Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0246%/8h= +26.9% APRpaid last 24h +0.093%

Price spread now: Bybit against BloFin−0.349%7-day average −0.236% · you buy dearer than you sell

Net, funding: paid 7d − costs−$230as in the Funding arb table

Net, price: spread back to 7d avg − costs−$269as in the Price arb table

costs, in and out, $10k−$2582.578% of the position

Long on BloFin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.283%+$28 on $10k

Price spread, last 4 days (all we have)−0.428%−$43 · spread now −0.349%, 7d avg −0.236%

Together, before fees−0.145%−$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.114% cheaper against BloFin than usual: you would sell low and buy high (spread −0.349% now, against its 7-day average of −0.236%). If the spread goes back, that is −$11 on $10k: about 37 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MERL-USDT	0.02864	0.0109	pay 0.0055% / 4h	3h 41m	$123K	$5K	50x
Short	Bybit MERLUSDT	0.02854	0.0355	get 0.0355% / 8h	7h 41m	$1.2M	$483K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against BloFin. 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 BloFinbpFee BybitbpOrdersPrice spread, now −0.349%Rate

Funding earned: $51.62
Price spread: −0.349% → −0.236%: −$11.37
Slippage, 4 orders: −$234.82
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$217.56
Costs to cover: 2.578%
Break-even: 36.5 days

Slippage from BloFin: live order book, 15 min ago; Bybit: live order book, 5 min ago.

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 BloFin live order book, 15 min ago	7.01 bp	30.7 bp −$31	135.0 bp −$1,350	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	3.51 bp	92.5 bp −$93	338.8 bp −$3,388	doesn't fit	doesn't fit

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	−0.0762%	1h	0.02862	−0.087%	$56K	$66K	10x	as long as short
Coinbase International MERL-PERP-INTX	−0.0624%	1h	0.02822	−1.453%	$16K	$488K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0069%	4h	0.02861	−0.105%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02858	−0.203%	$474K	$158K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02860	−0.148%	$4K	$5K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02861	−0.115%	$1.9M	$2.5M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02859	−0.175%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02860	−0.140%	$258K	$68K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02861	−0.105%	$3.6M	$129K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02860	−0.140%	$900K	$43K	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	0.02862	−0.070%	$1.7M	$288K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02849	−0.540%	$9K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02860	−0.140%	$2K	$1.2M	20x	as long as short
BloFin MERL-USDTlong	+0.0109%	4h	0.02864	long leg	$123K	$5K	50x
BingX MERL-USDT	+0.0330%	4h	0.02859	−0.175%	—	$6.6M	—	as long as short
Bybit MERLUSDTshort	+0.0355%	8h	0.02854	−0.349%	$1.2M	$483K	25x