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% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: KuCoin against OKX+0.252%7-day average +0.186% · you sell dearer than you buy

Net, funding: paid 7d − costs−$566as in the Funding arb table

Net, price: spread back to 7d avg − costs−$568as in the Price arb table

costs, in and out, $10k−$5745.745% of the position

Long on OKX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$8 on $10k

Price spread, last 4 days (all we have)−0.127%−$13 · spread now +0.252%, 7d avg +0.186%

Together, before fees−0.043%−$4 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: KuCoin is 0.066% dearer against OKX than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.186%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MERL-USDT-SWAP	0.02781	0.0100	pay 0.0050% / 4h	3h 25m	$1.3M	$2.4M	20x
Short	KuCoin MERLUSDTM	0.02788	0.0100	get 0.0050% / 4h	3h 25m	$895K	$40K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.252%Rate

Funding earned: $0
Price spread: +0.252% → +0.186%: $6.6
Slippage, 4 orders: −$552.47
Fee OKX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$567.87
Costs to cover: 5.745%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; KuCoin: live order book, 9 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, 2 min ago	3.60 bp	36.4 bp −$36	476.4 bp −$4,764	doesn't fit	doesn't fit
Sell KuCoin live order book, 9 min ago	16.27 bp	176.8 bp −$177	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	−0.0360%	1h	0.02782	+0.032%	$38K	$585K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02785	+0.144%	$51K	$56K	10x	as long as short
BloFin MERL-USDT	+0.0082%	4h	0.02786	+0.180%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02786	+0.180%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02787	+0.205%	$437K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02787	+0.221%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02787	+0.216%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02781	0.000%	$1.2M	$422K	25x	as long as short
OKX MERL-USDT-SWAPlong	+0.0100%	4h	0.02781	long leg	$1.3M	$2.4M	20x
Gate MERL_USDT	+0.0100%	8h	0.02786	+0.180%	$253K	$55K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MERL_USDT	+0.0100%	4h	0.02787	+0.216%	$14.6M	$121K	100x	as long as short
KuCoin MERLUSDTMshort	+0.0100%	4h	0.02788	+0.252%	$895K	$40K	30x
Bitget MERLUSDT	+0.0100%	4h	0.02789	+0.288%	$1.6M	$234K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02785	+0.144%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02777	−0.126%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02784	+0.108%	$2K	$1.0M	20x	as long as short