Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Gate against Variational Omni+0.250%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 Gate

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: Gate is 0.250% dearer against Variational Omni than usual: you sell high and buy low, +$25 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	0.02725	0.0100	pay 0.0100% / 8h	33m 51s	$9K	$188	—
Short	Gate MERL_USDT	0.02732	0.0100	get 0.0100% / 8h	33m 51s	$252K	$66K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Variational Omni. 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 Variational OmnibpFee GatebpOrdersPrice spread, now +0.250%Rate

Funding earned: $0
Price spread: +0.250% → 0.000%: $25
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $10
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Variational Omni: no order-book sample; Gate: live order book, 38 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 Gate live order book, 38 min ago	5.51 bp	71.4 bp −$71	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	−0.0136%	1h	0.02726	+0.034%	$26K	$509K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02731	+0.217%	$47K	$59K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02733	+0.287%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02735	+0.371%	$438K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02732	+0.258%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02734	+0.316%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02731	+0.213%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDTshort	+0.0100%	8h	0.02732	+0.250%	$252K	$66K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02733	+0.287%	$14.3M	$115K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02736	+0.397%	$882K	$64K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02739	+0.507%	$1.6M	$286K	25x	as long as short
Variational Omni MERLlong	+0.0100%	8h	0.02725	long leg	$9K	$188	—
SunX MERL-USDT	+0.0100%	4h	0.02728	+0.103%	$2K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0108%	4h	0.02732	+0.250%	$120K	$3K	50x	as long as short
BingX MERL-USDT	+0.0686%	4h	0.02731	+0.213%	—	$6.7M	—	as long as short
Bybit MERLUSDT	+0.0729%	8h	0.02721	−0.154%	$1.2M	$446K	25x	as long as short