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

Price spread now: SunX against MEXC−0.146%7-day average −0.033% · you buy dearer than you sell

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

Long on MEXC Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 3 days (all we have)+0.201%+$20 · spread now −0.146%, 7d avg −0.033%

Together, before fees+0.201%+$20 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: SunX is 0.113% cheaper against MEXC than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MERL_USDT	0.02743	0.0100	pay 0.0050% / 4h	2h 03m	$14.4M	$119K	100x
Short	SunX MERL-USDT	0.02739	0.0100	get 0.0050% / 4h	2h 03m	$1K	$995K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.146%Rate

Funding earned: $0
Price spread: −0.146% → −0.033%: −$11.3
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee SunX: 4 bp × 2 orders: −$8
Net: −$23.3
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 5 min ago; SunX: live order book, 9 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, 5 min ago	1.83 bp	3.8 bp −$4	37.4 bp −$374	160.1 bp −$16.0K	491.3 bp −$245.6K
Sell SunX live order book, 9 min ago	500.73 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

MERL on 15 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	0.02724	−0.685%	$26K	$497K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02738	−0.182%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02742	−0.036%	$432K	$139K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02742	−0.054%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02743	0.000%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02736	−0.255%	$1.2M	$420K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02740	−0.109%	$1.2M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02740	−0.109%	$251K	$62K	25x	as long as short
MEXC MERL_USDTlong	+0.0100%	4h	0.02743	long leg	$14.4M	$119K	100x
KuCoin MERLUSDTM	+0.0100%	4h	0.02738	−0.182%	$882K	$65K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02743	0.000%	$1.6M	$243K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02741	−0.073%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02726	−0.619%	$9K	$188	—	as long as short
SunX MERL-USDTshort	+0.0100%	4h	0.02739	−0.146%	$1K	$995K	20x
Deribit MERL_USDC-PERPETUAL	+0.1356%	1h	0.02744	+0.026%	$49K	$61K	10x	as long as short