Funding you earn now, next payment 00:00 UTC+0.0607%/8h= +66.4% APRpaid last 24h +0.030%
Price spread now: Bybit against BloFin−0.477%52s7-day average −0.245% · you buy dearer than you sell
Net, funding: paid 7d − costs−$244as 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−$2662.659% of the position
Funding, last 7 days+0.221%+$22 on $10k
+Price spread, last 3 days (all we have)+0.109%+$11 · spread now −0.477%, 7d avg −0.245%
=Funding pays, the price is against you. Bybit is 0.231% cheaper against BloFin than usual: you would sell low and buy high (spread −0.477% now, against its 7-day average of −0.245%). If the spread goes back, that is −$23 on $10k: about 30 hours of funding at the current rate (+$18 a day). At the pace of the last 7 days (+0.221% in total) that is about 7.3 days. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.221% in total (about 11.5% 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 | BloFin MERL-USDT | 0.02727 | 0.0151 | pay 0.0076% / 4h | 1h 36m | $120K | $3K | 50x |
| Short | Bybit MERLUSDT | 0.02714 | 0.0758 | get 0.0758% / 8h | 1h 36m | $1.2M | $477K | 25x |
BloFin MERL-USDT
Bybit MERLUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against BloFin. 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
- $127.42
- Price spread: −0.477% → −0.245%
- −$23.13
- Slippage, 4 orders
- −$242.92
- Fee BloFin: 6 bp × 2 orders
- −$12
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$161.63
- Costs to cover
- 2.659%
- Break-even
- 15.9 days
Slippage from BloFin: live order book, 36 min ago; Bybit: live order book, 4 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, 36 min ago | 3.67 bp | 24.5 bp −$25 | 91.0 bp −$910 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 4 min ago | 5.52 bp | 113.0 bp −$113 | 441.9 bp −$4,419 | 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 | −0.682% | $26K | $506K | 50x | as long as short |
| Deribit MERL_USDC-PERPETUAL | 0.0000% | 1h | 0.02722 | −0.169% | $46K | $64K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0097% | 4h | 0.02722 | −0.183% | $13K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02722 | −0.169% | $436K | $134K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02723 | −0.138% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02722 | −0.171% | $1.8M | $2.1M | 50x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02718 | −0.330% | $1.3M | $2.5M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02720 | −0.257% | $251K | $66K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02723 | −0.147% | $14.3M | $111K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02725 | −0.073% | $878K | $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 MERLUSDT | +0.0100% | 4h | 0.02727 | 0.000% | $1.6M | $296K | 25x | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02717 | −0.378% | $9K | $163 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02720 | −0.257% | $2K | $997K | 20x | as long as short |
| BloFin MERL-USDTlong | +0.0151% | 4h | 0.02727 | long leg | $120K | $3K | 50x | |
| BingX MERL-USDT | +0.0690% | 4h | 0.02720 | −0.257% | — | $6.6M | — | as long as short |
| Bybit MERLUSDTshort | +0.0758% | 8h | 0.02714 | −0.477% | $1.2M | $477K | 25x |
Bitget MERLUSDT
Variational Omni MERL
SunX MERL-USDT
BingX MERL-USDT