Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.055%

Price spread now: Deribit against Variational Omni+0.378%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

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

The price spread pays, funding is against you. Deribit is 0.378% dearer against Variational Omni than usual: you sell high and buy low (spread +0.378% now, against zero (this spread has no 7-day history yet)): +$38 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 13 days.

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	4h 28m	$9K	$168	—
Short	Deribit MERL_USDC-PERPETUAL	0.02755	0	get 0.0000% / 1h	28m 18s	$49K	$55K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.378%Rate

Funding earned: −$21
Price spread: +0.378% → 0.000%: $37.82
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $9.82
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: no order-book sample; Deribit: no order-book sample. 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 Deribit no order-book sample	—	—	—	—	—

Variational Omni and Deribit: 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	−0.0232%	1h	0.02732	−0.463%	$29K	$503K	50x	as long as short
Deribit MERL_USDC-PERPETUALshort	0.0000%	1h	0.02755	+0.378%	$49K	$55K	10x
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02753	+0.291%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02756	+0.411%	$433K	$134K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02751	+0.228%	$3K	$497	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02755	+0.364%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02750	+0.181%	$1.2M	$411K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02754	+0.327%	$1.2M	$2.3M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02751	+0.218%	$252K	$60K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02754	+0.327%	$14.4M	$119K	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	0.02755	+0.364%	$885K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02755	+0.364%	$1.6M	$240K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02754	+0.327%	—	$6.6M	—	as long as short
Variational Omni MERLlong	+0.0100%	8h	0.02745	long leg	$9K	$168	—
SunX MERL-USDT	+0.0100%	4h	0.02754	+0.327%	$2K	$988K	20x	as long as short
BloFin MERL-USDT	+0.0125%	4h	0.02753	+0.291%	$120K	$3K	50x	as long as short