MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0035%/8h= +3.8% APRnext payment +$0.17 per $10,000 · paid last 24h +0.004%

Price spread now: MEXC against BloFin+0.384%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$740.742% of the position

Long on BloFin Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 4 days (all we have)−0.914%−$91 · spread now +0.384%, 7d avg +0.001%

Together, before fees−0.891%−$89 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and MEXC is 0.383% dearer against BloFin than usual: you sell high and buy low: +$38 more if the spread goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MERL-USDT	0.02864	0.0065	pay 0.0033% / 4h	3h 38m	$123K	$5K	50x
Short	MEXC MERL_USDT	0.02875	0.0100	get 0.0050% / 4h	3h 38m	$3.6M	$129K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.384%Rate

Funding earned: $7.31
Price spread: +0.384% → +0.001%: $38.27
Slippage, 4 orders: −$58.16
Fee BloFin: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$28.59
Costs to cover: 0.742%
Break-even: 34.4 days

Slippage from BloFin: live order book, 17 min ago; MEXC: live order book, 3 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, 17 min ago	7.01 bp	30.7 bp −$31	135.0 bp −$1,350	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	1.75 bp	3.8 bp −$4	71.5 bp −$715	168.7 bp −$16.9K	488.3 bp −$244.2K

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	−0.0624%	1h	0.02822	−1.453%	$16K	$488K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	−0.0480%	1h	0.02875	+0.370%	$57K	$66K	10x	as long as short
BloFin MERL-USDTlong	+0.0065%	4h	0.02864	long leg	$123K	$5K	50x
Orderly PERP_MERL_USDC	+0.0069%	4h	0.02871	+0.244%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02880	+0.541%	$478K	$156K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02875	+0.381%	$4K	$5K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02879	+0.536%	$1.9M	$2.5M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02879	+0.524%	$1.4M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02872	+0.279%	$259K	$68K	25x	as long as short
MEXC MERL_USDTshort	+0.0100%	4h	0.02875	+0.384%	$3.6M	$129K	100x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02873	+0.314%	$904K	$43K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02883	+0.663%	$1.7M	$289K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02854	−0.348%	$9K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02871	+0.244%	$1K	$1.2M	20x	as long as short
BingX MERL-USDT	+0.0330%	4h	0.02869	+0.175%	—	$6.6M	—	as long as short
Bybit MERLUSDT	+0.0684%	8h	0.02874	+0.349%	$1.3M	$483K	25x	as long as short