Funding arb · Price arb /

MERL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Bitget against OKX+0.294%7-day average +0.172% · you sell dearer than you buy

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$1101.102% of the position

Long on OKX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$7 on $10k

Price spread, last 7 days−0.193%−$19 · spread now +0.294%, 7d avg +0.172%

Together, before fees−0.118%−$12 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 0.123% dearer against OKX than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.172%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MERL-USDT-SWAP	0.02717	0.0100	pay 0.0050% / 4h	2h 03m	$1.3M	$2.5M	20x
Short	Bitget MERLUSDT	0.02725	0.0100	get 0.0050% / 4h	2h 03m	$1.6M	$302K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against OKX. 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 OKXbpFee BitgetbpOrdersPrice spread, now +0.294%Rate

Funding earned: $0
Price spread: +0.294% → +0.172%: $12.27
Slippage, 4 orders: −$88.16
Fee OKX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$97.88
Costs to cover: 1.102%
Break-even: never at this rate

Slippage from OKX: live order book, 4 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 OKX live order book, 4 min ago	1.84 bp	21.6 bp −$22	560.4 bp −$5,604	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	9.18 bp	33.0 bp −$33	176.8 bp −$1,768	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
Deribit MERL_USDC-PERPETUAL	−0.0338%	1h	0.02720	+0.118%	$46K	$64K	10x	as long as short
Coinbase International MERL-PERP-INTX	−0.0056%	1h	0.02708	−0.317%	$26K	$506K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02721	+0.147%	$13K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02721	+0.166%	$436K	$136K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02724	+0.244%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02720	+0.119%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAPlong	+0.0100%	4h	0.02717	long leg	$1.3M	$2.5M	20x
Gate MERL_USDT	+0.0100%	8h	0.02726	+0.331%	$251K	$69K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02721	+0.147%	$14.3M	$112K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02720	+0.110%	$877K	$65K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDTshort	+0.0100%	4h	0.02725	+0.294%	$1.6M	$302K	25x
Variational Omni MERL	+0.0100%	8h	0.02709	−0.281%	$9K	$163	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02720	+0.110%	$1K	$996K	20x	as long as short
BloFin MERL-USDT	+0.0133%	4h	0.02719	+0.074%	$121K	$3K	50x	as long as short
BingX MERL-USDT	+0.0762%	4h	0.02720	+0.110%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0791%	8h	0.02710	−0.258%	$1.2M	$478K	25x	as long as short