Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Binance against MEXC+0.048%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$900.896% of the position

Long on MEXC Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 7 days−0.070%−$7 · spread now +0.048%, 7d avg 0.000%

Together, before fees−0.070%−$7 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: Binance is 0.047% dearer against MEXC than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MERL_USDT	0.02924	0.0100	pay 0.0050% / 4h	3h 09m	$3.6M	$133K	100x
Short	Binance MERLUSDT	0.02925	0.0100	get 0.0050% / 4h	3h 09m	$1.9M	$2.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.048%Rate

Funding earned: $0
Price spread: +0.048% → 0.000%: $4.74
Slippage, 4 orders: −$75.56
Fee MEXC: 2 bp × 2 orders: −$4
Fee Binance: 5 bp × 2 orders: −$10
Net: −$84.81
Costs to cover: 0.896%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Binance: live order book, 10 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 MEXC live order book, 2 min ago	3.44 bp	5.4 bp −$5	73.9 bp −$739	173.0 bp −$17.3K	479.3 bp −$239.6K
Sell Binance live order book, 10 min ago	1.73 bp	41.5 bp −$42	221.1 bp −$2,211	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	−0.0624%	1h	0.02889	−1.207%	$16K	$499K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02923	−0.038%	$53K	$68K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0065%	4h	0.02921	−0.103%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02923	−0.041%	$484K	$154K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02922	−0.071%	$4K	$5K	5x	as long as short
Binance MERLUSDTshort	+0.0100%	4h	0.02925	+0.048%	$1.9M	$2.5M	50x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02922	−0.068%	$1.4M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02921	−0.103%	$262K	$70K	25x	as long as short
MEXC MERL_USDTlong	+0.0100%	4h	0.02924	long leg	$3.6M	$133K	100x
KuCoin MERLUSDTM	+0.0100%	4h	0.02923	−0.034%	$916K	$43K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02925	+0.034%	$1.7M	$289K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02913	−0.393%	$10K	$439	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02917	−0.239%	$2K	$1.2M	20x	as long as short
BloFin MERL-USDT	+0.0105%	4h	0.02910	−0.479%	$123K	$5K	50x	as long as short
Bybit MERLUSDT	+0.0337%	8h	0.02921	−0.103%	$1.3M	$488K	25x	as long as short
BingX MERL-USDT	+0.0388%	4h	0.02924	0.000%	—	$6.6M	—	as long as short