Funding you earn now, next payment 02:00 UTC−0.0372%/8h= −40.7% APRpaid last 24h −0.160%
Price spread now: Coinbase International against Bybit+0.175%7-day average −0.285% · you sell dearer than you buy
Net, funding: paid 7d − costs−$313as in the Funding arb table
Net, price: spread back to 7d avg − costs−$254as in the Price arb table
costs, in and out, $10k−$3002.997% of the position
Funding, last 7 days−0.134%−$13 on $10k
+Price spread, last 4 days (all we have)+0.876%+$88 · spread now +0.175%, 7d avg −0.285%
=The price spread pays, funding is against you. Coinbase International is 0.460% dearer against Bybit than usual: you sell high and buy low (spread +0.175% now, against its 7-day average of −0.285%): +$46 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 4.1 days. At the pace of the last 7 days (−0.134% in total) that is about 24 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.134% in total (about -7.0% 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 | 0.02740 | 0.0100 | pay 0.0100% / 8h | 5h 14m | $1.2M | $424K | 25x |
| Short | Coinbase International MERL-PERP-INTX | 0.02745 | −0.0272 | pay 0.0034% / 1h | 14m 51s | $26K | $502K | 50x |
Bybit MERLUSDT
Coinbase International MERL-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International 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
- −$78.12
- Price spread: +0.175% → −0.285%
- $45.99
- Slippage, 4 orders
- −$278.69
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$331.82
- Costs to cover
- 2.997%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 1 min ago; Coinbase International: live order book, 48 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, 1 min ago | 5.47 bp | 131.8 bp −$132 | doesn't fit | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 48 min ago | 15.33 bp | 23.4 bp −$23 | 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 | 0.02745 | +0.175% | $26K | $502K | 50x | |
| BloFin MERL-USDT | +0.0073% | 4h | 0.02747 | +0.255% | $119K | $3K | 50x | as long as short |
| Orderly PERP_MERL_USDC | +0.0100% | 4h | 0.02748 | +0.292% | $14K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02749 | +0.328% | $434K | $138K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02750 | +0.353% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02749 | +0.332% | $1.8M | $2.0M | 50x | as long as short |
| Bybit MERLUSDTlong | +0.0100% | 8h | 0.02740 | long leg | $1.2M | $424K | 25x | |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02747 | +0.255% | $1.2M | $2.4M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02748 | +0.292% | $252K | $61K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02748 | +0.292% | $14.4M | $119K | 100x | as long as short |
BloFin MERL-USDT
Orderly PERP_MERL_USDC
Hyperliquid MERL
Aster MERLUSDT
Binance MERLUSDT
OKX MERL-USDT-SWAP
Gate MERL_USDT
MEXC MERL_USDTShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02753 | +0.474% | $887K | $42K | 30x | as long as short |
| Bitget MERLUSDT | +0.0100% | 4h | 0.02747 | +0.255% | $1.6M | $243K | 25x | as long as short |
| BingX MERL-USDT | +0.0100% | 4h | 0.02753 | +0.474% | — | $6.6M | — | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02745 | +0.199% | $9K | $188 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02745 | +0.182% | $1K | $991K | 20x | as long as short |
| Deribit MERL_USDC-PERPETUAL | +0.0114% | 1h | 0.02749 | +0.325% | $49K | $59K | 10x | as long as short |
KuCoin MERLUSDTM
Bitget MERLUSDT
BingX MERL-USDT
Variational Omni MERL
SunX MERL-USDT
Deribit MERL_USDC-PERPETUAL