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: OKX against MEXC−0.146%7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$580.582% of the position

Long on MEXC Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 7 days−0.052%−$5 · spread now −0.146%, 7d avg −0.092%

Together, before fees−0.126%−$13 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: OKX is 0.054% cheaper against MEXC than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.092%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MERL_USDT	0.02740	0.0100	pay 0.0050% / 4h	3h 35m	$14.4M	$114K	100x
Short	OKX MERL-USDT-SWAP	0.02736	0.0100	get 0.0050% / 4h	3h 35m	$1.2M	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.146%Rate

Funding earned: $0
Price spread: −0.146% → −0.092%: −$5.4
Slippage, 4 orders: −$44.19
Fee MEXC: 2 bp × 2 orders: −$4
Fee OKX: 5 bp × 2 orders: −$10
Net: −$63.6
Costs to cover: 0.582%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; OKX: live order book, 1 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	1.82 bp	3.8 bp −$4	38.7 bp −$387	172.3 bp −$17.2K	548.2 bp −$274.1K
Sell OKX live order book, 1 min ago	1.83 bp	25.0 bp −$25	118.9 bp −$1,189	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	−0.0152%	1h	0.02735	−0.201%	$27K	$510K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02742	+0.069%	$49K	$61K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02742	+0.073%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02744	+0.153%	$438K	$132K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02742	+0.090%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02741	+0.039%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02735	−0.182%	$1.2M	$435K	25x	as long as short
OKX MERL-USDT-SWAPshort	+0.0100%	4h	0.02736	−0.146%	$1.2M	$2.5M	20x
Gate MERL_USDT	+0.0100%	8h	0.02740	0.000%	$252K	$65K	25x	as long as short
MEXC MERL_USDTlong	+0.0100%	4h	0.02740	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	+0.073%	$884K	$64K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02743	+0.109%	$1.6M	$253K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02737	−0.125%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02739	−0.036%	$1K	$998K	20x	as long as short
BingX MERL-USDT	+0.0106%	4h	0.02739	−0.036%	—	$6.6M	—	as long as short
BloFin MERL-USDT	+0.0124%	4h	0.02740	0.000%	$120K	$3K	50x	as long as short