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% APRpaid last 24h 0.000%

Price spread now: Gate against KuCoin−0.136%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$891as in the Funding arb table

Net, price: spread back to 7d avg − costs−$895as in the Price arb table

costs, in and out, $10k−$8858.852% of the position

Long on KuCoin Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 4 days (all we have)+0.037%+$4 · spread now −0.136%, 7d avg −0.042%

Together, before fees−0.026%−$3 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: Gate is 0.094% cheaper against KuCoin than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MERLUSDTM	0.02944	0.0100	pay 0.0050% / 4h	1h 06m	$935K	$42K	30x
Short	Gate MERL_USDT	0.02940	0.0100	get 0.0100% / 8h	1h 06m	$265K	$63K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.136%Rate

Funding earned: $0
Price spread: −0.136% → −0.042%: −$9.42
Slippage, 4 orders: −$858.15
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$894.57
Costs to cover: 8.852%
Break-even: never at this rate

Slippage from KuCoin: live order book, 18 min ago; Gate: live order book, 30 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, 18 min ago	20.69 bp	204.3 bp −$204	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 30 min ago	6.97 bp	315.4 bp −$315	doesn't fit	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	−0.0472%	1h	0.02928	−0.547%	$25K	$674K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02949	+0.163%	$60K	$40K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0095%	4h	0.02948	+0.136%	$15K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02943	−0.020%	$490K	$159K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02943	−0.023%	$3K	$1K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02944	−0.003%	$2.0M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02940	−0.136%	$1.3M	$461K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02945	+0.034%	$1.4M	$2.3M	20x	as long as short
Gate MERL_USDTshort	+0.0100%	8h	0.02940	−0.136%	$265K	$63K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02944	0.000%	$3.7M	$125K	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	0.02944	long leg	$935K	$42K	30x
Bitget MERLUSDT	+0.0100%	4h	0.02949	+0.170%	$1.8M	$268K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02943	−0.034%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02917	−0.918%	$10K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02946	+0.068%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0155%	4h	0.02950	+0.204%	$127K	$4K	50x	as long as short