MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0051%/8h= −5.6% APRnext payment −$0.26 per $10,000 · paid last 24h +0.002%

Price spread now: Binance against BloFin−0.154%91s7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1231.229% of the position

Long on BloFin Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now −0.154%, 7d avg +0.002%

Together, before fees−0.049%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Binance is 0.156% cheaper against BloFin than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.002%). Swap the legs. The two prices were read 91 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MERL-USDT	0.02798	0.0151	pay 0.0076% / 4h	2h 55m	$123K	$3K	50x
Short	Binance MERLUSDT	0.02794	0.0100	get 0.0050% / 4h	2h 55m	$1.9M	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against BloFin. 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 BloFinbpFee BinancebpOrdersPrice spread, now −0.154%Rate

Funding earned: −$10.73
Price spread: −0.154% → +0.002%: −$15.58
Slippage, 4 orders: −$100.85
Fee BloFin: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$149.16
Costs to cover: 1.229%
Break-even: never at this rate

Slippage from BloFin: live order book, 23 min ago; Binance: live order book, 8 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 BloFin live order book, 23 min ago	7.20 bp	25.1 bp −$25	97.6 bp −$976	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	3.61 bp	36.8 bp −$37	166.0 bp −$1,660	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	−0.0272%	1h	0.02784	−0.493%	$25K	$650K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02794	−0.143%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02791	−0.254%	$438K	$140K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02794	−0.138%	$3K	$263	5x	as long as short
Binance MERLUSDTshort	+0.0100%	4h	0.02794	−0.154%	$1.9M	$1.9M	50x
Bybit MERLUSDT	+0.0100%	8h	0.02788	−0.357%	$1.2M	$393K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02787	−0.393%	$1.3M	$2.0M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02790	−0.286%	$253K	$52K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02793	−0.179%	$14.6M	$118K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02789	−0.322%	$893K	$39K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02796	−0.071%	$1.7M	$240K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02791	−0.250%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02787	−0.411%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02793	−0.179%	$2K	$939K	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0108%	1h	0.02794	−0.132%	$51K	$44K	10x	as long as short
BloFin MERL-USDTlong	+0.0151%	4h	0.02798	long leg	$123K	$3K	50x