Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Variational Omni+0.270%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 Hyperliquid

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 · Hyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.270% dearer against Variational Omni than usual: you sell high and buy low, +$27 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	0.02730	0.0100	pay 0.0100% / 8h	6h 10m	$9K	$188	—
Short	Hyperliquid MERL	0.02737	0.0100	get 0.0013% / 1h	10m 46s	$431K	$140K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.270%Rate

Funding earned: $0
Price spread: +0.270% → 0.000%: $27.03
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $18.03
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: no order-book sample; Hyperliquid: live order book, 29 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 Hyperliquid live order book, 29 min ago	4.03 bp	doesn't fit	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 15 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	0.02724	−0.195%	$26K	$498K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02737	+0.274%	$14K	$2K	10x	as long as short
Hyperliquid MERLshort	+0.0100%	1h	0.02737	+0.270%	$431K	$140K	3x
Aster MERLUSDT	+0.0100%	4h	0.02737	+0.283%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02736	+0.237%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02730	+0.017%	$1.2M	$424K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02731	+0.054%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02736	+0.237%	$251K	$62K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02737	+0.274%	$14.4M	$119K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02738	+0.311%	$882K	$65K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02741	+0.421%	$1.6M	$247K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02734	+0.164%	—	$6.7M	—	as long as short
Variational Omni MERLlong	+0.0100%	8h	0.02730	long leg	$9K	$188	—
SunX MERL-USDT	+0.0100%	4h	0.02736	+0.237%	$1K	$1.0M	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.1028%	1h	0.02742	+0.442%	$49K	$61K	10x	as long as short