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 +0.089%

Price spread now: Bybit against MEXC−0.256%7-day average −0.194% · you buy dearer than you sell

Net, funding: paid 7d − costs−$215as in the Funding arb table

Net, price: spread back to 7d avg − costs−$248as in the Price arb table

costs, in and out, $10k−$2412.414% of the position

Long on MEXC Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.260%+$26 on $10k

Price spread, last 7 days−0.012%−$1 · spread now −0.256%, 7d avg −0.194%

Together, before fees+0.247%+$25 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: Bybit is 0.062% cheaper against MEXC than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.194%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MERL_USDT	0.02736	0.0100	pay 0.0050% / 4h	1h 38m	$14.3M	$118K	100x
Short	Bybit MERLUSDT	0.02729	0.0100	get 0.0100% / 8h	5h 38m	$1.2M	$418K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.256%Rate

Funding earned: $0
Price spread: −0.256% → −0.194%: −$6.22
Slippage, 4 orders: −$226.36
Fee MEXC: 2 bp × 2 orders: −$4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$247.58
Costs to cover: 2.414%
Break-even: never at this rate

Slippage from MEXC: live order book, 10 min ago; Bybit: live order book, 2 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, 10 min ago	1.83 bp	3.8 bp −$4	36.9 bp −$369	159.4 bp −$15.9K	478.5 bp −$239.2K
Sell Bybit live order book, 2 min ago	5.48 bp	110.5 bp −$111	563.4 bp −$5,634	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	−0.0272%	1h	0.02724	−0.431%	$26K	$497K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02734	−0.073%	$49K	$61K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0100%	4h	0.02734	−0.073%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02734	−0.069%	$432K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02738	+0.074%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02737	+0.037%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDTshort	+0.0100%	8h	0.02729	−0.256%	$1.2M	$418K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02734	−0.073%	$1.2M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02741	+0.183%	$252K	$61K	25x	as long as short
MEXC MERL_USDTlong	+0.0100%	4h	0.02736	long leg	$14.3M	$118K	100x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02741	+0.183%	$883K	$47K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02739	+0.110%	$1.6M	$243K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02740	+0.146%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02735	−0.038%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02732	−0.146%	$1K	$991K	20x	as long as short
BloFin MERL-USDT	+0.0110%	4h	0.02739	+0.110%	$119K	$3K	50x	as long as short