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 Variational Omni+0.366%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.366% dearer against Variational Omni than usual: you sell high and buy low, +$37 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MERL	0.02867	0.0100	pay 0.0100% / 8h	1h 33m	$9K	$381	—
Short	Bitget MERLUSDT	0.02878	0.0100	get 0.0050% / 4h	1h 33m	$1.7M	$264K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Variational Omni. 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 Variational OmnibpFee BitgetbpOrdersPrice spread, now +0.366%Rate

Funding earned: $0
Price spread: +0.366% → 0.000%: $36.62
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: $24.62
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: no order-book sample; Bitget: live order book, 4 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 Variational Omni no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	6.96 bp	90.0 bp −$90	514.1 bp −$5,141	doesn't fit	doesn't fit

Variational Omni: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0472%	1h	0.02877	+0.317%	$24K	$675K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02882	+0.499%	$59K	$43K	10x	as long as short
BloFin MERL-USDT	+0.0089%	4h	0.02879	+0.401%	$124K	$4K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02882	+0.506%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02872	+0.147%	$466K	$151K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02881	+0.474%	$3K	$1K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02876	+0.309%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02871	+0.122%	$1.3M	$427K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02872	+0.157%	$1.3M	$2.1M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02879	+0.401%	$259K	$59K	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_USDT	+0.0100%	4h	0.02876	+0.296%	$3.6M	$122K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02881	+0.471%	$918K	$41K	30x	as long as short
Bitget MERLUSDTshort	+0.0100%	4h	0.02878	+0.366%	$1.7M	$264K	25x
BingX MERL-USDT	+0.0100%	4h	0.02875	+0.262%	—	$6.6M	—	as long as short
Variational Omni MERLlong	+0.0100%	8h	0.02867	long leg	$9K	$381	—
SunX MERL-USDT	+0.0100%	4h	0.02879	+0.401%	$1K	$1.0M	20x	as long as short