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 +0.089%

Price spread now: Bybit against KuCoin−0.139%7-day average −0.301% · you buy dearer than you sell

Net, funding: paid 7d − costs−$570as in the Funding arb table

Net, price: spread back to 7d avg − costs−$579as in the Price arb table

costs, in and out, $10k−$5955.948% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.249%+$25 on $10k

Price spread, last 4 days (all we have)−0.088%−$9 · spread now −0.139%, 7d avg −0.301%

Together, before fees+0.161%+$16 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: Bybit is 0.161% dearer against KuCoin than usual: you sell high and buy low, +$16 on $10k if it goes back to its 7-day average of −0.301%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MERLUSDTM	0.02873	0.0100	pay 0.0050% / 4h	40m 31s	$906K	$44K	30x
Short	Bybit MERLUSDT	0.02869	0.0100	get 0.0100% / 8h	40m 31s	$1.2M	$483K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.139%Rate

Funding earned: $0
Price spread: −0.139% → −0.301%: $16.13
Slippage, 4 orders: −$571.78
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$578.66
Costs to cover: 5.948%
Break-even: never at this rate

Slippage from KuCoin: live order book, 44 min ago; Bybit: live order book, 5 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, 44 min ago	20.69 bp	204.3 bp −$204	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	8.72 bp	99.8 bp −$100	329.0 bp −$3,290	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	−0.0328%	1h	0.02839	−1.187%	$17K	$641K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02874	+0.035%	$58K	$40K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0087%	4h	0.02872	−0.035%	$14K	$2K	10x	as long as short
BloFin MERL-USDT	+0.0088%	4h	0.02874	+0.035%	$126K	$4K	50x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02873	−0.003%	$476K	$158K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02875	+0.068%	$3K	$3K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02874	+0.035%	$1.9M	$2.3M	50x	as long as short
Bybit MERLUSDTshort	+0.0100%	8h	0.02869	−0.139%	$1.2M	$483K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02870	−0.104%	$1.4M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02877	+0.139%	$258K	$66K	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	0.02871	−0.070%	$3.6M	$127K	100x	as long as short
KuCoin MERLUSDTMlong	+0.0100%	4h	0.02873	long leg	$906K	$44K	30x
Bitget MERLUSDT	+0.0100%	4h	0.02878	+0.174%	$1.7M	$282K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02873	0.000%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02870	−0.106%	$9K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02872	−0.035%	$1K	$1.1M	20x	as long as short