Funding you earn now, next payment 00:00 UTC+0.0665%/8h= +72.8% APRpaid last 24h +0.032%
Price spread now: Bybit against Bitget−0.473%7-day average −0.271% · you buy dearer than you sell
Net, funding: paid 7d − costs−$245as in the Funding arb table
Net, price: spread back to 7d avg − costs−$285as in the Price arb table
costs, in and out, $10k−$2652.649% of the position
Funding, last 7 days+0.202%+$20 on $10k
+Price spread, last 7 days+0.319%+$32 · spread now −0.473%, 7d avg −0.271%
=Funding pays, the price is against you. Bybit is 0.203% cheaper against Bitget than usual: you would sell low and buy high (spread −0.473% now, against its 7-day average of −0.271%). If the spread goes back, that is −$20 on $10k: about 24 hours of funding at the current rate (+$20 a day). At the pace of the last 7 days (+0.202% in total) that is about 7.0 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.202% in total (about 10.5% 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 | Bitget MERLUSDT | 0.02747 | 0.0100 | pay 0.0050% / 4h | 58m 38s | $1.6M | $285K | 25x |
| Short | Bybit MERLUSDT | 0.02734 | 0.0765 | get 0.0765% / 8h | 58m 38s | $1.2M | $450K | 25x |
Bitget MERLUSDT
Bybit MERLUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Bitget. 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
- $139.55
- Price spread: −0.473% → −0.271%
- −$20.26
- Slippage, 4 orders
- −$241.87
- Fee Bitget: 6 bp × 2 orders
- −$12
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$145.59
- Costs to cover
- 2.649%
- Break-even
- 14.3 days
Slippage from Bitget: live order book, 3 min ago; Bybit: live order book, 2 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 Bitget live order book, 3 min ago | 5.48 bp | 28.0 bp −$28 | 257.7 bp −$2,577 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 2 min ago | 1.83 bp | 110.4 bp −$110 | 390.2 bp −$3,902 | 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 | 0.02708 | −1.405% | $26K | $505K | 50x | as long as short |
| Deribit MERL_USDC-PERPETUAL | +0.0006% | 1h | 0.02740 | −0.262% | $47K | $59K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0097% | 4h | 0.02740 | −0.255% | $14K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02742 | −0.178% | $439K | $133K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02737 | −0.363% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02743 | −0.142% | $1.9M | $2.1M | 50x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02742 | −0.182% | $1.3M | $2.5M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02736 | −0.400% | $252K | $65K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02741 | −0.218% | $14.4M | $112K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02743 | −0.146% | $884K | $65K | 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
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 MERLUSDTlong | +0.0100% | 4h | 0.02747 | long leg | $1.6M | $285K | 25x | |
| Variational Omni MERL | +0.0100% | 8h | 0.02722 | −0.905% | $9K | $163 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02737 | −0.364% | $1K | $999K | 20x | as long as short |
| BloFin MERL-USDT | +0.0108% | 4h | 0.02738 | −0.328% | $120K | $3K | 50x | as long as short |
| BingX MERL-USDT | +0.0676% | 4h | 0.02741 | −0.218% | — | $6.6M | — | as long as short |
| Bybit MERLUSDTshort | +0.0765% | 8h | 0.02734 | −0.473% | $1.2M | $450K | 25x |
Variational Omni MERL
SunX MERL-USDT
BloFin MERL-USDT
BingX MERL-USDT