Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h +0.054%

Price spread now: BingX against Bybit+0.259%7-day average +0.127% · you sell dearer than you buy

Net, funding: paid 7d − costs−$280as in the Funding arb table

Net, price: spread back to 7d avg − costs−$278as in the Price arb table

costs, in and out, $10k−$2912.910% of the position

Long on Bybit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 7 days−0.222%−$22 · spread now +0.259%, 7d avg +0.127%

Together, before fees−0.110%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.132% dearer against Bybit than usual: you sell high and buy low (spread +0.259% now, against its 7-day average of +0.127%): +$13 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.0 days. Mind the row above: over the last 7 days funding on this pair paid +0.112%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02707	0.0780	pay 0.0780% / 8h	2h 00m	$1.2M	$477K	25x
Short	BingX MERL-USDT	0.02714	0.0718	get 0.0359% / 4h	2h 00m	—	$6.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.259%Rate

Funding earned: −$13.07
Price spread: +0.259% → +0.127%: $13.16
Slippage, 4 orders: −$269.97
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee BingX: 5 bp × 2 orders: −$10
Net: −$290.89
Costs to cover: 2.910%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; BingX: live order book, 6 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	5.54 bp	112.1 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	9.20 bp	31.4 bp −$31	93.6 bp −$936	762.6 bp −$76.3K	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	−0.0056%	1h	0.02708	+0.052%	$26K	$506K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02717	+0.377%	$46K	$64K	10x	as long as short
BloFin MERL-USDT	+0.0078%	4h	0.02719	+0.443%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02716	+0.332%	$13K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02718	+0.395%	$436K	$137K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02717	+0.369%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02717	+0.351%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02712	+0.185%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02720	+0.480%	$250K	$69K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02717	+0.369%	$14.3M	$112K	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	0.02718	+0.406%	$876K	$65K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02721	+0.517%	$1.6M	$299K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02709	+0.088%	$9K	$163	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02717	+0.369%	$1K	$994K	20x	as long as short
BingX MERL-USDTshort	+0.0718%	4h	0.02714	+0.259%	—	$6.7M	—
Bybit MERLUSDTlong	+0.0780%	8h	0.02707	long leg	$1.2M	$477K	25x