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% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against SunX+0.107%7-day average +0.130% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on SunX 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 4 days (all we have)−0.139%−$14 · spread now +0.107%, 7d avg +0.130%

Together, before fees−0.138%−$14 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 0.023% cheaper against SunX than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.130%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MERL-USDT	0.02801	0.0100	pay 0.0050% / 4h	2h 13m	$1K	$949K	20x
Short	Bitget MERLUSDT	0.02804	0.0100	get 0.0050% / 4h	2h 13m	$1.7M	$253K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against SunX. 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 SunXbpFee BitgetbpOrdersPrice spread, now +0.107%Rate

Funding earned: $0
Price spread: +0.107% → +0.130%: −$2.28
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$22.28
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 9 min ago; Bitget: live order book, 3 min ago. Net counts fees only.

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 SunX live order book, 9 min ago	491.80 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 3 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	0.02790	−0.393%	$23K	$656K	50x	as long as short
BloFin MERL-USDT	+0.0063%	4h	0.02804	+0.107%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02800	−0.036%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02799	−0.064%	$440K	$148K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02800	−0.037%	$3K	$1K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02801	0.000%	$1.9M	$1.9M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02793	−0.286%	$1.2M	$393K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02797	−0.143%	$1.3M	$1.9M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02797	−0.143%	$252K	$57K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02800	−0.036%	$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	0.02801	0.000%	$897K	$39K	30x	as long as short
Bitget MERLUSDTshort	+0.0100%	4h	0.02804	+0.107%	$1.7M	$253K	25x
BingX MERL-USDT	+0.0100%	4h	0.02800	−0.036%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02790	−0.391%	$9K	$340	—	as long as short
SunX MERL-USDTlong	+0.0100%	4h	0.02801	long leg	$1K	$949K	20x
Deribit MERL_USDC-PERPETUAL	+0.0321%	1h	0.02802	+0.018%	$55K	$42K	10x	as long as short