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: OKX against SunX+0.073%47s7-day average −0.081% · you sell dearer than you buy

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

Long on SunX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)−0.440%−$44 · spread now +0.073%, 7d avg −0.081%

Together, before fees−0.514%−$51 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: OKX is 0.154% dearer against SunX than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of −0.081%. The two prices were read 47 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	0.02753	0.0100	pay 0.0050% / 4h	25m 30s	$2K	$988K	20x
Short	OKX MERL-USDT-SWAP	0.02755	0.0100	get 0.0050% / 4h	25m 30s	$1.2M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.073%Rate

Funding earned: $0
Price spread: +0.073% → −0.081%: $15.36
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$2.64
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 17 min ago; OKX: 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, 17 min ago	503.47 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.82 bp	34.6 bp −$35	373.8 bp −$3,738	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	0.02732	−0.752%	$29K	$503K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02754	+0.018%	$49K	$55K	10x	as long as short
BloFin MERL-USDT	+0.0049%	4h	0.02753	0.000%	$120K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02752	−0.036%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02757	+0.156%	$433K	$134K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02751	−0.075%	$3K	$497	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02756	+0.097%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02748	−0.182%	$1.2M	$411K	25x	as long as short
OKX MERL-USDT-SWAPshort	+0.0100%	4h	0.02755	+0.073%	$1.2M	$2.3M	20x
Gate MERL_USDT	+0.0100%	8h	0.02751	−0.073%	$252K	$60K	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	0.02757	+0.145%	$14.4M	$119K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02755	+0.073%	$885K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02759	+0.218%	$1.6M	$241K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02752	−0.036%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02747	−0.218%	$9K	$168	—	as long as short
SunX MERL-USDTlong	+0.0100%	4h	0.02753	long leg	$2K	$988K	20x