Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Gate against MEXC−0.110%7-day average +0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$145as in the Funding arb table

Net, price: spread back to 7d avg − costs−$155as in the Price arb table

costs, in and out, $10k−$1401.402% of the position

Long on MEXC Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 4 days (all we have)+0.159%+$16 · spread now −0.110%, 7d avg +0.041%

Together, before fees+0.107%+$11 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: Gate is 0.150% cheaper against MEXC than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MERL_USDT	0.02734	0.0100	pay 0.0050% / 4h	2h 49m	$14.3M	$116K	100x
Short	Gate MERL_USDT	0.02731	0.0100	get 0.0100% / 8h	6h 49m	$251K	$61K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.110%Rate

Funding earned: $0
Price spread: −0.110% → +0.041%: −$15.04
Slippage, 4 orders: −$121.24
Fee MEXC: 2 bp × 2 orders: −$4
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$155.27
Costs to cover: 1.402%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; Gate: live order book, 13 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	1.83 bp	3.8 bp −$4	32.5 bp −$325	161.1 bp −$16.1K	464.7 bp −$232.4K
Sell Gate live order book, 13 min ago	5.46 bp	72.4 bp −$72	doesn't fit	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	−0.0232%	1h	0.02721	−0.472%	$26K	$497K	50x	as long as short
BloFin MERL-USDT	+0.0047%	4h	0.02737	+0.110%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02732	−0.073%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02732	−0.055%	$429K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02734	+0.007%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02737	+0.113%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02735	+0.037%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDTshort	+0.0100%	8h	0.02731	−0.110%	$251K	$61K	25x
MEXC MERL_USDTlong	+0.0100%	4h	0.02734	long leg	$14.3M	$116K	100x
KuCoin MERLUSDTM	+0.0100%	4h	0.02736	+0.073%	$882K	$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 MERLUSDT	+0.0100%	4h	0.02740	+0.219%	$1.6M	$254K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02736	+0.073%	—	$6.7M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02728	−0.235%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02734	0.000%	$1K	$1.0M	20x	as long as short
Bybit MERLUSDT	+0.0136%	8h	0.02732	−0.073%	$1.2M	$431K	25x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0555%	1h	0.02735	+0.018%	$49K	$61K	10x	as long as short