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% APRpaid last 24h 0.000%

Price spread now: MEXC against Variational Omni+0.107%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 MEXC

What this pair did over the last

the charts below follow

Funding, last 4 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: MEXC is 0.107% dearer against Variational Omni than usual: you sell high and buy low, +$11 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	0.02865	0.0100	pay 0.0100% / 8h	41m 41s	$9K	$414	—
Short	MEXC MERL_USDT	0.02868	0.0100	get 0.0050% / 4h	41m 41s	$3.6M	$127K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.107%Rate

Funding earned: $0
Price spread: +0.107% → 0.000%: $10.68
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee MEXC: 2 bp × 2 orders: −$4
Net: $6.68
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Variational Omni: no order-book sample; MEXC: live order book, 6 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 MEXC live order book, 6 min ago	5.23 bp	7.2 bp −$7	81.2 bp −$812	180.6 bp −$18.1K	553.1 bp −$276.5K

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
Deribit MERL_USDC-PERPETUAL	−0.0377%	1h	0.02868	+0.103%	$58K	$40K	10x	as long as short
Coinbase International MERL-PERP-INTX	−0.0328%	1h	0.02839	−0.909%	$17K	$641K	50x	as long as short
BloFin MERL-USDT	+0.0055%	4h	0.02871	+0.211%	$129K	$4K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0088%	4h	0.02869	+0.142%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02874	+0.334%	$476K	$158K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02873	+0.283%	$3K	$3K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02873	+0.283%	$1.9M	$2.3M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02868	+0.107%	$1.2M	$483K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02873	+0.281%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02876	+0.386%	$258K	$66K	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_USDTshort	+0.0100%	4h	0.02868	+0.107%	$3.6M	$127K	100x
KuCoin MERLUSDTM	+0.0100%	4h	0.02871	+0.211%	$905K	$44K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02874	+0.316%	$1.7M	$282K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02870	+0.177%	—	$6.6M	—	as long as short
Variational Omni MERLlong	+0.0100%	8h	0.02865	long leg	$9K	$414	—
SunX MERL-USDT	+0.0100%	4h	0.02867	+0.072%	$1K	$1.1M	20x	as long as short