Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.049%

Price spread now: Deribit against KuCoin+0.047%7-day average — · you sell dearer than you buy

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

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.047% dearer against KuCoin than usual: you sell high and buy low (spread +0.047% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MERLUSDTM	0.02786	0.0100	pay 0.0050% / 4h	2h 51m	$892K	$39K	30x
Short	Deribit MERL_USDC-PERPETUAL	0.02787	0	get 0.0000% / 1h	51m 15s	$51K	$44K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$21
Price spread: +0.047% → 0.000%: $4.67
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$35.33
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 43 min ago; Deribit: 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 KuCoin live order book, 43 min ago	16.27 bp	322.8 bp −$323	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.0272%	1h	0.02772	−0.495%	$25K	$645K	50x	as long as short
Deribit MERL_USDC-PERPETUALshort	0.0000%	1h	0.02787	+0.047%	$51K	$44K	10x
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02789	+0.108%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02789	+0.101%	$437K	$137K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02789	+0.102%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02788	+0.076%	$1.9M	$1.8M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02781	−0.179%	$1.2M	$390K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02784	−0.072%	$1.3M	$1.9M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02789	+0.108%	$253K	$52K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02787	+0.036%	$14.6M	$118K	100x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTMlong	+0.0100%	4h	0.02786	long leg	$892K	$39K	30x
Bitget MERLUSDT	+0.0100%	4h	0.02790	+0.144%	$1.6M	$237K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02787	+0.036%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02787	+0.018%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02789	+0.108%	$2K	$930K	20x	as long as short
BloFin MERL-USDT	+0.0123%	4h	0.02792	+0.215%	$122K	$3K	50x	as long as short