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

Price spread now: Aster against MEXC−0.003%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MERL_USDT	0.02743	0.0100	pay 0.0050% / 4h	3h 40m	$14.4M	$114K	100x
Short	Aster MERLUSDT	0.02743	0.0100	get 0.0050% / 4h	3h 40m	$3K	$427	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against MEXC. 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 MEXCbpFee AsterbpOrdersPrice spread, now −0.003%Rate

Funding earned: $0
Price spread: −0.003% → 0.000%: −$0.28
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Aster: 4 bp × 2 orders: −$8
Net: −$12.28
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 3 min ago; Aster: 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 MEXC live order book, 3 min ago	1.82 bp	3.8 bp −$4	31.7 bp −$317	158.3 bp −$15.8K	486.4 bp −$243.2K
Sell Aster no order-book sample	—	—	—	—	—

Aster: 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	−0.310%	$27K	$510K	50x	as long as short
BloFin MERL-USDT	+0.0051%	4h	0.02745	+0.073%	$120K	$3K	50x	as long as short
Gate MERL_USDT	+0.0069%	8h	0.02739	−0.146%	$252K	$65K	25x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02742	−0.036%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02746	+0.091%	$439K	$133K	3x	as long as short
Aster MERLUSDTshort	+0.0100%	4h	0.02743	−0.003%	$3K	$427	5x
Binance MERLUSDT	+0.0100%	4h	0.02743	+0.017%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02736	−0.255%	$1.2M	$437K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02740	−0.109%	$1.2M	$2.5M	20x	as long as short
MEXC MERL_USDTlong	+0.0100%	4h	0.02743	long leg	$14.4M	$114K	100x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02742	−0.036%	$884K	$64K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02749	+0.219%	$1.6M	$252K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02743	0.000%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02736	−0.252%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02739	−0.146%	$2K	$997K	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.1828%	1h	0.02749	+0.204%	$49K	$61K	10x	as long as short