Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Bitget against MEXC+0.184%7-day average +0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$720.718% of the position

Long on MEXC Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 7 days−0.233%−$23 · spread now +0.184%, 7d avg +0.080%

Together, before fees−0.233%−$23 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: Bitget is 0.104% dearer against MEXC than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MERL_USDT	0.02720	0.0100	pay 0.0050% / 4h	1h 21m	$14.3M	$112K	100x
Short	Bitget MERLUSDT	0.02725	0.0100	get 0.0050% / 4h	1h 21m	$1.6M	$289K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.184%Rate

Funding earned: $0
Price spread: +0.184% → +0.080%: $10.39
Slippage, 4 orders: −$55.82
Fee MEXC: 2 bp × 2 orders: −$4
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$61.43
Costs to cover: 0.718%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Bitget: live order book, just now.

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	1.84 bp	3.8 bp −$4	29.1 bp −$291	164.3 bp −$16.4K	510.1 bp −$255.0K
Sell Bitget live order book, just now	7.34 bp	42.0 bp −$42	164.7 bp −$1,647	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	−0.0128%	1h	0.02708	−0.426%	$26K	$505K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02719	−0.022%	$47K	$63K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02719	−0.037%	$13K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02722	+0.085%	$436K	$134K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02719	−0.024%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02722	+0.074%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02715	−0.184%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02720	0.000%	$251K	$66K	25x	as long as short
MEXC MERL_USDTlong	+0.0100%	4h	0.02720	long leg	$14.3M	$112K	100x
KuCoin MERLUSDTM	+0.0100%	4h	0.02718	−0.074%	$876K	$65K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDTshort	+0.0100%	4h	0.02725	+0.184%	$1.6M	$289K	25x
Variational Omni MERL	+0.0100%	8h	0.02701	−0.711%	$9K	$163	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02716	−0.147%	$2K	$997K	20x	as long as short
BloFin MERL-USDT	+0.0158%	4h	0.02717	−0.110%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0650%	4h	0.02716	−0.147%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0721%	8h	0.02710	−0.368%	$1.2M	$470K	25x	as long as short