Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.089%

Price spread now: Bitget against Bybit+0.240%7-day average +0.278% · you sell dearer than you buy

Net, funding: paid 7d − costs−$318as in the Funding arb table

Net, price: spread back to 7d avg − costs−$296as in the Price arb table

costs, in and out, $10k−$2922.919% of the position

Long on Bybit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.259%−$26 on $10k

Price spread, last 7 days−0.094%−$9 · spread now +0.240%, 7d avg +0.278%

Together, before fees−0.354%−$35 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.037% cheaper against Bybit than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.278%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02912	0.0100	pay 0.0100% / 8h	5h 56m	$1.2M	$495K	25x
Short	Bitget MERLUSDT	0.02919	0.0100	get 0.0050% / 4h	1h 56m	$1.7M	$281K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Bybit. 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 BybitbpFee BitgetbpOrdersPrice spread, now +0.240%Rate

Funding earned: $0
Price spread: +0.240% → +0.278%: −$3.74
Slippage, 4 orders: −$268.89
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$295.63
Costs to cover: 2.919%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Bitget: live order book, 4 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 Bybit live order book, 3 min ago	6.88 bp	98.2 bp −$98	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	6.87 bp	43.7 bp −$44	329.7 bp −$3,297	doesn't fit	doesn't fit

MERL on 16 exchanges

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	−0.1464%	1h	0.02879	−1.120%	$17K	$402K	50x	as long as short
Gate MERL_USDT	−0.0043%	8h	0.02919	+0.240%	$261K	$67K	25x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02919	+0.254%	$51K	$57K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0047%	4h	0.02917	+0.172%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02916	+0.155%	$486K	$156K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02916	+0.135%	$4K	$5K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02918	+0.218%	$1.9M	$2.5M	50x	as long as short
Bybit MERLUSDTlong	+0.0100%	8h	0.02912	long leg	$1.2M	$495K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02916	+0.137%	$1.3M	$2.5M	20x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02917	+0.172%	$3.6M	$134K	100x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02917	+0.172%	$908K	$45K	30x	as long as short
Bitget MERLUSDTshort	+0.0100%	4h	0.02919	+0.240%	$1.7M	$281K	25x
BingX MERL-USDT	+0.0100%	4h	0.02917	+0.172%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02902	−0.332%	$10K	$549	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02918	+0.206%	$1K	$1.3M	20x	as long as short
BloFin MERL-USDT	+0.0158%	4h	0.02911	−0.034%	$124K	$5K	50x	as long as short