Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bitget against Gate+0.215%7-day average +0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$224as in the Funding arb table

Net, price: spread back to 7d avg − costs−$214as in the Price arb table

costs, in and out, $10k−$2292.294% of the position

Long on Gate Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 4 days (all we have)−0.235%−$24 · spread now +0.215%, 7d avg +0.061%

Together, before fees−0.182%−$18 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: Bitget is 0.153% dearer against Gate than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.061%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MERL_USDT	0.02797	0.0100	pay 0.0100% / 8h	2h 15m	$252K	$57K	25x
Short	Bitget MERLUSDT	0.02803	0.0100	get 0.0050% / 4h	2h 15m	$1.7M	$254K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Gate. 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 GatebpFee BitgetbpOrdersPrice spread, now +0.215%Rate

Funding earned: $0
Price spread: +0.215% → +0.061%: $15.35
Slippage, 4 orders: −$202.41
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$214.06
Costs to cover: 2.294%
Break-even: never at this rate

Slippage from Gate: live order book, 27 min ago; Bitget: live order book, 2 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 Gate live order book, 27 min ago	5.43 bp	61.3 bp −$61	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	8.92 bp	40.0 bp −$40	326.7 bp −$3,267	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	−0.0272%	1h	0.02793	−0.143%	$23K	$657K	50x	as long as short
BloFin MERL-USDT	+0.0063%	4h	0.02804	+0.250%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02799	+0.072%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02799	+0.086%	$440K	$148K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02800	+0.106%	$3K	$1K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02801	+0.143%	$1.9M	$1.9M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02792	−0.179%	$1.2M	$394K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02796	−0.036%	$1.3M	$1.9M	20x	as long as short
Gate MERL_USDTlong	+0.0100%	8h	0.02797	long leg	$252K	$57K	25x
MEXC MERL_USDT	+0.0100%	4h	0.02800	+0.107%	$14.7M	$121K	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	0.02798	+0.036%	$896K	$39K	30x	as long as short
Bitget MERLUSDTshort	+0.0100%	4h	0.02803	+0.215%	$1.7M	$254K	25x
BingX MERL-USDT	+0.0100%	4h	0.02799	+0.072%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02790	−0.249%	$9K	$340	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02801	+0.143%	$1K	$948K	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0358%	1h	0.02800	+0.100%	$55K	$42K	10x	as long as short