Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0002%/8h= +0.3% APRpaid last 24h +0.008%

Price spread now: Hyperliquid against Orderly+0.037%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.037% dearer against Orderly than usual: you sell high and buy low, +$4 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MERL_USDC	0.02734	0.0098	pay 0.0049% / 4h	32m 48s	$14K	$2K	10x
Short	Hyperliquid MERL	0.02735	0.0100	get 0.0013% / 1h	32m 48s	$438K	$133K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Orderly. 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 OrderlybpFee HyperliquidbpOrdersPrice spread, now +0.037%Rate

Funding earned: $0.48
Price spread: +0.037% → 0.000%: $3.66
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$10.86
Costs to cover: 0.150%
Break-even: 164.4 days

Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 27 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 27 min ago	3.83 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Orderly: 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	−0.0136%	1h	0.02726	−0.289%	$26K	$509K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02734	+0.004%	$47K	$59K	10x	as long as short
Orderly PERP_MERL_USDClong	+0.0098%	4h	0.02734	long leg	$14K	$2K	10x
Hyperliquid MERLshort	+0.0100%	1h	0.02735	+0.037%	$438K	$133K	3x
Aster MERLUSDT	+0.0100%	4h	0.02732	−0.070%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02734	−0.003%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02731	−0.110%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02731	−0.110%	$252K	$66K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02733	−0.037%	$14.3M	$115K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02735	+0.037%	$882K	$64K	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	0.02739	+0.183%	$1.6M	$286K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02725	−0.322%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02729	−0.183%	$2K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0120%	4h	0.02732	−0.073%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0686%	4h	0.02731	−0.110%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0722%	8h	0.02725	−0.329%	$1.2M	$446K	25x	as long as short