Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against SunX+0.119%7-day average +0.037% · you sell dearer than you buy

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

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)−0.181%−$18 · spread now +0.119%, 7d avg +0.037%

Together, before fees−0.191%+ Points / potential airdropHyperliquid: Season 2 · farm board−$19 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: Hyperliquid is 0.082% dearer against SunX than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MERL-USDT	0.02763	0.0100	pay 0.0050% / 4h	3h 33m	$2K	$994K	20x
Short	Hyperliquid MERL	0.02766	0.0100	get 0.0013% / 1h	33m 16s	$434K	$136K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpOrdersPrice spread, now +0.119%Rate

Funding earned: $0
Price spread: +0.119% → +0.037%: $8.2
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$8.8
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 29 min ago; Hyperliquid: live order book, 47 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, 29 min ago	501.62 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 47 min ago	2.53 bp	doesn't fit	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	−0.0360%	1h	0.02760	−0.119%	$45K	$536K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0039%	1h	0.02764	+0.054%	$51K	$56K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02763	0.000%	$14K	$2K	10x	as long as short
Hyperliquid MERLshort	+0.0100%	1h	0.02766	+0.119%	$434K	$136K	3x
Aster MERLUSDT	+0.0100%	4h	0.02763	+0.007%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02766	+0.109%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02759	−0.145%	$1.2M	$416K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02763	0.000%	$1.3M	$2.3M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02762	−0.036%	$251K	$55K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02765	+0.072%	$14.5M	$120K	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	0.02763	0.000%	$887K	$40K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02769	+0.217%	$1.6M	$227K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02761	−0.072%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02757	−0.217%	$9K	$168	—	as long as short
SunX MERL-USDTlong	+0.0100%	4h	0.02763	long leg	$2K	$994K	20x
BloFin MERL-USDT	+0.0144%	4h	0.02762	−0.036%	$120K	$3K	50x	as long as short