MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0058%/8h= −6.3% APRnext payment −$0.29 per $10,000 · paid last 24h −0.001%

Price spread now: Bitget against BloFin+0.221%85s7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$114as 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−$1161.156% of the position

Long on BloFin Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 3 days (all we have)−0.330%−$33 · spread now +0.221%, 7d avg +0.082%

Together, before fees−0.311%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.138% dearer against BloFin than usual: you sell high and buy low (spread +0.221% now, against its 7-day average of +0.082%): +$14 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.0 days. The two prices were read 85 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	0.02717	0.0158	pay 0.0079% / 4h	1h 21m	$120K	$3K	50x
Short	Bitget MERLUSDT	0.02723	0.0100	get 0.0050% / 4h	1h 21m	$1.6M	$289K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.221%Rate

Funding earned: −$12.08
Price spread: +0.221% → +0.082%: $13.84
Slippage, 4 orders: −$91.61
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$113.85
Costs to cover: 1.156%
Break-even: never at this rate

Slippage from BloFin: live order book, 51 min ago; Bitget: live order book, 5 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, 51 min ago	3.67 bp	24.5 bp −$25	91.0 bp −$910	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	5.52 bp	39.2 bp −$39	159.9 bp −$1,599	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	−0.0128%	1h	0.02708	−0.317%	$26K	$505K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02716	−0.026%	$47K	$63K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02714	−0.110%	$13K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02721	+0.129%	$436K	$134K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02715	−0.062%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02719	+0.074%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02713	−0.147%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02712	−0.184%	$250K	$66K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02718	+0.037%	$14.3M	$112K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02716	−0.037%	$876K	$65K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDTshort	+0.0100%	4h	0.02723	+0.221%	$1.6M	$289K	25x
Variational Omni MERL	+0.0100%	8h	0.02701	−0.601%	$9K	$163	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02713	−0.147%	$1K	$998K	20x	as long as short
BloFin MERL-USDTlong	+0.0158%	4h	0.02717	long leg	$120K	$3K	50x
BingX MERL-USDT	+0.0650%	4h	0.02713	−0.147%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0718%	8h	0.02706	−0.405%	$1.2M	$470K	25x	as long as short