Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against KuCoin−0.216%7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.216% cheaper against KuCoin than usual: you would sell low and buy high, −$22 on $10k if it goes back to zero (this spread has no 7-day history yet).

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 37m	$884K	$64K	30x
Short	Variational Omni MERL	0.02736	0.0100	get 0.0100% / 8h	7h 37m	$9K	$188	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.216%Rate

Funding earned: $0
Price spread: −0.216% → 0.000%: −$21.61
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$33.61
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 16 min ago; Variational Omni: 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, 16 min ago	27.22 bp	250.7 bp −$251	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: 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	−0.0152%	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	0.02742	0.000%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02743	+0.047%	$438K	$132K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02743	+0.028%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02741	−0.024%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02734	−0.292%	$1.2M	$435K	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	0.02747	+0.182%	$253K	$65K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02742	0.000%	$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	0.02748	+0.219%	$1.6M	$252K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02740	−0.073%	—	$6.6M	—	as long as short
Variational Omni MERLshort	+0.0100%	8h	0.02736	−0.216%	$9K	$188	—
SunX MERL-USDT	+0.0100%	4h	0.02738	−0.146%	$1K	$998K	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0188%	1h	0.02742	+0.004%	$49K	$61K	10x	as long as short