Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.089%

Price spread now: SunX against Bybit+0.069%7-day average +0.205% · you sell dearer than you buy

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

Long on Bybit Short on SunX

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.272%+$27 · spread now +0.069%, 7d avg +0.205%

Together, before fees+0.012%+$1 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: SunX is 0.137% cheaper against Bybit than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.205%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02911	0.0100	pay 0.0100% / 8h	5h 48m	$1.2M	$495K	25x
Short	SunX MERL-USDT	0.02913	0.0100	get 0.0050% / 4h	1h 48m	$2K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.069%Rate

Funding earned: $0
Price spread: +0.069% → +0.205%: −$13.68
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SunX: 4 bp × 2 orders: −$8
Net: −$32.68
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 5 min ago; SunX: live order book, 9 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, 5 min ago	3.43 bp	99.4 bp −$99	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	500.86 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

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	0.02879	−1.086%	$17K	$402K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02915	+0.141%	$51K	$57K	10x	as long as short
Gate MERL_USDT	+0.0026%	8h	0.02912	+0.034%	$260K	$67K	25x	as long as short
Orderly PERP_MERL_USDC	+0.0047%	4h	0.02915	+0.137%	$14K	$2K	10x	as long as short
BloFin MERL-USDT	+0.0078%	4h	0.02912	+0.034%	$124K	$5K	50x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02917	+0.223%	$484K	$157K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02917	+0.207%	$4K	$5K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02920	+0.313%	$1.9M	$2.5M	50x	as long as short
Bybit MERLUSDTlong	+0.0100%	8h	0.02911	long leg	$1.2M	$495K	25x
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02915	+0.137%	$1.3M	$2.5M	20x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MERL_USDT	+0.0100%	4h	0.02918	+0.240%	$3.6M	$134K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02916	+0.172%	$907K	$45K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02921	+0.344%	$1.7M	$282K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02915	+0.137%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02906	−0.163%	$10K	$599	—	as long as short
SunX MERL-USDTshort	+0.0100%	4h	0.02913	+0.069%	$2K	$1.3M	20x