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 +0.106%

Price spread now: BingX against MEXC−0.145%7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$780.785% of the position

Long on MEXC Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.341%+$34 on $10k

Price spread, last 7 days−0.004%$0 · spread now −0.145%, 7d avg −0.060%

Together, before fees+0.336%+$34 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: BingX is 0.085% cheaper against MEXC than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MERL_USDT	0.02757	0.0100	pay 0.0050% / 4h	24m 52s	$14.4M	$119K	100x
Short	BingX MERL-USDT	0.02753	0.0100	get 0.0050% / 4h	24m 52s	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.145%Rate

Funding earned: $0
Price spread: −0.145% → −0.060%: −$8.48
Slippage, 4 orders: −$64.49
Fee MEXC: 2 bp × 2 orders: −$4
Fee BingX: 5 bp × 2 orders: −$10
Net: −$86.97
Costs to cover: 0.785%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; BingX: live order book, 12 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, 4 min ago	3.63 bp	5.6 bp −$6	58.9 bp −$589	180.4 bp −$18.0K	518.6 bp −$259.3K
Sell BingX live order book, 12 min ago	5.49 bp	35.3 bp −$35	111.5 bp −$1,115	762.2 bp −$76.2K	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	−0.0232%	1h	0.02732	−0.896%	$29K	$503K	50x	as long as short
BloFin MERL-USDT	+0.0095%	4h	0.02751	−0.218%	$119K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02754	−0.109%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02757	+0.011%	$433K	$134K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02752	−0.199%	$3K	$497	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02759	+0.066%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02750	−0.254%	$1.2M	$411K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02755	−0.073%	$1.2M	$2.3M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02751	−0.218%	$252K	$60K	25x	as long as short
MEXC MERL_USDTlong	+0.0100%	4h	0.02757	long leg	$14.4M	$119K	100x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02756	−0.036%	$885K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02761	+0.145%	$1.6M	$241K	25x	as long as short
BingX MERL-USDTshort	+0.0100%	4h	0.02753	−0.145%	—	$6.6M	—
Variational Omni MERL	+0.0100%	8h	0.02747	−0.363%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02756	−0.036%	$2K	$988K	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0113%	1h	0.02757	0.000%	$49K	$55K	10x	as long as short