Funding you earn now, next payment 01:00 UTC−0.0332%/8h= −36.4% APRpaid last 24h −0.070%
Price spread now: Coinbase International against Bitget−0.267%7-day average −0.614% · you buy dearer than you sell
Net, funding: paid 7d − costs−$371as in the Funding arb table
Net, price: spread back to 7d avg − costs−$350as in the Price arb table
costs, in and out, $10k−$3853.846% of the position
Funding, last 7 days+0.136%+$14 on $10k
+Price spread, last 3 days (all we have)+0.520%+$52 · spread now −0.267%, 7d avg −0.614%
=The price spread pays, funding is against you. Coinbase International is 0.347% dearer against Bitget than usual: you sell high and buy low (spread −0.267% now, against its 7-day average of −0.614%): +$35 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 3.5 days. Mind the row above: over the last 7 days funding on this pair paid +0.136%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.136% in total (about 7.1% 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 | Bitget MERLUSDT | 0.02737 | 0.0100 | pay 0.0050% / 4h | 2h 31m | $1.6M | $246K | 25x |
| Short | Coinbase International MERL-PERP-INTX | 0.02730 | −0.0232 | pay 0.0029% / 1h | 31m 08s | $26K | $499K | 50x |
Bitget MERLUSDT
Coinbase International MERL-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International 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
- −$69.72
- Price spread: −0.267% → −0.614%
- $34.74
- Slippage, 4 orders
- −$362.59
- Fee Bitget: 6 bp × 2 orders
- −$12
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$419.57
- Costs to cover
- 3.846%
- Break-even
- never at this rate
Slippage from Bitget: live order book, 1 min ago; Coinbase International: live order book, 37 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, 1 min ago | 5.48 bp | 38.5 bp −$39 | 232.2 bp −$2,322 | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 37 min ago | 17.09 bp | 165.8 bp −$166 | doesn't fit | doesn't fit | doesn't fit |
MERL on 15 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-INTXshort | −0.0232% | 1h | 0.02730 | −0.267% | $26K | $499K | 50x | |
| Deribit MERL_USDC-PERPETUAL | 0.0000% | 1h | 0.02734 | −0.124% | $49K | $61K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0099% | 4h | 0.02734 | −0.110% | $14K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02731 | −0.216% | $428K | $138K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02737 | −0.011% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02733 | −0.146% | $1.8M | $2.1M | 50x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02730 | −0.256% | $1.2M | $2.5M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02736 | −0.037% | $251K | $61K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02735 | −0.073% | $14.4M | $117K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02737 | 0.000% | $882K | $65K | 30x | as long as short |
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 15 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget MERLUSDTlong | +0.0100% | 4h | 0.02737 | long leg | $1.6M | $246K | 25x | |
| Variational Omni MERL | +0.0100% | 8h | 0.02728 | −0.326% | $9K | $188 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02735 | −0.073% | $1K | $1.0M | 20x | as long as short |
| Bybit MERLUSDT | +0.0121% | 8h | 0.02727 | −0.365% | $1.2M | $429K | 25x | as long as short |
| BingX MERL-USDT | +0.0166% | 4h | 0.02734 | −0.110% | — | $6.6M | — | as long as short |
Variational Omni MERL
SunX MERL-USDT
Bybit MERLUSDT
BingX MERL-USDT