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 +0.106%

Price spread now: BingX against OKX+0.109%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$1251.254% of the position

Long on OKX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.415%+$41 on $10k

Price spread, last 7 days−0.072%−$7 · spread now +0.109%, 7d avg +0.029%

Together, before fees+0.343%+$34 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: BingX is 0.080% dearer against OKX than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MERL-USDT-SWAP	0.02748	0.0100	pay 0.0050% / 4h	1h 13m	$1.2M	$2.4M	20x
Short	BingX MERL-USDT	0.02751	0.0100	get 0.0050% / 4h	1h 13m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.109%Rate

Funding earned: $0
Price spread: +0.109% → +0.029%: $8
Slippage, 4 orders: −$105.38
Fee OKX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$117.37
Costs to cover: 1.254%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; BingX: live order book, 3 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 BingX live order book, 3 min ago	5.46 bp	34.0 bp −$34	100.5 bp −$1,005	722.5 bp −$72.2K	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	−0.116%	$26K	$502K	50x	as long as short
BloFin MERL-USDT	+0.0073%	4h	0.02747	−0.036%	$119K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0100%	4h	0.02748	0.000%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02749	+0.029%	$434K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02750	+0.064%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02751	+0.097%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02742	−0.218%	$1.2M	$421K	25x	as long as short
OKX MERL-USDT-SWAPlong	+0.0100%	4h	0.02748	long leg	$1.2M	$2.4M	20x
Gate MERL_USDT	+0.0100%	8h	0.02748	0.000%	$252K	$61K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02750	+0.073%	$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	0.02749	+0.036%	$886K	$42K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02747	−0.036%	$1.6M	$243K	25x	as long as short
BingX MERL-USDTshort	+0.0100%	4h	0.02751	+0.109%	—	$6.6M	—
Variational Omni MERL	+0.0100%	8h	0.02745	−0.092%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02747	−0.036%	$1K	$991K	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0987%	1h	0.02751	+0.116%	$49K	$55K	10x	as long as short