Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0394%/8h= +43.1% APRpaid last 24h −0.037%

Price spread now: Deribit against Bybit+0.230%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Deribit is 0.230% dearer against Bybit than usual: you sell high and buy low: +$23 more if the spread 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	Bybit MERLUSDT	0.02953	0.0100	pay 0.0100% / 8h	5h 07m	$1.3M	$523K	25x
Short	Deribit MERL_USDC-PERPETUAL	0.02960	0.0494	get 0.0062% / 1h	7m 18s	$51K	$57K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.230%Rate

Funding earned: $82.71
Price spread: +0.230% → 0.000%: $23.03
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $87.74
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Bybit: live order book, 2 min ago; Deribit: no order-book sample. 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 Bybit live order book, 2 min ago	6.77 bp	124.6 bp −$125	606.1 bp −$6,061	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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 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	0.02942	−0.359%	$18K	$412K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0032%	4h	0.02957	+0.135%	$15K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02957	+0.149%	$492K	$155K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02957	+0.137%	$4K	$5K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02958	+0.173%	$2.0M	$2.6M	50x	as long as short
Bybit MERLUSDTlong	+0.0100%	8h	0.02953	long leg	$1.3M	$523K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02956	+0.102%	$1.4M	$2.6M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02956	+0.102%	$276K	$76K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02958	+0.169%	$3.7M	$140K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02957	+0.135%	$922K	$46K	30x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02961	+0.271%	$1.7M	$283K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02957	+0.135%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02947	−0.195%	$10K	$794	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02957	+0.135%	$1K	$1.3M	20x	as long as short
BloFin MERL-USDT	+0.0125%	4h	0.02961	+0.271%	$128K	$5K	50x	as long as short
Deribit MERL_USDC-PERPETUALshort	+0.0494%	1h	0.02960	+0.230%	$51K	$57K	10x