Funding arb · Price arb /

MERL

all MERL markets

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: Hyperliquid against KuCoin+0.029%7-day average −0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$507as in the Funding arb table

Net, price: spread back to 7d avg − costs−$495as in the Price arb table

costs, in and out, $10k−$5055.049% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.090%−$9 · spread now +0.029%, 7d avg −0.073%

Together, before fees−0.111%+ Points / potential airdropHyperliquid: Season 2 · farm board−$11 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: Hyperliquid is 0.103% dearer against KuCoin than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MERLUSDTM	0.02742	0.0100	pay 0.0050% / 4h	3h 38m	$884K	$64K	30x
Short	Hyperliquid MERL	0.02743	0.0100	get 0.0013% / 1h	38m 40s	$438K	$132K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.029%Rate

Funding earned: $0
Price spread: +0.029% → −0.073%: $10.26
Slippage, 4 orders: −$483.94
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$494.68
Costs to cover: 5.049%
Break-even: never at this rate

Slippage from KuCoin: live order book, 16 min ago; Hyperliquid: live order book, 11 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, 16 min ago	27.22 bp	250.7 bp −$251	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	1.64 bp	33.8 bp −$34	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	−0.0152%	1h	0.02735	−0.274%	$27K	$510K	50x	as long as short
BloFin MERL-USDT	+0.0079%	4h	0.02742	0.000%	$120K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02741	−0.036%	$14K	$2K	10x	as long as short
Hyperliquid MERLshort	+0.0100%	1h	0.02743	+0.029%	$438K	$132K	3x
Aster MERLUSDT	+0.0100%	4h	0.02742	+0.010%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02742	0.000%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02734	−0.292%	$1.2M	$437K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02740	−0.073%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02739	−0.109%	$252K	$65K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02741	−0.036%	$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 MERLUSDTMlong	+0.0100%	4h	0.02742	long leg	$884K	$64K	30x
Bitget MERLUSDT	+0.0100%	4h	0.02747	+0.182%	$1.6M	$252K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02742	0.000%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02736	−0.216%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02737	−0.182%	$2K	$998K	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0845%	1h	0.02743	+0.033%	$49K	$61K	10x	as long as short