Funding you earn now, next payment 00:00 UTC−0.0252%/8h= −27.6% APRpaid last 24h −0.071%
Price spread now: Coinbase International against Binance−0.274%7-day average −0.532% · you buy dearer than you sell
Net, funding: paid 7d − costs−$90as in the Funding arb table
Net, price: spread back to 7d avg − costs−$78as in the Price arb table
costs, in and out, $10k−$1041.043% of the position
Funding, last 7 days+0.144%+$14 on $10k
+Price spread, last 3 days (all we have)+0.582%+$58 · spread now −0.274%, 7d avg −0.532%
=The price spread pays, funding is against you. Coinbase International is 0.258% dearer against Binance than usual: you sell high and buy low (spread −0.274% now, against its 7-day average of −0.532%): +$26 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 3.4 days. Mind the row above: over the last 7 days funding on this pair paid +0.144%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.144% in total (about 7.5% 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 | 0.02742 | 0.0100 | pay 0.0050% / 4h | 3h 39m | $1.8M | $2.1M | 50x |
| Short | Coinbase International MERL-PERP-INTX | 0.02735 | −0.0152 | pay 0.0019% / 1h | 39m 14s | $27K | $510K | 50x |
Binance MERLUSDT
Coinbase International MERL-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International 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
- −$52.92
- Price spread: −0.274% → −0.532%
- $25.83
- Slippage, 4 orders
- −$84.28
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$131.37
- Costs to cover
- 1.043%
- Break-even
- never at this rate
Slippage from Binance: live order book, 10 min ago; Coinbase International: live order book, 34 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, 10 min ago | 1.82 bp | 24.8 bp −$25 | 166.6 bp −$1,666 | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 34 min ago | 13.89 bp | 22.1 bp −$22 | doesn't fit | 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-INTXshort | −0.0152% | 1h | 0.02735 | −0.274% | $27K | $510K | 50x | |
| Gate MERL_USDT | +0.0069% | 8h | 0.02739 | −0.109% | $252K | $65K | 25x | as long as short |
| BloFin MERL-USDT | +0.0079% | 4h | 0.02742 | 0.000% | $120K | $3K | 50x | as long as short |
| Orderly PERP_MERL_USDC | +0.0098% | 4h | 0.02741 | −0.036% | $14K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02744 | +0.058% | $438K | $132K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02743 | +0.019% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDTlong | +0.0100% | 4h | 0.02742 | long leg | $1.8M | $2.1M | 50x | |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02739 | −0.109% | $1.2M | $2.5M | 20x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02741 | −0.036% | $14.4M | $114K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02742 | 0.000% | $884K | $64K | 30x | as long as short |
Gate MERL_USDT
BloFin MERL-USDT
Orderly PERP_MERL_USDC
Hyperliquid MERL
Aster MERLUSDT
OKX MERL-USDT-SWAP
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 | 0.02747 | +0.182% | $1.6M | $252K | 25x | as long as short |
| BingX MERL-USDT | +0.0100% | 4h | 0.02742 | 0.000% | — | $6.6M | — | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02736 | −0.216% | $9K | $188 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02737 | −0.182% | $2K | $998K | 20x | as long as short |
| Bybit MERLUSDT | +0.0106% | 8h | 0.02734 | −0.292% | $1.2M | $437K | 25x | as long as short |
| Deribit MERL_USDC-PERPETUAL | +0.0845% | 1h | 0.02743 | +0.033% | $49K | $61K | 10x | as long as short |
Bitget MERLUSDT
BingX MERL-USDT
Variational Omni MERL
SunX MERL-USDT
Bybit MERLUSDT
Deribit MERL_USDC-PERPETUAL