Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Hyperliquid against MEXC+0.117%7-day average +0.006% · you sell dearer than you buy

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

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now +0.117%, 7d avg +0.006%

Together, before fees−0.044%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 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: Hyperliquid is 0.111% dearer against MEXC than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MERL_USDT	0.02733	0.0100	pay 0.0050% / 4h	27m 52s	$14.3M	$116K	100x
Short	Hyperliquid MERL	0.02736	0.0100	get 0.0013% / 1h	27m 52s	$438K	$134K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpOrdersPrice spread, now +0.117%Rate

Funding earned: $0
Price spread: +0.117% → +0.006%: $11.09
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$1.91
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 1 min ago; Hyperliquid: live order book, 32 min ago. 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, 1 min ago	1.83 bp	3.8 bp −$4	38.5 bp −$385	167.4 bp −$16.7K	539.0 bp −$269.5K
Sell Hyperliquid live order book, 32 min ago	3.83 bp	doesn't fit	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	−0.0136%	1h	0.02726	−0.252%	$26K	$509K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0043%	1h	0.02734	+0.029%	$47K	$59K	10x	as long as short
BloFin MERL-USDT	+0.0084%	4h	0.02733	0.000%	$120K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02734	+0.037%	$14K	$2K	10x	as long as short
Hyperliquid MERLshort	+0.0100%	1h	0.02736	+0.117%	$438K	$134K	3x
Aster MERLUSDT	+0.0100%	4h	0.02734	+0.026%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02733	0.000%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02730	−0.110%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02731	−0.073%	$252K	$66K	25x	as long as short
MEXC MERL_USDTlong	+0.0100%	4h	0.02733	long leg	$14.3M	$116K	100x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02737	+0.146%	$882K	$64K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02739	+0.220%	$1.6M	$285K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02723	−0.377%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02730	−0.110%	$2K	$1.0M	20x	as long as short
BingX MERL-USDT	+0.0634%	4h	0.02731	−0.073%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0700%	8h	0.02724	−0.329%	$1.2M	$447K	25x	as long as short