Funding you earn now, next payment 03:00 UTC−0.0332%/8h= −36.4% APRpaid last 24h −0.178%
Price spread now: Coinbase International against BingX−0.401%7-day average −0.468% · you buy dearer than you sell
Net, funding: paid 7d − costs−$146as in the Funding arb table
Net, price: spread back to 7d avg − costs−$117as in the Price arb table
costs, in and out, $10k−$1231.235% of the position
Funding, last 7 days−0.228%−$23 on $10k
+Price spread, last 4 days (all we have)+1.000%+$100 · spread now −0.401%, 7d avg −0.468%
=The price spread pays, funding is against you. Coinbase International is 0.067% dearer against BingX than usual: you sell high and buy low (spread −0.401% now, against its 7-day average of −0.468%): +$7 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 16 hours. At the pace of the last 7 days (−0.228% in total) that is about 2.1 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.228% in total (about -11.9% 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 | BingX MERL-USDT | 0.02769 | 0.0100 | pay 0.0050% / 4h | 0m 35s | — | $6.6M | — |
| Short | Coinbase International MERL-PERP-INTX | 0.02758 | −0.0232 | pay 0.0029% / 1h | 0m 35s | $45K | $535K | 50x |
BingX MERL-USDT
Coinbase International MERL-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against BingX. 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
- −$69.72
- Price spread: −0.401% → −0.468%
- $6.73
- Slippage, 4 orders
- −$103.48
- Fee BingX: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$186.47
- Costs to cover
- 1.235%
- Break-even
- never at this rate
Slippage from BingX: live order book, 1 min ago; Coinbase International: live order book, 58 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, 1 min ago | 7.22 bp | 34.1 bp −$34 | 140.8 bp −$1,408 | 786.2 bp −$78.6K | doesn't fit |
| Sell Coinbase International live order book, 58 min ago | 15.98 bp | 21.0 bp −$21 | 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 | −0.0232% | 1h | 0.02758 | −0.401% | $45K | $535K | 50x | |
| BloFin MERL-USDT | +0.0094% | 4h | 0.02770 | +0.036% | $121K | $3K | 50x | as long as short |
| Orderly PERP_MERL_USDC | +0.0098% | 4h | 0.02770 | +0.036% | $14K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02773 | +0.144% | $436K | $135K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02770 | +0.035% | $3K | $263 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02771 | +0.072% | $1.9M | $2.0M | 50x | as long as short |
| Bybit MERLUSDT | +0.0100% | 8h | 0.02766 | −0.108% | $1.2M | $422K | 25x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02770 | +0.036% | $1.3M | $2.4M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02770 | +0.036% | $254K | $61K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02770 | +0.036% | $14.5M | $121K | 100x | as long as short |
BloFin MERL-USDT
Orderly PERP_MERL_USDC
Hyperliquid MERL
Aster MERLUSDT
Binance MERLUSDT
Bybit MERLUSDT
OKX MERL-USDT-SWAP
Gate MERL_USDT
MEXC MERL_USDTShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02771 | +0.072% | $890K | $41K | 30x | as long as short |
| Bitget MERLUSDT | +0.0100% | 4h | 0.02776 | +0.253% | $1.6M | $231K | 25x | as long as short |
| BingX MERL-USDTlong | +0.0100% | 4h | 0.02769 | long leg | — | $6.6M | — | |
| Variational Omni MERL | +0.0100% | 8h | 0.02766 | −0.108% | $9K | $168 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02770 | +0.036% | $1K | $994K | 20x | as long as short |
| Deribit MERL_USDC-PERPETUAL | +0.0111% | 1h | 0.02772 | +0.090% | $49K | $54K | 10x | as long as short |
KuCoin MERLUSDTM
Bitget MERLUSDT
Variational Omni MERL
SunX MERL-USDT
Deribit MERL_USDC-PERPETUAL