Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0429%/8h= −47.0% APRpaid last 24h −0.073%

Price spread now: Coinbase International against BloFin−0.392%58s7-day average −0.526% · you buy dearer than you sell

Net, funding: paid 7d − costs−$229as 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−$2392.394% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 4 days (all we have)+0.581%+$58 · spread now −0.392%, 7d avg −0.526%

Together, before fees+0.688%+$69 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.133% dearer against BloFin than usual: you sell high and buy low (spread −0.392% now, against its 7-day average of −0.526%): +$13 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 25 hours. Mind the row above: over the last 7 days funding on this pair paid +0.107%, so the current rate has only just turned against you. The two prices were read 58 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 0.107% in total (about 5.6% 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	0.02804	0.0157	pay 0.0079% / 4h	2h 15m	$121K	$3K	50x
Short	Coinbase International MERL-PERP-INTX	0.02793	−0.0272	pay 0.0034% / 1h	15m 25s	$23K	$657K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.392%Rate

Funding earned: −$90.14
Price spread: −0.392% → −0.526%: $13.33
Slippage, 4 orders: −$217.37
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$316.17
Costs to cover: 2.394%
Break-even: never at this rate

Slippage from BloFin: live order book, 63 min ago; Coinbase International: live order book, 33 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, 63 min ago	7.20 bp	25.1 bp −$25	97.6 bp −$976	doesn't fit	doesn't fit
Sell Coinbase International live order book, 33 min ago	16.57 bp	142.1 bp −$142	doesn't fit	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-INTXshort	−0.0272%	1h	0.02793	−0.392%	$23K	$657K	50x
Deribit MERL_USDC-PERPETUAL	+0.0072%	1h	0.02798	−0.196%	$55K	$42K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0097%	4h	0.02799	−0.178%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02800	−0.128%	$440K	$148K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02800	−0.147%	$3K	$1K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02802	−0.080%	$1.9M	$1.9M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02792	−0.428%	$1.2M	$394K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02796	−0.285%	$1.3M	$1.9M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02797	−0.250%	$252K	$57K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02801	−0.107%	$14.7M	$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	0.02798	−0.214%	$896K	$39K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02803	−0.036%	$1.7M	$254K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02799	−0.178%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02790	−0.498%	$9K	$340	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02799	−0.178%	$1K	$948K	20x	as long as short
BloFin MERL-USDTlong	+0.0157%	4h	0.02804	long leg	$121K	$3K	50x