Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.051%

Price spread now: Deribit against OKX+0.027%7-day average — · you sell dearer than you buy

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

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.027% dearer against OKX than usual: you sell high and buy low (spread +0.027% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MERL-USDT-SWAP	0.02948	0.0100	pay 0.0050% / 4h	1h 07m	$1.4M	$2.2M	20x
Short	Deribit MERL_USDC-PERPETUAL	0.02949	0	get 0.0000% / 1h	7m 10s	$60K	$40K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$21
Price spread: +0.027% → 0.000%: $2.71
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$35.29
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 5 min ago; Deribit: 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 OKX live order book, 5 min ago	3.42 bp	25.3 bp −$25	203.7 bp −$2,037	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	0.02928	−0.682%	$25K	$674K	50x	as long as short
Deribit MERL_USDC-PERPETUALshort	0.0000%	1h	0.02949	+0.027%	$60K	$40K	10x
Orderly PERP_MERL_USDC	+0.0095%	4h	0.02948	0.000%	$15K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02944	−0.126%	$490K	$159K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02947	−0.021%	$3K	$1K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02947	−0.039%	$2.0M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02941	−0.237%	$1.3M	$460K	25x	as long as short
OKX MERL-USDT-SWAPlong	+0.0100%	4h	0.02948	long leg	$1.4M	$2.2M	20x
Gate MERL_USDT	+0.0100%	8h	0.02940	−0.271%	$265K	$63K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02950	+0.068%	$3.7M	$125K	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	0.02946	−0.068%	$936K	$42K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02951	+0.102%	$1.8M	$268K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02942	−0.204%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02917	−1.053%	$10K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02946	−0.068%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0155%	4h	0.02950	+0.068%	$127K	$4K	50x	as long as short