Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h +0.008%

Price spread now: Variational Omni against Orderly−0.491%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.491% cheaper against Orderly than usual: you would sell low and buy high, −$49 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	0.02714	0.0097	pay 0.0049% / 4h	1h 22m	$13K	$2K	10x
Short	Variational Omni MERL	0.02701	0.0100	get 0.0100% / 8h	1h 22m	$9K	$163	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.491%Rate

Funding earned: $0.56
Price spread: −0.491% → 0.000%: −$49.14
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$54.58
Costs to cover: 0.060%
Break-even: 685.9 days

Slippage unknown: Orderly: no order-book sample; Variational Omni: 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 Orderly no order-book sample	—	—	—	—	—
Sell Variational Omni no order-book sample	—	—	—	—	—

Orderly and Variational Omni: 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	−0.0128%	1h	0.02708	−0.206%	$26K	$505K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02716	+0.085%	$47K	$63K	10x	as long as short
Orderly PERP_MERL_USDClong	+0.0097%	4h	0.02714	long leg	$13K	$2K	10x
Hyperliquid MERL	+0.0100%	1h	0.02719	+0.177%	$436K	$134K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02715	+0.036%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02718	+0.147%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02712	−0.074%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02711	−0.111%	$250K	$66K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02717	+0.111%	$14.3M	$112K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02715	+0.037%	$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	0.02720	+0.221%	$1.6M	$289K	25x	as long as short
Variational Omni MERLshort	+0.0100%	8h	0.02701	−0.491%	$9K	$163	—
SunX MERL-USDT	+0.0100%	4h	0.02713	−0.037%	$1K	$998K	20x	as long as short
BloFin MERL-USDT	+0.0158%	4h	0.02717	+0.111%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0650%	4h	0.02713	−0.037%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0718%	8h	0.02705	−0.332%	$1.2M	$470K	25x	as long as short