Funding you earn now, next payment 00:00 UTC−0.0618%/8h= −67.7% APRpaid last 24h −0.032%
Price spread now: Binance against Bybit+0.480%7-day average +0.190% · you sell dearer than you buy
Net, funding: paid 7d − costs−$298as in the Funding arb table
Net, price: spread back to 7d avg − costs−$249as in the Price arb table
costs, in and out, $10k−$2782.778% of the position
Funding, last 7 days−0.203%−$20 on $10k
+Price spread, last 7 days−0.262%−$26 · spread now +0.480%, 7d avg +0.190%
=The price spread pays, funding is against you. Binance is 0.290% dearer against Bybit than usual: you sell high and buy low (spread +0.480% now, against its 7-day average of +0.190%): +$29 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 38 hours. At the pace of the last 7 days (−0.203% in total) that is about 10 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.203% in total (about -10.6% 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 | Bybit MERLUSDT | 0.02706 | 0.0718 | pay 0.0718% / 8h | 1h 21m | $1.2M | $470K | 25x |
| Short | Binance MERLUSDT | 0.02719 | 0.0100 | get 0.0050% / 4h | 1h 21m | $1.8M | $2.1M | 50x |
Bybit MERLUSDT
Binance MERLUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Bybit. 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
- −$129.75
- Price spread: +0.480% → +0.190%
- $29
- Slippage, 4 orders
- −$256.83
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$378.58
- Costs to cover
- 2.778%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 4 min ago; Binance: live order book, 13 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 Bybit live order book, 4 min ago | 5.55 bp | 109.2 bp −$109 | doesn't fit | doesn't fit | doesn't fit |
| Sell Binance live order book, 13 min ago | 3.68 bp | 34.4 bp −$34 | 123.9 bp −$1,239 | 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 | +0.089% | $26K | $505K | 50x | as long as short |
| Deribit MERL_USDC-PERPETUAL | 0.0000% | 1h | 0.02716 | +0.381% | $47K | $63K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0097% | 4h | 0.02714 | +0.296% | $13K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02721 | +0.536% | $436K | $134K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02715 | +0.344% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDTshort | +0.0100% | 4h | 0.02719 | +0.480% | $1.8M | $2.1M | 50x | |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02713 | +0.259% | $1.2M | $2.5M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02712 | +0.222% | $250K | $66K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02718 | +0.443% | $14.3M | $112K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02716 | +0.370% | $876K | $65K | 30x | as long as short |
Coinbase International MERL-PERP-INTX
Deribit MERL_USDC-PERPETUAL
Orderly PERP_MERL_USDC
Hyperliquid MERL
Aster 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 | 0.02723 | +0.628% | $1.6M | $289K | 25x | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02701 | −0.197% | $9K | $163 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02713 | +0.259% | $1K | $998K | 20x | as long as short |
| BloFin MERL-USDT | +0.0158% | 4h | 0.02717 | +0.407% | $120K | $3K | 50x | as long as short |
| BingX MERL-USDT | +0.0650% | 4h | 0.02713 | +0.259% | — | $6.6M | — | as long as short |
| Bybit MERLUSDTlong | +0.0718% | 8h | 0.02706 | long leg | $1.2M | $470K | 25x |
Bitget MERLUSDT
Variational Omni MERL
SunX MERL-USDT
BloFin MERL-USDT
BingX MERL-USDT