MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0116%/8h= −12.8% APRnext payment −$0.58 per $10,000 · paid last 24h −0.110%

Price spread now: BloFin against BingX0.000%96s7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$185as 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−$1491.489% of the position

Long on BingX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.364%−$36 on $10k

Price spread, last 4 days (all we have)+0.612%+$61 · spread now 0.000%, 7d avg +0.050%

Together, before fees+0.248%+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and BloFin is 0.050% cheaper against BingX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.050%). Swap the legs. The two prices were read 96 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	BingX MERL-USDT	0.02892	0.0244	pay 0.0122% / 4h	3h 19m	—	$6.6M	—
Short	BloFin MERL-USDT	0.02892	0.0128	get 0.0064% / 4h	3h 19m	$123K	$5K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against BingX. 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 BingXbpFee BloFinbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$24.46
Price spread: 0.000% → +0.050%: −$5.02
Slippage, 4 orders: −$126.87
Fee BingX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$178.35
Costs to cover: 1.489%
Break-even: never at this rate

Slippage from BingX: live order book, 3 min ago; BloFin: live order book, 36 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 BingX live order book, 3 min ago	8.65 bp	42.1 bp −$42	201.3 bp −$2,013	755.5 bp −$75.6K	1145.4 bp −$572.7K
Sell BloFin live order book, 36 min ago	7.01 bp	36.0 bp −$36	122.0 bp −$1,220	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	−0.0624%	1h	0.02836	−1.926%	$16K	$490K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02893	+0.021%	$53K	$68K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0065%	4h	0.02891	−0.035%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02893	+0.031%	$478K	$154K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02895	+0.091%	$4K	$5K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02895	+0.104%	$1.9M	$2.5M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02896	+0.138%	$1.3M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02891	−0.035%	$259K	$70K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02895	+0.104%	$3.6M	$131K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02894	+0.069%	$907K	$44K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02895	+0.104%	$1.7M	$290K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02889	−0.118%	$9K	$439	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02889	−0.104%	$2K	$1.2M	20x	as long as short
BloFin MERL-USDTshort	+0.0128%	4h	0.02892	0.000%	$123K	$5K	50x
BingX MERL-USDTlong	+0.0244%	4h	0.02892	long leg	—	$6.6M	—
Bybit MERLUSDT	+0.0426%	8h	0.02890	−0.069%	$1.3M	$486K	25x	as long as short