Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Binance against KuCoin−0.110%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$463as in the Funding arb table

Net, price: spread back to 7d avg − costs−$466as in the Price arb table

costs, in and out, $10k−$4624.615% of the position

Long on KuCoin Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)+0.139%+$14 · spread now −0.110%, 7d avg −0.065%

Together, before fees+0.128%+$13 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: Binance is 0.045% cheaper against KuCoin than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MERLUSDTM	0.02771	0.0100	pay 0.0050% / 4h	3h 50m	$890K	$40K	30x
Short	Binance MERLUSDT	0.02768	0.0100	get 0.0050% / 4h	3h 50m	$1.9M	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against KuCoin. 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 KuCoinbpFee BinancebpOrdersPrice spread, now −0.110%Rate

Funding earned: $0
Price spread: −0.110% → −0.065%: −$4.52
Slippage, 4 orders: −$439.53
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$466.05
Costs to cover: 4.615%
Break-even: never at this rate

Slippage from KuCoin: live order book, 49 min ago; Binance: live order book, 13 min ago.

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 KuCoin live order book, 49 min ago	12.76 bp	213.9 bp −$214	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	3.61 bp	32.6 bp −$33	163.8 bp −$1,638	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	0.02758	−0.473%	$45K	$535K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02767	−0.148%	$49K	$54K	10x	as long as short
BloFin MERL-USDT	+0.0092%	4h	0.02771	0.000%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02768	−0.108%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02768	−0.119%	$435K	$135K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02768	−0.105%	$3K	$263	5x	as long as short
Binance MERLUSDTshort	+0.0100%	4h	0.02768	−0.110%	$1.9M	$2.0M	50x
Bybit MERLUSDT	+0.0100%	8h	0.02762	−0.325%	$1.2M	$420K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02765	−0.217%	$1.3M	$2.3M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02770	−0.036%	$254K	$53K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MERL_USDT	+0.0100%	4h	0.02767	−0.144%	$14.5M	$119K	100x	as long as short
KuCoin MERLUSDTMlong	+0.0100%	4h	0.02771	long leg	$890K	$40K	30x
Bitget MERLUSDT	+0.0100%	4h	0.02771	0.000%	$1.6M	$227K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02768	−0.108%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02762	−0.324%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02767	−0.144%	$2K	$995K	20x	as long as short