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 +0.089%

Price spread now: Bybit against OKX−0.181%7-day average −0.105% · you buy dearer than you sell

Net, funding: paid 7d − costs−$295as in the Funding arb table

Net, price: spread back to 7d avg − costs−$336as in the Price arb table

costs, in and out, $10k−$3293.288% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.334%+$33 on $10k

Price spread, last 7 days+0.128%+$13 · spread now −0.181%, 7d avg −0.105%

Together, before fees+0.462%+$46 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: Bybit is 0.076% cheaper against OKX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.105%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MERL-USDT-SWAP	0.02769	0.0100	pay 0.0050% / 4h	3h 08m	$1.3M	$2.0M	20x
Short	Bybit MERLUSDT	0.02764	0.0100	get 0.0100% / 8h	3h 08m	$1.2M	$392K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.181%Rate

Funding earned: $0
Price spread: −0.181% → −0.105%: −$7.58
Slippage, 4 orders: −$307.82
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$336.4
Costs to cover: 3.288%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Bybit: live order book, 2 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	3.60 bp	37.7 bp −$38	514.2 bp −$5,142	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	3.62 bp	126.6 bp −$127	334.6 bp −$3,346	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	−0.0360%	1h	0.02778	+0.311%	$49K	$623K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02765	−0.148%	$51K	$44K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02765	−0.144%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02769	−0.011%	$432K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02769	+0.004%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02770	+0.036%	$1.9M	$1.9M	50x	as long as short
Bybit MERLUSDTshort	+0.0100%	8h	0.02764	−0.181%	$1.2M	$392K	25x
OKX MERL-USDT-SWAPlong	+0.0100%	4h	0.02769	long leg	$1.3M	$2.0M	20x
Gate MERL_USDT	+0.0100%	8h	0.02769	0.000%	$251K	$57K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02769	0.000%	$14.5M	$122K	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	0.02769	0.000%	$889K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02774	+0.181%	$1.6M	$238K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02769	0.000%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02769	+0.018%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02767	−0.072%	$2K	$950K	20x	as long as short
BloFin MERL-USDT	+0.0117%	4h	0.02774	+0.181%	$121K	$3K	50x	as long as short