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% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: KuCoin against MEXC+0.257%7-day average +0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs−$377as in the Funding arb table

Net, price: spread back to 7d avg − costs−$360as in the Price arb table

costs, in and out, $10k−$3783.776% of the position

Long on MEXC Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)−0.120%−$12 · spread now +0.257%, 7d avg +0.081%

Together, before fees−0.110%−$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: KuCoin is 0.177% dearer against MEXC than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of +0.081%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MERL_USDT	0.02719	0.0100	pay 0.0050% / 4h	2h 40m	$14.3M	$116K	100x
Short	KuCoin MERLUSDTM	0.02726	0.0100	get 0.0050% / 4h	2h 40m	$878K	$65K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.257%Rate

Funding earned: $0
Price spread: +0.257% → +0.081%: $17.67
Slippage, 4 orders: −$361.58
Fee MEXC: 2 bp × 2 orders: −$4
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$359.91
Costs to cover: 3.776%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; KuCoin: live order book, 9 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, 3 min ago	3.65 bp	5.7 bp −$6	45.5 bp −$455	170.1 bp −$17.0K	499.4 bp −$249.7K
Sell KuCoin live order book, 9 min ago	20.08 bp	165.4 bp −$165	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	+0.077%	$26K	$497K	50x	as long as short
BloFin MERL-USDT	+0.0047%	4h	0.02737	+0.662%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02727	+0.294%	$13K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02722	+0.099%	$427K	$139K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02722	+0.127%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02719	−0.006%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02710	−0.331%	$1.2M	$431K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02711	−0.294%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02728	+0.331%	$250K	$61K	25x	as long as short
MEXC MERL_USDTlong	+0.0100%	4h	0.02719	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 MERLUSDTMshort	+0.0100%	4h	0.02726	+0.257%	$878K	$65K	30x
Bitget MERLUSDT	+0.0100%	4h	0.02720	+0.037%	$1.6M	$254K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02716	−0.110%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02719	−0.015%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02732	+0.478%	$1K	$1.0M	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0814%	1h	0.02728	+0.320%	$49K	$61K	10x	as long as short