Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against Binance+0.013%7-day average +0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs−$179as in the Funding arb table

Net, price: spread back to 7d avg − costs−$186as in the Price arb table

costs, in and out, $10k−$1791.787% of the position

Long on Binance Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 7 days−0.004%$0 · spread now +0.013%, 7d avg +0.086%

Together, before fees−0.004%$0 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 0.074% cheaper against Binance than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.086%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MERLUSDT	0.02855	0.0100	pay 0.0050% / 4h	37m 50s	$1.9M	$2.3M	50x
Short	Bitget MERLUSDT	0.02855	0.0100	get 0.0050% / 4h	37m 50s	$1.7M	$287K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Binance. 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 BinancebpFee BitgetbpOrdersPrice spread, now +0.013%Rate

Funding earned: $0
Price spread: +0.013% → +0.086%: −$7.37
Slippage, 4 orders: −$156.75
Fee Binance: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$186.11
Costs to cover: 1.787%
Break-even: never at this rate

Slippage from Binance: live order book, 11 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 Binance live order book, 11 min ago	3.50 bp	38.9 bp −$39	263.9 bp −$2,639	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	10.42 bp	49.1 bp −$49	342.7 bp −$3,427	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
Coinbase International MERL-PERP-INTX	−0.0328%	1h	0.02845	−0.344%	$16K	$642K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	−0.0241%	1h	0.02853	−0.071%	$57K	$40K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0085%	4h	0.02853	−0.057%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02853	−0.064%	$472K	$159K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02854	−0.035%	$3K	$4K	5x	as long as short
Binance MERLUSDTlong	+0.0100%	4h	0.02855	long leg	$1.9M	$2.3M	50x
Bybit MERLUSDT	+0.0100%	8h	0.02848	−0.232%	$1.2M	$484K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02853	−0.057%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02850	−0.162%	$255K	$66K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02856	+0.048%	$3.6M	$127K	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	0.02856	+0.048%	$901K	$44K	30x	as long as short
Bitget MERLUSDTshort	+0.0100%	4h	0.02855	+0.013%	$1.7M	$287K	25x
BingX MERL-USDT	+0.0100%	4h	0.02853	−0.057%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02870	+0.536%	$9K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02861	+0.223%	$1K	$1.1M	20x	as long as short
BloFin MERL-USDT	+0.0118%	4h	0.02878	+0.819%	$126K	$4K	50x	as long as short