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% APRpaid last 24h −0.089%

Price spread now: OKX against Bybit+0.069%7-day average +0.105% · you sell dearer than you buy

Net, funding: paid 7d − costs−$290as in the Funding arb table

Net, price: spread back to 7d avg − costs−$260as in the Price arb table

costs, in and out, $10k−$2572.565% of the position

Long on Bybit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.334%−$33 on $10k

Price spread, last 7 days−0.054%−$5 · spread now +0.069%, 7d avg +0.105%

Together, before fees−0.388%−$39 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: OKX is 0.036% cheaper against Bybit than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.105%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02891	0.0100	pay 0.0100% / 8h	1h 22m	$1.3M	$430K	25x
Short	OKX MERL-USDT-SWAP	0.02893	0.0100	get 0.0050% / 4h	1h 22m	$1.3M	$2.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.069%Rate

Funding earned: $0
Price spread: +0.069% → +0.105%: −$3.63
Slippage, 4 orders: −$235.53
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee OKX: 5 bp × 2 orders: −$10
Net: −$260.16
Costs to cover: 2.565%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; OKX: 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, 3 min ago	5.19 bp	91.9 bp −$92	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	5.19 bp	19.8 bp −$20	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	−0.0472%	1h	0.02897	+0.218%	$27K	$658K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02896	+0.173%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02893	+0.066%	$470K	$150K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02896	+0.189%	$3K	$1K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02898	+0.242%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDTlong	+0.0100%	8h	0.02891	long leg	$1.3M	$430K	25x
OKX MERL-USDT-SWAPshort	+0.0100%	4h	0.02893	+0.069%	$1.3M	$2.1M	20x
Gate MERL_USDT	+0.0100%	8h	0.02900	+0.311%	$261K	$60K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02898	+0.242%	$3.6M	$123K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02897	+0.208%	$921K	$41K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02901	+0.346%	$1.7M	$261K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02895	+0.138%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02890	−0.035%	$9K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02897	+0.208%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0144%	4h	0.02901	+0.346%	$124K	$4K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.1201%	1h	0.02899	+0.294%	$59K	$41K	10x	as long as short