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

Price spread now: OKX against KuCoin−0.072%7-day average −0.186% · you buy dearer than you sell

Net, funding: paid 7d − costs−$469as in the Funding arb table

Net, price: spread back to 7d avg − costs−$449as in the Price arb table

costs, in and out, $10k−$4614.605% of the position

Long on KuCoin Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$8 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now −0.072%, 7d avg −0.186%

Together, before fees−0.137%−$14 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: OKX is 0.113% dearer against KuCoin than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.186%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MERLUSDTM	0.02761	0.0100	pay 0.0050% / 4h	3h 48m	$887K	$40K	30x
Short	OKX MERL-USDT-SWAP	0.02759	0.0100	get 0.0050% / 4h	3h 48m	$1.3M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.072%Rate

Funding earned: $0
Price spread: −0.072% → −0.186%: $11.33
Slippage, 4 orders: −$438.5
Fee KuCoin: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$449.17
Costs to cover: 4.605%
Break-even: never at this rate

Slippage from KuCoin: live order book, 51 min ago; OKX: live order book, 3 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 OKX live order book, 3 min ago	1.81 bp	32.6 bp −$33	453.9 bp −$4,539	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	−0.0360%	1h	0.02758	−0.112%	$45K	$535K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0041%	1h	0.02753	−0.286%	$49K	$54K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02754	−0.254%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02762	+0.029%	$434K	$136K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02759	−0.057%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02760	−0.039%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02752	−0.326%	$1.2M	$418K	25x	as long as short
OKX MERL-USDT-SWAPshort	+0.0100%	4h	0.02759	−0.072%	$1.3M	$2.3M	20x
Gate MERL_USDT	+0.0100%	8h	0.02757	−0.145%	$253K	$53K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02759	−0.072%	$14.5M	$119K	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	0.02761	long leg	$887K	$40K	30x
Bitget MERLUSDT	+0.0100%	4h	0.02764	+0.109%	$1.6M	$230K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02758	−0.109%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02762	+0.037%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02754	−0.254%	$2K	$994K	20x	as long as short
BloFin MERL-USDT	+0.0120%	4h	0.02760	−0.036%	$121K	$3K	50x	as long as short