MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0044%/8h= −4.8% APRnext payment −$0.22 per $10,000 · paid last 24h −0.004%

Price spread now: BloFin against Bitget−0.103%7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs−$153as in the Price arb table

costs, in and out, $10k−$1531.526% of the position

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 4 days (all we have)+0.307%+$31 · spread now −0.103%, 7d avg −0.094%

Together, before fees+0.283%+$28 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.094%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MERLUSDT	0.02912	0.0100	pay 0.0050% / 4h	1h 58m	$1.7M	$281K	25x
Short	BloFin MERL-USDT	0.02909	0.0056	get 0.0028% / 4h	1h 58m	$124K	$5K	50x

Funding history

latest

Range statsloading…

BloFin against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Position, each leg$Hold fordaysFee BitgetbpFee BloFinbpOrdersPrice spread, now −0.103%Rate

Slippage from Bitget: live order book, 1 min ago; BloFin: live order book, 44 min ago.

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bitget live order book, 1 min ago	6.87 bp	43.1 bp −$43	473.9 bp −$4,739	doesn't fit	doesn't fit
Sell BloFin live order book, 44 min ago	6.81 bp	30.5 bp −$31	123.6 bp −$1,236	doesn't fit	doesn't fit

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	−0.1464%	1h	0.02879	−1.120%	$17K	$402K	50x	as long as short
Gate MERL_USDT	−0.0074%	8h	0.02908	−0.137%	$260K	$67K	25x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02910	−0.076%	$51K	$57K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0047%	4h	0.02908	−0.137%	$14K	$2K	10x	as long as short
BloFin MERL-USDTshort	+0.0056%	4h	0.02909	−0.103%	$124K	$5K	50x
Hyperliquid MERL	+0.0100%	1h	0.02913	+0.024%	$485K	$156K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02910	−0.053%	$4K	$5K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02910	−0.053%	$1.9M	$2.5M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02901	−0.378%	$1.2M	$495K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02911	−0.034%	$1.3M	$2.5M	20x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MERL_USDT	+0.0100%	4h	0.02910	−0.069%	$3.6M	$133K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02910	−0.069%	$906K	$45K	30x	as long as short
Bitget MERLUSDTlong	+0.0100%	4h	0.02912	long leg	$1.7M	$281K	25x
BingX MERL-USDT	+0.0100%	4h	0.02910	−0.069%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02902	−0.332%	$10K	$549	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02910	−0.069%	$1K	$1.3M	20x	as long as short