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 0.000%

Price spread now: Gate against SunX+0.438%53s7-day average +0.072% · you sell dearer than you buy

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

Long on SunX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 3 days (all we have)−0.520%−$52 · spread now +0.438%, 7d avg +0.072%

Together, before fees−0.572%−$57 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: Gate is 0.366% dearer against SunX than usual: you sell high and buy low, +$37 on $10k if it goes back to its 7-day average of +0.072%. The two prices were read 53 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	0.02737	0.0100	pay 0.0050% / 4h	3h 41m	$1K	$998K	20x
Short	Gate MERL_USDT	0.02749	0.0100	get 0.0100% / 8h	7h 41m	$253K	$65K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.438%Rate

Funding earned: $0
Price spread: +0.438% → +0.072%: $36.64
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $13.64
Costs to cover: 0.230%
Break-even: from the start

Slippage unknown: SunX: live order book, 1 min ago; Gate: live order book, 25 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, 1 min ago	503.28 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 25 min ago	5.47 bp	64.9 bp −$65	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	−0.0152%	1h	0.02735	−0.091%	$27K	$510K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02745	+0.292%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02745	+0.300%	$439K	$132K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02743	+0.218%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02745	+0.302%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02738	+0.037%	$1.2M	$437K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02743	+0.219%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDTshort	+0.0100%	8h	0.02749	+0.438%	$253K	$65K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02743	+0.219%	$14.4M	$114K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02742	+0.183%	$884K	$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	0.02749	+0.438%	$1.6M	$253K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02743	+0.219%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02734	−0.125%	$9K	$188	—	as long as short
SunX MERL-USDTlong	+0.0100%	4h	0.02737	long leg	$1K	$998K	20x
BloFin MERL-USDT	+0.0106%	4h	0.02740	+0.110%	$120K	$3K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.1830%	1h	0.02747	+0.351%	$49K	$61K	10x	as long as short