Funding you earn now, next payment 00:00 UTC+0.0576%/8h= +63.1% APRpaid last 24h +0.032%
Price spread now: Bybit against Binance−0.255%7-day average −0.192% · you buy dearer than you sell
Net, funding: paid 7d − costs−$210as in the Funding arb table
Net, price: spread back to 7d avg − costs−$237as in the Price arb table
costs, in and out, $10k−$2302.303% of the position
Funding, last 7 days+0.203%+$20 on $10k
+Price spread, last 7 days−0.008%−$1 · spread now −0.255%, 7d avg −0.192%
=Funding pays, the price is against you. Bybit is 0.063% cheaper against Binance than usual: you would sell low and buy high (spread −0.255% now, against its 7-day average of −0.192%). If the spread goes back, that is −$6 on $10k: about 9 hours of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.203% in total) that is about 2.2 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.203% in total (about 10.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance MERLUSDT | 0.02743 | 0.0100 | pay 0.0050% / 4h | 7m 40s | $1.8M | $2.1M | 50x |
| Short | Bybit MERLUSDT | 0.02736 | 0.0676 | get 0.0676% / 8h | 7m 40s | $1.2M | $446K | 25x |
Binance MERLUSDT
Bybit MERLUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Binance. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $120.92
- Price spread: −0.255% → −0.192%
- −$6.28
- Slippage, 4 orders
- −$209.34
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$115.7
- Costs to cover
- 2.303%
- Break-even
- 13.7 days
Slippage from Binance: live order book, 12 min ago; Bybit: 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 Binance live order book, 12 min ago | 1.83 bp | 22.7 bp −$23 | 179.1 bp −$1,791 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 3 min ago | 5.49 bp | 83.5 bp −$84 | 370.8 bp −$3,708 | 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 | −0.0136% | 1h | 0.02726 | −0.616% | $26K | $508K | 50x | as long as short |
| Deribit MERL_USDC-PERPETUAL | 0.0000% | 1h | 0.02745 | +0.084% | $49K | $61K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0099% | 4h | 0.02744 | +0.036% | $14K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02747 | +0.142% | $440K | $133K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02743 | −0.007% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDTlong | +0.0100% | 4h | 0.02743 | long leg | $1.8M | $2.1M | 50x | |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02744 | +0.036% | $1.3M | $2.5M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02745 | +0.073% | $253K | $66K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02743 | 0.000% | $14.4M | $117K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02746 | +0.109% | $885K | $64K | 30x | as long as short |
Coinbase International MERL-PERP-INTX
Deribit MERL_USDC-PERPETUAL
Orderly PERP_MERL_USDC
Hyperliquid MERL
Aster MERLUSDT
OKX MERL-USDT-SWAP
Gate MERL_USDT
MEXC MERL_USDT
KuCoin MERLUSDTMShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget MERLUSDT | +0.0100% | 4h | 0.02751 | +0.292% | $1.6M | $285K | 25x | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02729 | −0.524% | $9K | $188 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02741 | −0.073% | $1K | $1.0M | 20x | as long as short |
| BloFin MERL-USDT | +0.0155% | 4h | 0.02734 | −0.328% | $120K | $3K | 50x | as long as short |
| BingX MERL-USDT | +0.0606% | 4h | 0.02744 | +0.036% | — | $6.6M | — | as long as short |
| Bybit MERLUSDTshort | +0.0676% | 8h | 0.02736 | −0.255% | $1.2M | $446K | 25x |
Bitget MERLUSDT
Variational Omni MERL
SunX MERL-USDT
BloFin MERL-USDT
BingX MERL-USDT