Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.089%

Price spread now: Binance against Bybit+0.342%7-day average +0.194% · you sell dearer than you buy

Net, funding: paid 7d − costs−$268as in the Funding arb table

Net, price: spread back to 7d avg − costs−$227as in the Price arb table

costs, in and out, $10k−$2422.416% of the position

Long on Bybit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.260%−$26 on $10k

Price spread, last 7 days−0.056%−$6 · spread now +0.342%, 7d avg +0.194%

Together, before fees−0.315%−$32 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: Binance is 0.148% dearer against Bybit than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.194%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02734	0.0100	pay 0.0100% / 8h	7h 30m	$1.2M	$433K	25x
Short	Binance MERLUSDT	0.02743	0.0100	get 0.0050% / 4h	3h 30m	$1.8M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bybit. 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 BybitbpFee BinancebpOrdersPrice spread, now +0.342%Rate

Funding earned: $0
Price spread: +0.342% → +0.194%: $14.8
Slippage, 4 orders: −$220.56
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Binance: 5 bp × 2 orders: −$10
Net: −$226.76
Costs to cover: 2.416%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Binance: 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, 5 min ago	3.66 bp	97.0 bp −$97	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	1.82 bp	32.9 bp −$33	150.5 bp −$1,505	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	−0.0152%	1h	0.02735	+0.018%	$27K	$510K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02739	+0.190%	$49K	$61K	10x	as long as short
BloFin MERL-USDT	+0.0059%	4h	0.02740	+0.219%	$120K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02739	+0.183%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02746	+0.446%	$438K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02742	+0.303%	$3K	$427	5x	as long as short
Binance MERLUSDTshort	+0.0100%	4h	0.02743	+0.342%	$1.8M	$2.1M	50x
Bybit MERLUSDTlong	+0.0100%	8h	0.02734	long leg	$1.2M	$433K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02743	+0.329%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02740	+0.219%	$252K	$65K	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	0.02743	+0.329%	$14.4M	$115K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02744	+0.366%	$885K	$64K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02746	+0.439%	$1.6M	$253K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02741	+0.256%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02733	−0.052%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02737	+0.110%	$1K	$998K	20x	as long as short