Funding arb · Price arb /

MERL

all MERL markets

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: Binance against SunX+0.108%7-day average +0.045% · you sell dearer than you buy

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

Long on SunX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.303%−$30 · spread now +0.108%, 7d avg +0.045%

Together, before fees−0.303%−$30 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: Binance is 0.063% dearer against SunX than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MERL-USDT	0.02788	0.0100	pay 0.0050% / 4h	3h 11m	$2K	$956K	20x
Short	Binance MERLUSDT	0.02791	0.0100	get 0.0050% / 4h	3h 11m	$1.9M	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against SunX. 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 SunXbpFee BinancebpOrdersPrice spread, now +0.108%Rate

Funding earned: $0
Price spread: +0.108% → +0.045%: $6.31
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$11.69
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 11 min ago; Binance: live order book, 7 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 SunX live order book, 11 min ago	499.46 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	1.80 bp	37.3 bp −$37	159.3 bp −$1,593	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	0.02787	−0.029%	$27K	$600K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0001%	1h	0.02790	+0.075%	$51K	$44K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02791	+0.108%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02789	+0.018%	$436K	$137K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02793	+0.166%	$3K	$263	5x	as long as short
Binance MERLUSDTshort	+0.0100%	4h	0.02791	+0.108%	$1.9M	$1.9M	50x
Bybit MERLUSDT	+0.0100%	8h	0.02785	−0.108%	$1.2M	$393K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02785	−0.108%	$1.3M	$2.0M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02790	+0.072%	$253K	$56K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02790	+0.072%	$14.6M	$122K	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	0.02792	+0.143%	$897K	$39K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02793	+0.179%	$1.7M	$234K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02791	+0.108%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02773	−0.555%	$9K	$168	—	as long as short
SunX MERL-USDTlong	+0.0100%	4h	0.02788	long leg	$2K	$956K	20x
BloFin MERL-USDT	+0.0111%	4h	0.02804	+0.574%	$123K	$3K	50x	as long as short