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: Binance against OKX+0.140%7-day average +0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$1231.233% of the position

Long on OKX Short on Binance

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+0.046%+$5 · spread now +0.140%, 7d avg +0.090%

Together, before fees+0.120%+$12 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: Binance is 0.050% dearer against OKX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.090%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MERL-USDT-SWAP	0.02747	0.0100	pay 0.0050% / 4h	1h 14m	$1.2M	$2.4M	20x
Short	Binance MERLUSDT	0.02751	0.0100	get 0.0050% / 4h	1h 14m	$1.8M	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against OKX. 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 OKXbpFee BinancebpOrdersPrice spread, now +0.140%Rate

Funding earned: $0
Price spread: +0.140% → +0.090%: $5.05
Slippage, 4 orders: −$103.28
Fee OKX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$118.23
Costs to cover: 1.233%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Binance: live order book, 5 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 OKX live order book, 3 min ago	3.64 bp	27.1 bp −$27	475.7 bp −$4,757	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	3.62 bp	33.5 bp −$34	153.9 bp −$1,539	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	−0.0272%	1h	0.02745	−0.080%	$26K	$502K	50x	as long as short
BloFin MERL-USDT	+0.0073%	4h	0.02747	0.000%	$119K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0100%	4h	0.02748	+0.036%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02749	+0.073%	$434K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02749	+0.085%	$3K	$427	5x	as long as short
Binance MERLUSDTshort	+0.0100%	4h	0.02751	+0.140%	$1.8M	$2.0M	50x
Bybit MERLUSDT	+0.0100%	8h	0.02742	−0.182%	$1.2M	$424K	25x	as long as short
OKX MERL-USDT-SWAPlong	+0.0100%	4h	0.02747	long leg	$1.2M	$2.4M	20x
Gate MERL_USDT	+0.0100%	8h	0.02748	+0.036%	$252K	$61K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02750	+0.109%	$14.4M	$119K	100x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02753	+0.218%	$887K	$42K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02747	0.000%	$1.6M	$243K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02751	+0.146%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02745	−0.056%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02747	0.000%	$1K	$991K	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0987%	1h	0.02751	+0.153%	$49K	$55K	10x	as long as short