Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0156%/8h= +17.1% APRpaid last 24h +0.082%

Price spread now: Bitget against Coinbase International+0.613%7-day average +0.613% · you sell dearer than you buy

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$1171.168% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.180%−$18 on $10k

Price spread, last 3 days (all we have)−1.069%−$107 · spread now +0.613%, 7d avg +0.613%

Together, before fees−1.249%−$125 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.613%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.180%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MERL-PERP-INTX	0.02708	−0.0056	get 0.0007% / 1h	12m 33s	$26K	$506K	50x
Short	Bitget MERLUSDT	0.02725	0.0100	get 0.0050% / 4h	2h 12m	$1.6M	$302K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Coinbase International. 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 Coinbase InternationalbpFee BitgetbpOrdersPrice spread, now +0.613%Rate

Funding earned: $32.76
Price spread: +0.613% → +0.613%: −$0.03
Slippage, 4 orders: −$94.77
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$84.04
Costs to cover: 1.168%
Break-even: 25.0 days

Slippage from Coinbase International: live order book, 11 min ago; Bitget: 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 Coinbase International live order book, 11 min ago	18.35 bp	24.8 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	9.16 bp	37.6 bp −$38	175.0 bp −$1,750	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-INTXlong	−0.0056%	1h	0.02708	long leg	$26K	$506K	50x
Deribit MERL_USDC-PERPETUAL	−0.0007%	1h	0.02721	+0.462%	$46K	$64K	10x	as long as short
BloFin MERL-USDT	+0.0083%	4h	0.02726	+0.650%	$97K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02720	+0.428%	$13K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02722	+0.495%	$436K	$144K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02722	+0.510%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02720	+0.428%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02717	+0.318%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02720	+0.428%	$250K	$69K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02720	+0.428%	$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	0.02719	+0.391%	$876K	$65K	30x	as long as short
Bitget MERLUSDTshort	+0.0100%	4h	0.02725	+0.613%	$1.6M	$302K	25x
Variational Omni MERL	+0.0100%	8h	0.02713	+0.184%	$9K	$163	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02720	+0.428%	$1K	$998K	20x	as long as short
BingX MERL-USDT	+0.0746%	4h	0.02719	+0.391%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0858%	8h	0.02710	+0.059%	$1.2M	$478K	25x	as long as short