MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0046%/8h= +5.1% APRnext payment +$0.23 per $10,000 · paid last 24h +0.108%

Price spread now: BingX against BloFin−0.143%7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1131.130% of the position

Long on BloFin Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.361%+$36 on $10k

Price spread, last 4 days (all we have)−0.088%−$9 · spread now −0.143%, 7d avg −0.060%

Together, before fees+0.273%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.084% cheaper against BloFin than usual: you would sell low and buy high (spread −0.143% now, against its 7-day average of −0.060%). If the spread goes back, that is −$8 on $10k: about 6.0 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.361% in total) that is about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MERL-USDT	0.02796	0.0054	pay 0.0027% / 4h	3h 30m	$122K	$3K	50x
Short	BingX MERL-USDT	0.02792	0.0100	get 0.0050% / 4h	3h 30m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.143%Rate

Funding earned: $9.76
Price spread: −0.143% → −0.060%: −$8.35
Slippage, 4 orders: −$90.97
Fee BloFin: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$111.56
Costs to cover: 1.130%
Break-even: 87.0 days

Slippage from BloFin: live order book, 58 min ago; BingX: live order book, 6 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, 58 min ago	7.26 bp	25.7 bp −$26	102.9 bp −$1,029	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	5.43 bp	35.1 bp −$35	108.8 bp −$1,088	747.8 bp −$74.8K	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	−0.0360%	1h	0.02790	−0.204%	$27K	$568K	50x	as long as short
BloFin MERL-USDTlong	+0.0054%	4h	0.02796	long leg	$122K	$3K	50x
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02793	−0.107%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02790	−0.197%	$437K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02793	−0.093%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02794	−0.054%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02788	−0.286%	$1.2M	$418K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02793	−0.107%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02791	−0.179%	$254K	$55K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02793	−0.107%	$14.6M	$121K	100x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02796	0.000%	$898K	$40K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02797	+0.036%	$1.7M	$234K	25x	as long as short
BingX MERL-USDTshort	+0.0100%	4h	0.02792	−0.143%	—	$6.6M	—
Variational Omni MERL	+0.0100%	8h	0.02788	−0.286%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02791	−0.179%	$2K	$996K	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0502%	1h	0.02794	−0.068%	$51K	$56K	10x	as long as short