Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against KuCoin−0.290%7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$560as in the Funding arb table

Net, price: spread back to 7d avg − costs−$590as in the Price arb table

costs, in and out, $10k−$5595.592% of the position

Long on KuCoin Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)+0.248%+$25 · spread now −0.290%, 7d avg +0.014%

Together, before fees+0.238%+$24 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 0.304% cheaper against KuCoin than usual: you would sell low and buy high, −$30 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MERLUSDTM	0.02761	0.0100	pay 0.0050% / 4h	1h 29m	$890K	$42K	30x
Short	Bitget MERLUSDT	0.02753	0.0100	get 0.0050% / 4h	1h 29m	$1.6M	$243K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against KuCoin. 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 KuCoinbpFee BitgetbpOrdersPrice spread, now −0.290%Rate

Funding earned: $0
Price spread: −0.290% → +0.014%: −$30.38
Slippage, 4 orders: −$535.22
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$589.6
Costs to cover: 5.592%
Break-even: never at this rate

Slippage from KuCoin: live order book, 15 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 KuCoin live order book, 15 min ago	14.59 bp	317.4 bp −$317	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	5.42 bp	29.1 bp −$29	145.3 bp −$1,453	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	0.02724	−1.333%	$26K	$497K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0100%	4h	0.02760	−0.036%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02760	−0.025%	$436K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02760	−0.021%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02755	−0.223%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02752	−0.326%	$1.2M	$417K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02753	−0.290%	$1.2M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02760	−0.036%	$254K	$61K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02760	−0.036%	$14.5M	$118K	100x	as long as short
KuCoin MERLUSDTMlong	+0.0100%	4h	0.02761	long leg	$890K	$42K	30x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDTshort	+0.0100%	4h	0.02753	−0.290%	$1.6M	$243K	25x
BingX MERL-USDT	+0.0100%	4h	0.02754	−0.254%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02754	−0.256%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02759	−0.072%	$1K	$991K	20x	as long as short
BloFin MERL-USDT	+0.0160%	4h	0.02752	−0.326%	$120K	$3K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0511%	1h	0.02762	+0.036%	$49K	$61K	10x	as long as short