Funding you earn now, next payment 00:00 UTC−0.0510%/8h= −55.8% APRpaid last 24h −0.086%
Price spread now: Hyperliquid against BingX+0.120%7-day average +0.058% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.326%−$33 on $10k
+Price spread, last 4 days (all we have)+0.004%$0 · spread now +0.120%, 7d avg +0.058%
=Together, before fees−0.321%+ Points / potential airdropHyperliquid: Season 2 · farm board−$32 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Hyperliquid is 0.063% dearer against BingX than usual: you sell high and buy low (spread +0.120% now, against its 7-day average of +0.058%): +$6 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−0.326% in total) that is about 32 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.326% in total (about -17.0% 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 | 0.02744 | 0.0610 | pay 0.0305% / 4h | 8m 10s | — | $6.6M | — |
| Short | Hyperliquid MERL | 0.02747 | 0.0100 | get 0.0013% / 1h | 8m 10s | $440K | $133K | 3x |
BingX MERL-USDT
Hyperliquid MERLFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid 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
- −$107.1
- Price spread: +0.120% → +0.058%
- $6.25
- Slippage, 4 orders
- no order book: not counted
- Fee BingX: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$119.85
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage unknown: BingX: live order book, 4 min ago; Hyperliquid: live order book, 52 min ago. Net counts fees only.
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, 4 min ago | 5.49 bp | 28.3 bp −$28 | 81.8 bp −$818 | 744.9 bp −$74.5K | doesn't fit |
| Sell Hyperliquid live order book, 52 min ago | 3.83 bp | doesn't fit | 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 | −0.652% | $26K | $508K | 50x | as long as short |
| Deribit MERL_USDC-PERPETUAL | 0.0000% | 1h | 0.02745 | +0.047% | $49K | $61K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0099% | 4h | 0.02744 | 0.000% | $14K | $2K | 10x | as long as short |
| Hyperliquid MERLshort | +0.0100% | 1h | 0.02747 | +0.120% | $440K | $133K | 3x | |
| Aster MERLUSDT | +0.0100% | 4h | 0.02744 | −0.012% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02746 | +0.076% | $1.8M | $2.1M | 50x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02744 | 0.000% | $1.3M | $2.5M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02745 | +0.036% | $253K | $66K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02745 | +0.036% | $14.4M | $117K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02746 | +0.073% | $885K | $64K | 30x | as long as short |
Coinbase International MERL-PERP-INTX
Deribit MERL_USDC-PERPETUAL
Orderly PERP_MERL_USDC
Aster MERLUSDT
Binance 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 | +0.255% | $1.6M | $285K | 25x | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02729 | −0.560% | $9K | $188 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02741 | −0.109% | $1K | $1.0M | 20x | as long as short |
| BloFin MERL-USDT | +0.0155% | 4h | 0.02734 | −0.364% | $120K | $3K | 50x | as long as short |
| BingX MERL-USDTlong | +0.0610% | 4h | 0.02744 | long leg | — | $6.6M | — | |
| Bybit MERLUSDT | +0.0676% | 8h | 0.02736 | −0.292% | $1.2M | $446K | 25x | as long as short |
Bitget MERLUSDT
Variational Omni MERL
SunX MERL-USDT
BloFin MERL-USDT
Bybit MERLUSDT