Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.028%

Price spread now: Deribit against MEXC+0.004%7-day average — · you sell dearer than you buy

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

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MERL_USDT	0.02742	0.0100	pay 0.0050% / 4h	3h 38m	$14.4M	$114K	100x
Short	Deribit MERL_USDC-PERPETUAL	0.02742	0.0188	get 0.0023% / 1h	38m 12s	$49K	$61K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.004%Rate

Funding earned: $18.44
Price spread: +0.004% → 0.000%: $0.36
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $7.8
Costs to cover: 0.110%
Break-even: 4.0 days

Slippage unknown: MEXC: live order book, 5 min ago; Deribit: 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, 5 min ago	1.82 bp	3.8 bp −$4	31.7 bp −$317	158.3 bp −$15.8K	486.4 bp −$243.2K
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.274%	$27K	$510K	50x	as long as short
BloFin MERL-USDT	+0.0079%	4h	0.02742	0.000%	$120K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02742	0.000%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02744	+0.062%	$439K	$132K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02743	+0.040%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02742	−0.016%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02734	−0.292%	$1.2M	$435K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02740	−0.073%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02748	+0.219%	$253K	$65K	25x	as long as short
MEXC MERL_USDTlong	+0.0100%	4h	0.02742	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	0.000%	$884K	$64K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02748	+0.219%	$1.6M	$252K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02740	−0.073%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02736	−0.216%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02738	−0.146%	$1K	$998K	20x	as long as short
Deribit MERL_USDC-PERPETUALshort	+0.0188%	1h	0.02742	+0.004%	$49K	$61K	10x