2379%	1h	0.02746	+0.062%	$49K	$61K	10x	as long as short