Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against MEXC+0.108%7-day average +0.087% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$870.865% of the position

Long on MEXC Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 7 days−0.026%−$3 · spread now +0.108%, 7d avg +0.087%

Together, before fees−0.025%−$3 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 0.021% dearer against MEXC than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.087%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MERL_USDT	0.02785	0.0100	pay 0.0050% / 4h	2h 28m	$14.6M	$120K	100x
Short	Bitget MERLUSDT	0.02788	0.0100	get 0.0050% / 4h	2h 28m	$1.7M	$252K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against MEXC. 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 MEXCbpFee BitgetbpOrdersPrice spread, now +0.108%Rate

Funding earned: $0
Price spread: +0.108% → +0.087%: $2.09
Slippage, 4 orders: −$70.5
Fee MEXC: 2 bp × 2 orders: −$4
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$84.42
Costs to cover: 0.865%
Break-even: never at this rate

Slippage from MEXC: live order book, 5 min ago; Bitget: live order book, 3 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 MEXC live order book, 5 min ago	3.62 bp	5.6 bp −$6	87.6 bp −$876	173.7 bp −$17.4K	494.6 bp −$247.3K
Sell Bitget live order book, 3 min ago	7.22 bp	32.1 bp −$32	222.7 bp −$2,227	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	0.02781	−0.129%	$25K	$644K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02790	+0.194%	$53K	$43K	10x	as long as short
BloFin MERL-USDT	+0.0044%	4h	0.02772	−0.467%	$120K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02790	+0.180%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02784	−0.025%	$439K	$142K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02788	+0.091%	$3K	$1K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02784	−0.036%	$1.9M	$1.8M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02778	−0.251%	$1.2M	$383K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02781	−0.144%	$1.3M	$1.9M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02786	+0.036%	$253K	$55K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MERL_USDTlong	+0.0100%	4h	0.02785	long leg	$14.6M	$120K	100x
KuCoin MERLUSDTM	+0.0100%	4h	0.02789	+0.144%	$888K	$40K	30x	as long as short
Bitget MERLUSDTshort	+0.0100%	4h	0.02788	+0.108%	$1.7M	$252K	25x
BingX MERL-USDT	+0.0100%	4h	0.02789	+0.144%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02762	−0.841%	$9K	$240	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02786	+0.036%	$1K	$919K	20x	as long as short