Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.089%

Price spread now: Bybit against Variational Omni−0.075%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.075% cheaper against Variational Omni than usual: you would sell low and buy high, −$7 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MERL	0.02745	0.0100	pay 0.0100% / 8h	7h 18m	$9K	$188	—
Short	Bybit MERLUSDT	0.02743	0.0100	get 0.0100% / 8h	7h 18m	$1.2M	$424K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Variational Omni. 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 Variational OmnibpFee BybitbpOrdersPrice spread, now −0.075%Rate

Funding earned: $0
Price spread: −0.075% → 0.000%: −$7.46
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$18.46
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Variational Omni: no order-book sample; 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 Variational Omni no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	5.46 bp	104.3 bp −$104	doesn't fit	doesn't fit	doesn't fit

Variational Omni: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.02743	−0.093%	$26K	$512K	50x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02752	+0.239%	$438K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02751	+0.223%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02750	+0.182%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDTshort	+0.0100%	8h	0.02743	−0.075%	$1.2M	$424K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02745	−0.002%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02750	+0.180%	$253K	$65K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02748	+0.108%	$14.4M	$115K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02752	+0.253%	$887K	$64K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02753	+0.290%	$1.6M	$250K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MERLlong	+0.0100%	8h	0.02745	long leg	$9K	$188	—
Orderly PERP_MERL_USDC	+0.0100%	4h	0.02753	+0.290%	$14K	$2K	10x	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02754	+0.326%	$2K	$996K	20x	as long as short
BingX MERL-USDT	+0.0126%	4h	0.02748	+0.108%	—	$6.6M	—	as long as short
BloFin MERL-USDT	+0.0149%	4h	0.02758	+0.472%	$120K	$3K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0259%	1h	0.02754	+0.315%	$49K	$61K	10x	as long as short