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% APRpaid last 24h −0.089%

Price spread now: Hyperliquid against Bybit+0.267%7-day average +0.236% · you sell dearer than you buy

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

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.270%−$27 on $10k

Price spread, last 4 days (all we have)−0.075%−$8 · spread now +0.267%, 7d avg +0.236%

Together, before fees−0.345%+ Points / potential airdropHyperliquid: Season 2 · farm board−$35 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: Hyperliquid is 0.031% dearer against Bybit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.236%.

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	4h 43m	$1.2M	$414K	25x
Short	Hyperliquid MERL	0.02741	0.0100	get 0.0013% / 1h	43m 10s	$432K	$135K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpOrdersPrice spread, now +0.267%Rate

Funding earned: $0
Price spread: +0.267% → +0.236%: $3.12
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$16.88
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; Hyperliquid: live order book, 47 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 Bybit live order book, 3 min ago	3.66 bp	126.4 bp −$126	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 47 min ago	4.53 bp	doesn't fit	doesn't fit	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	−0.0232%	1h	0.02739	+0.201%	$29K	$504K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0042%	1h	0.02742	+0.289%	$49K	$55K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02741	+0.256%	$14K	$2K	10x	as long as short
Hyperliquid MERLshort	+0.0100%	1h	0.02741	+0.267%	$432K	$135K	3x
Aster MERLUSDT	+0.0100%	4h	0.02744	+0.366%	$3K	$497	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02742	+0.281%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDTlong	+0.0100%	8h	0.02734	long leg	$1.2M	$414K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02739	+0.183%	$1.2M	$2.3M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02741	+0.256%	$251K	$60K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02742	+0.293%	$14.4M	$118K	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	0.02742	+0.293%	$882K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02746	+0.439%	$1.6M	$241K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02740	+0.219%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02736	+0.073%	$9K	$178	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02742	+0.293%	$2K	$988K	20x	as long as short
BloFin MERL-USDT	+0.0156%	4h	0.02744	+0.366%	$119K	$3K	50x	as long as short