MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0057%/8h= −6.3% APRnext payment −$0.29 per $10,000 · paid last 24h −0.003%

Price spread now: BloFin against Binance−0.025%91s7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1141.135% of the position

Long on Binance Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)+0.319%+$32 · spread now −0.025%, 7d avg −0.001%

Together, before fees+0.298%+$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and BloFin is 0.024% cheaper against Binance than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.001%). Swap the legs. The two prices were read 91 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MERLUSDT	0.02770	0.0100	pay 0.0050% / 4h	3h 55m	$1.9M	$2.0M	50x
Short	BloFin MERL-USDT	0.02769	0.0043	get 0.0021% / 4h	3h 55m	$121K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Binance. 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 BinancebpFee BloFinbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$12.03
Price spread: −0.025% → −0.001%: −$2.42
Slippage, 4 orders: −$91.52
Fee Binance: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$127.98
Costs to cover: 1.135%
Break-even: never at this rate

Slippage from Binance: live order book, 8 min ago; BloFin: live order book, 33 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 Binance live order book, 8 min ago	3.61 bp	32.0 bp −$32	252.5 bp −$2,525	doesn't fit	doesn't fit
Sell BloFin live order book, 33 min ago	7.26 bp	23.2 bp −$23	94.0 bp −$940	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	−0.0360%	1h	0.02758	−0.426%	$45K	$535K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	−0.0003%	1h	0.02766	−0.130%	$49K	$54K	10x	as long as short
BloFin MERL-USDTshort	+0.0043%	4h	0.02769	−0.025%	$121K	$3K	50x
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02767	−0.097%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02770	+0.007%	$435K	$135K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02768	−0.060%	$3K	$263	5x	as long as short
Binance MERLUSDTlong	+0.0100%	4h	0.02770	long leg	$1.9M	$2.0M	50x
Bybit MERLUSDT	+0.0100%	8h	0.02761	−0.314%	$1.2M	$421K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02769	−0.025%	$1.3M	$2.3M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02770	+0.011%	$254K	$53K	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	0.02769	−0.025%	$14.5M	$117K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02769	−0.025%	$889K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02772	+0.083%	$1.6M	$230K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02766	−0.133%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02761	−0.313%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02766	−0.133%	$2K	$997K	20x	as long as short