Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against MEXC−0.704%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.704% cheaper against MEXC than usual: you would sell low and buy high, −$70 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MERL_USDT	0.02843	0.0100	pay 0.0050% / 4h	1h 58m	$3.6M	$118K	100x
Short	Variational Omni MERL	0.02823	0.0100	get 0.0100% / 8h	1h 58m	$9K	$340	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.704%Rate

Funding earned: $0
Price spread: −0.704% → 0.000%: −$70.43
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$74.43
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 4 min ago; Variational Omni: no order-book sample. 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, 4 min ago	3.54 bp	5.5 bp −$6	90.7 bp −$907	176.0 bp −$17.6K	462.5 bp −$231.3K
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0472%	1h	0.02800	−1.520%	$23K	$658K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02841	−0.070%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02835	−0.295%	$451K	$150K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02843	+0.001%	$3K	$1K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02841	−0.059%	$1.9M	$1.9M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02832	−0.387%	$1.3M	$414K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02830	−0.457%	$1.3M	$2.0M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02840	−0.106%	$255K	$58K	25x	as long as short
MEXC MERL_USDTlong	+0.0100%	4h	0.02843	long leg	$3.6M	$118K	100x
KuCoin MERLUSDTM	+0.0100%	4h	0.02843	0.000%	$908K	$40K	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	0.02837	−0.211%	$1.7M	$255K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02843	0.000%	—	$6.6M	—	as long as short
Variational Omni MERLshort	+0.0100%	8h	0.02823	−0.704%	$9K	$340	—
SunX MERL-USDT	+0.0100%	4h	0.02841	−0.070%	$2K	$957K	20x	as long as short
BloFin MERL-USDT	+0.0155%	4h	0.02828	−0.528%	$121K	$3K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0524%	1h	0.02843	+0.011%	$58K	$44K	10x	as long as short