Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.009%

Price spread now: Orderly against Variational Omni+0.035%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 Orderly

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: Orderly is 0.035% dearer against Variational Omni than usual: you sell high and buy low, +$3 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	0.02759	0.0100	pay 0.0100% / 8h	2h 38m	$9K	$240	—
Short	Orderly PERP_MERL_USDC	0.02760	0.0099	get 0.0050% / 4h	2h 38m	$14K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.035%Rate

Funding earned: −$0.16
Price spread: +0.035% → 0.000%: $3.46
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$2.7
Costs to cover: 0.060%
Break-even: never at this rate

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

Variational Omni and Orderly: 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	−0.0272%	1h	0.02744	−0.549%	$25K	$635K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02760	+0.045%	$52K	$43K	10x	as long as short
Orderly PERP_MERL_USDCshort	+0.0099%	4h	0.02760	+0.035%	$14K	$2K	10x
Hyperliquid MERL	+0.0100%	1h	0.02761	+0.085%	$432K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02761	+0.056%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02760	+0.040%	$1.9M	$1.8M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02755	−0.147%	$1.2M	$385K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02760	+0.035%	$1.2M	$1.9M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02757	−0.074%	$250K	$52K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02761	+0.071%	$14.5M	$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	0.02764	+0.180%	$885K	$39K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02762	+0.107%	$1.6M	$239K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02761	+0.071%	—	$6.6M	—	as long as short
Variational Omni MERLlong	+0.0100%	8h	0.02759	long leg	$9K	$240	—
SunX MERL-USDT	+0.0100%	4h	0.02760	+0.035%	$1K	$919K	20x	as long as short
BloFin MERL-USDT	+0.0115%	4h	0.02767	+0.288%	$121K	$3K	50x	as long as short