Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.089%

Price spread now: Bybit against SunX−0.181%56s7-day average −0.204% · you buy dearer than you sell

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

Long on SunX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.260%+$26 on $10k

Price spread, last 4 days (all we have)−0.228%−$23 · spread now −0.181%, 7d avg −0.204%

Together, before fees+0.031%+$3 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: Bybit is 0.023% dearer against SunX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.204%. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MERL-USDT	0.02769	0.0100	pay 0.0050% / 4h	3m 23s	$2K	$997K	20x
Short	Bybit MERLUSDT	0.02764	0.0100	get 0.0100% / 8h	4h 03m	$1.2M	$422K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.181%Rate

Funding earned: $0
Price spread: −0.181% → −0.204%: $2.35
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$16.65
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 39 min ago; Bybit: live order book, 2 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, 39 min ago	503.47 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	5.43 bp	115.0 bp −$115	477.7 bp −$4,777	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	−0.0232%	1h	0.02759	−0.376%	$45K	$536K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02771	+0.065%	$49K	$54K	10x	as long as short
BloFin MERL-USDT	+0.0072%	4h	0.02772	+0.108%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02770	+0.036%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02774	+0.170%	$436K	$135K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02770	+0.047%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02772	+0.108%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDTshort	+0.0100%	8h	0.02764	−0.181%	$1.2M	$422K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02771	+0.072%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02770	+0.036%	$254K	$61K	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	0.02771	+0.072%	$14.5M	$121K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02772	+0.108%	$890K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02777	+0.289%	$1.6M	$231K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02769	0.000%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02768	−0.054%	$9K	$168	—	as long as short
SunX MERL-USDTlong	+0.0100%	4h	0.02769	long leg	$2K	$997K	20x