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% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: MEXC against SunX−0.073%7-day average +0.036% · you buy dearer than you sell

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

Long on SunX Short on MEXC

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)−0.193%−$19 · spread now −0.073%, 7d avg +0.036%

Together, before fees−0.193%−$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: MEXC is 0.108% cheaper against SunX than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MERL-USDT	0.02749	0.0100	pay 0.0050% / 4h	46m 20s	$1K	$987K	20x
Short	MEXC MERL_USDT	0.02747	0.0100	get 0.0050% / 4h	46m 20s	$14.4M	$118K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.073%Rate

Funding earned: $0
Price spread: −0.073% → +0.036%: −$10.84
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$22.84
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 66 min ago; MEXC: 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, 66 min ago	504.02 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	3.65 bp	5.6 bp −$6	47.9 bp −$479	175.0 bp −$17.5K	542.4 bp −$271.2K

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	0.02739	−0.346%	$29K	$504K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02743	−0.222%	$49K	$55K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02742	−0.255%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02748	−0.018%	$433K	$135K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02748	−0.052%	$3K	$497	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02743	−0.232%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02735	−0.509%	$1.2M	$415K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02740	−0.327%	$1.2M	$2.3M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02740	−0.327%	$251K	$59K	25x	as long as short
MEXC MERL_USDTshort	+0.0100%	4h	0.02747	−0.073%	$14.4M	$118K	100x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02745	−0.146%	$884K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02748	−0.036%	$1.6M	$243K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02744	−0.182%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02728	−0.781%	$9K	$188	—	as long as short
SunX MERL-USDTlong	+0.0100%	4h	0.02749	long leg	$1K	$987K	20x
BloFin MERL-USDT	+0.0116%	4h	0.02741	−0.291%	$120K	$3K	50x	as long as short