MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0028%/8h= +3.0% APRnext payment +$0.14 per $10,000 · paid last 24h +0.004%

Price spread now: OKX against BloFin+0.137%83s7-day average −0.110% · you sell dearer than you buy

Net, funding: paid 7d − costs−$133as 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−$1291.289% of the position

Long on BloFin Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 4 days (all we have)−0.749%−$75 · spread now +0.137%, 7d avg −0.110%

Together, before fees−0.791%−$79 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 OKX is 0.247% dearer against BloFin than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of −0.110%. The two prices were read 83 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	0.02920	0.0072	pay 0.0036% / 4h	3h 01m	$124K	$5K	50x
Short	OKX MERL-USDT-SWAP	0.02924	0.0100	get 0.0050% / 4h	3h 01m	$1.4M	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.137%Rate

Funding earned: $5.78
Price spread: +0.137% → −0.110%: $24.74
Slippage, 4 orders: −$106.88
Fee BloFin: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$98.36
Costs to cover: 1.289%
Break-even: 126.2 days

Slippage from BloFin: live order book, 54 min ago; OKX: 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, 54 min ago	7.01 bp	30.7 bp −$31	135.0 bp −$1,350	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	1.71 bp	32.5 bp −$33	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-INTX	−0.0624%	1h	0.02903	−0.565%	$16K	$471K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02924	+0.134%	$52K	$69K	10x	as long as short
Orderly PERP_MERL_USDC	+0.0063%	4h	0.02922	+0.068%	$14K	$2K	10x	as long as short
BloFin MERL-USDTlong	+0.0072%	4h	0.02920	long leg	$124K	$5K	50x
Hyperliquid MERL	+0.0100%	1h	0.02920	+0.003%	$483K	$153K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02922	+0.067%	$4K	$5K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02924	+0.139%	$1.9M	$2.5M	50x	as long as short
OKX MERL-USDT-SWAPshort	+0.0100%	4h	0.02924	+0.137%	$1.4M	$2.5M	20x
Gate MERL_USDT	+0.0100%	8h	0.02920	0.000%	$261K	$70K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02925	+0.171%	$3.6M	$136K	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	0.02923	+0.103%	$915K	$43K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02927	+0.240%	$1.7M	$292K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02916	−0.136%	$10K	$454	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02921	+0.034%	$2K	$1.2M	20x	as long as short
Bybit MERLUSDT	+0.0286%	8h	0.02921	+0.034%	$1.3M	$488K	25x	as long as short
BingX MERL-USDT	+0.0294%	4h	0.02925	+0.171%	—	$6.6M	—	as long as short