Funding you earn now, next payment 00:00 UTC−0.0586%/8h= −64.2% APRpaid last 24h −0.086%
Price spread now: Gate against BingX−0.037%7-day average +0.091% · you buy dearer than you sell
Net, funding: paid 7d − costs−$227as in the Funding arb table
Net, price: spread back to 7d avg − costs−$203as in the Price arb table
costs, in and out, $10k−$1901.903% of the position
Funding, last 7 days−0.367%−$37 on $10k
+Price spread, last 4 days (all we have)+0.150%+$15 · spread now −0.037%, 7d avg +0.091%
=Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Gate is 0.127% cheaper against BingX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.091%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.367% in total (about -19.1% 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 | 0.02732 | 0.0686 | pay 0.0343% / 4h | 32m 28s | — | $6.6M | — |
| Short | Gate MERL_USDT | 0.02731 | 0.0100 | get 0.0100% / 8h | 32m 28s | $252K | $66K | 25x |
BingX MERL-USDT
Gate MERL_USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Gate 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
- −$123.06
- Price spread: −0.037% → +0.091%
- −$12.71
- Slippage, 4 orders
- −$165.26
- Fee BingX: 5 bp × 2 orders
- −$10
- Fee Gate: 7.5 bp × 2 orders
- −$15
- Net
- −$326.04
- Costs to cover
- 1.903%
- Break-even
- never at this rate
Slippage from BingX: live order book, 5 min ago; Gate: live order book, 39 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, 5 min ago | 5.49 bp | 28.0 bp −$28 | 83.0 bp −$830 | 743.6 bp −$74.4K | doesn't fit |
| Sell Gate live order book, 39 min ago | 5.51 bp | 71.4 bp −$71 | 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-INTX | −0.0136% | 1h | 0.02726 | −0.216% | $26K | $509K | 50x | as long as short |
| Deribit MERL_USDC-PERPETUAL | 0.0000% | 1h | 0.02734 | +0.077% | $47K | $59K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0098% | 4h | 0.02734 | +0.073% | $14K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02735 | +0.110% | $438K | $133K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02732 | +0.002% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02733 | +0.037% | $1.8M | $2.1M | 50x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02731 | −0.037% | $1.3M | $2.5M | 20x | as long as short |
| Gate MERL_USDTshort | +0.0100% | 8h | 0.02731 | −0.037% | $252K | $66K | 25x | |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02733 | +0.037% | $14.3M | $115K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02735 | +0.110% | $882K | $64K | 30x | as long as short |
Coinbase International MERL-PERP-INTX
Deribit MERL_USDC-PERPETUAL
Orderly PERP_MERL_USDC
Hyperliquid MERL
Aster MERLUSDT
Binance 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 | 0.02739 | +0.256% | $1.6M | $286K | 25x | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02725 | −0.249% | $9K | $188 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02729 | −0.110% | $2K | $1.0M | 20x | as long as short |
| BloFin MERL-USDT | +0.0120% | 4h | 0.02732 | 0.000% | $120K | $3K | 50x | as long as short |
| BingX MERL-USDTlong | +0.0686% | 4h | 0.02732 | long leg | — | $6.6M | — | |
| Bybit MERLUSDT | +0.0722% | 8h | 0.02725 | −0.256% | $1.2M | $446K | 25x | as long as short |
Bitget MERLUSDT
Variational Omni MERL
SunX MERL-USDT
BloFin MERL-USDT
Bybit MERLUSDT