Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Gate against OKX−0.074%7-day average +0.153% · you buy dearer than you sell

Net, funding: paid 7d − costs−$168as in the Funding arb table

Net, price: spread back to 7d avg − costs−$193as in the Price arb table

costs, in and out, $10k−$1701.701% of the position

Long on OKX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 4 days (all we have)+0.102%+$10 · spread now −0.074%, 7d avg +0.153%

Together, before fees+0.123%+$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: Gate is 0.227% cheaper against OKX than usual: you would sell low and buy high, −$23 on $10k if it goes back to its 7-day average of +0.153%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MERL-USDT-SWAP	0.02713	0.0100	pay 0.0050% / 4h	1h 22m	$1.2M	$2.5M	20x
Short	Gate MERL_USDT	0.02711	0.0100	get 0.0100% / 8h	1h 22m	$250K	$66K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.074%Rate

Funding earned: $0
Price spread: −0.074% → +0.153%: −$22.71
Slippage, 4 orders: −$145.12
Fee OKX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$192.83
Costs to cover: 1.701%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Gate: live order book, 55 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, 5 min ago	1.85 bp	20.3 bp −$20	430.8 bp −$4,308	doesn't fit	doesn't fit
Sell Gate live order book, 55 min ago	5.52 bp	59.0 bp −$59	doesn't fit	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	−0.0128%	1h	0.02708	−0.170%	$26K	$505K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02716	+0.122%	$47K	$63K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02714	+0.037%	$13K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02721	+0.276%	$436K	$134K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02715	+0.075%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02719	+0.206%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAPlong	+0.0100%	4h	0.02713	long leg	$1.2M	$2.5M	20x
Gate MERL_USDTshort	+0.0100%	8h	0.02711	−0.074%	$250K	$66K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02717	+0.147%	$14.3M	$112K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02715	+0.074%	$875K	$65K	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	0.02722	+0.332%	$1.6M	$289K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02701	−0.455%	$9K	$163	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02713	0.000%	$1K	$998K	20x	as long as short
BloFin MERL-USDT	+0.0158%	4h	0.02717	+0.147%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0650%	4h	0.02712	−0.037%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0718%	8h	0.02705	−0.295%	$1.2M	$470K	25x	as long as short