MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0324%/8h= −35.5% APRnext payment −$1.62 per $10,000 · paid last 24h −0.086%

Price spread now: KuCoin against BingX+0.109%7-day average +0.132% · you sell dearer than you buy

Net, funding: paid 7d − costs−$566as in the Funding arb table

Net, price: spread back to 7d avg − costs−$537as in the Price arb table

costs, in and out, $10k−$5355.352% of the position

Long on BingX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.304%−$30 on $10k

Price spread, last 4 days (all we have)+0.087%+$9 · spread now +0.109%, 7d avg +0.132%

Together, before fees−0.217%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and KuCoin is 0.023% cheaper against BingX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.132%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX MERL-USDT	0.02753	0.0424	pay 0.0212% / 4h	3h 56m	—	$6.6M	—
Short	KuCoin MERLUSDTM	0.02756	0.0100	get 0.0050% / 4h	3h 56m	$888K	$64K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.109%Rate

Funding earned: −$68.04
Price spread: +0.109% → +0.132%: −$2.26
Slippage, 4 orders: −$513.16
Fee BingX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$605.46
Costs to cover: 5.352%
Break-even: never at this rate

Slippage from BingX: live order book, 15 min ago; KuCoin: live order book, 68 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, 15 min ago	5.49 bp	28.3 bp −$28	81.8 bp −$818	744.9 bp −$74.5K	doesn't fit
Sell KuCoin live order book, 68 min ago	16.46 bp	194.7 bp −$195	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	−0.0152%	1h	0.02748	−0.193%	$27K	$513K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	−0.0113%	1h	0.02753	+0.015%	$49K	$61K	10x	as long as short
Gate MERL_USDT	+0.0028%	8h	0.02756	+0.109%	$254K	$65K	25x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02754	+0.036%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02755	+0.091%	$440K	$133K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02754	+0.026%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02758	+0.172%	$1.9M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02750	−0.109%	$1.3M	$2.6M	20x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02755	+0.073%	$14.5M	$113K	100x	as long as short
KuCoin MERLUSDTMshort	+0.0100%	4h	0.02756	+0.109%	$888K	$64K	30x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02764	+0.400%	$1.6M	$285K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02751	−0.086%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02749	−0.145%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0159%	4h	0.02757	+0.145%	$119K	$3K	50x	as long as short
BingX MERL-USDTlong	+0.0424%	4h	0.02753	long leg	—	$6.6M	—
Bybit MERLUSDT	+0.1296%	8h	0.02746	−0.254%	$1.2M	$443K	25x	as long as short