MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0691%/8h= −75.6% APRnext payment −$6.91 per $10,000 · paid last 24h −0.032%

Price spread now: Variational Omni against Bybit−0.023%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Variational Omni is 0.023% cheaper against Bybit than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MERLUSDT	0.02710	0.0791	pay 0.0791% / 8h	2h 03m	$1.2M	$479K	25x
Short	Variational Omni MERL	0.02709	0.0100	get 0.0100% / 8h	2h 03m	$9K	$163	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.023%Rate

Funding earned: −$145.05
Price spread: −0.023% → 0.000%: −$2.29
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$158.35
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; Variational Omni: 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	5.54 bp	112.1 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: 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 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
Deribit MERL_USDC-PERPETUAL	−0.0191%	1h	0.02719	+0.332%	$46K	$64K	10x	as long as short
Coinbase International MERL-PERP-INTX	−0.0056%	1h	0.02708	−0.059%	$26K	$506K	50x	as long as short
BloFin MERL-USDT	+0.0043%	4h	0.02720	+0.369%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02720	+0.369%	$13K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02723	+0.483%	$437K	$136K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02724	+0.498%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02722	+0.436%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02718	+0.295%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02727	+0.627%	$251K	$69K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02723	+0.480%	$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	0.02720	+0.369%	$877K	$65K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02725	+0.554%	$1.6M	$302K	25x	as long as short
Variational Omni MERLshort	+0.0100%	8h	0.02709	−0.023%	$9K	$163	—
SunX MERL-USDT	+0.0100%	4h	0.02719	+0.332%	$1K	$996K	20x	as long as short
BingX MERL-USDT	+0.0762%	4h	0.02721	+0.406%	—	$6.6M	—	as long as short
Bybit MERLUSDTlong	+0.0791%	8h	0.02710	long leg	$1.2M	$479K	25x