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% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: MEXC against KuCoin0.000%7-day average −0.077% · you sell dearer than you buy

Net, funding: paid 7d − costs−$406as in the Funding arb table

Net, price: spread back to 7d avg − costs−$397as in the Price arb table

costs, in and out, $10k−$4054.045% of the position

Long on KuCoin Short on MEXC

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)−0.206%−$21 · spread now 0.000%, 7d avg −0.077%

Together, before fees−0.217%−$22 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: MEXC is 0.077% dearer against KuCoin than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.077%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MERLUSDTM	0.02760	0.0100	pay 0.0050% / 4h	3h 48m	$886K	$40K	30x
Short	MEXC MERL_USDT	0.02760	0.0100	get 0.0050% / 4h	3h 48m	$14.5M	$119K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.077%: $7.68
Slippage, 4 orders: −$388.53
Fee KuCoin: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$396.85
Costs to cover: 4.045%
Break-even: never at this rate

Slippage from KuCoin: live order book, 51 min ago; MEXC: 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, 51 min ago	12.76 bp	213.9 bp −$214	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	1.80 bp	3.8 bp −$4	73.7 bp −$737	167.6 bp −$16.8K	463.1 bp −$231.6K

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	−0.076%	$45K	$535K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02759	−0.036%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02761	+0.029%	$434K	$136K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02759	−0.035%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02760	0.000%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02752	−0.290%	$1.2M	$418K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02759	−0.036%	$1.3M	$2.3M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02757	−0.109%	$253K	$53K	25x	as long as short
MEXC MERL_USDTshort	+0.0100%	4h	0.02760	0.000%	$14.5M	$119K	100x
KuCoin MERLUSDTMlong	+0.0100%	4h	0.02760	long leg	$886K	$40K	30x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02765	+0.181%	$1.6M	$230K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02758	−0.072%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02762	+0.073%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02758	−0.072%	$1K	$994K	20x	as long as short
BloFin MERL-USDT	+0.0120%	4h	0.02760	0.000%	$121K	$3K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0149%	1h	0.02759	−0.033%	$51K	$56K	10x	as long as short