Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Bitget against Aster−0.120%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Aster Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.120% cheaper against Aster than usual: you would sell low and buy high, −$12 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	Aster MERLUSDT	0.02760	0.0100	pay 0.0050% / 4h	3h 59m	$3K	$427	5x
Short	Bitget MERLUSDT	0.02757	0.0100	get 0.0050% / 4h	3h 59m	$1.6M	$285K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Aster. 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 AsterbpFee BitgetbpOrdersPrice spread, now −0.120%Rate

Funding earned: $0
Price spread: −0.120% → 0.000%: −$12.01
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$32.01
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Aster: no order-book sample; Bitget: live order book, 7 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 Aster no order-book sample	—	—	—	—	—
Sell Bitget live order book, 7 min ago	7.27 bp	34.1 bp −$34	162.6 bp −$1,626	doesn't fit	doesn't fit

Aster: 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	−0.0136%	1h	0.02748	−0.457%	$27K	$513K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	−0.0040%	1h	0.02760	−0.019%	$49K	$61K	10x	as long as short
BloFin MERL-USDT	+0.0056%	4h	0.02757	−0.120%	$120K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02763	+0.097%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02758	−0.095%	$441K	$133K	3x	as long as short
Aster MERLUSDTlong	+0.0100%	4h	0.02760	long leg	$3K	$427	5x
Binance MERLUSDT	+0.0100%	4h	0.02756	−0.156%	$1.9M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02744	−0.591%	$1.2M	$446K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02752	−0.301%	$1.3M	$2.6M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02760	−0.011%	$255K	$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_USDT	+0.0100%	4h	0.02755	−0.193%	$14.5M	$113K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02759	−0.048%	$889K	$64K	30x	as long as short
Bitget MERLUSDTshort	+0.0100%	4h	0.02757	−0.120%	$1.6M	$285K	25x
Variational Omni MERL	+0.0100%	8h	0.02751	−0.351%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02755	−0.193%	$1K	$1.0M	20x	as long as short
BingX MERL-USDT	+0.0608%	4h	0.02756	−0.156%	—	$6.7M	—	as long as short