Funding you earn now, next payment 22:00 UTC+0.0228%/8h= +25.0% APRpaid last 24h +0.078%
Price spread now: Binance against Coinbase International+0.354%7-day average +0.527% · you sell dearer than you buy
Net, funding: paid 7d − costs−$122as in the Funding arb table
Net, price: spread back to 7d avg − costs−$122as in the Price arb table
costs, in and out, $10k−$1051.051% of the position
Funding, last 7 days−0.167%−$17 on $10k
+Price spread, last 3 days (all we have)−0.782%−$78 · spread now +0.354%, 7d avg +0.527%
=Funding pays, the price is against you. Binance is 0.172% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.354% now, against its 7-day average of +0.527%). If the spread goes back, that is −$17 on $10k: about 2.5 days of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.167%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International MERL-PERP-INTX | 0.02708 | −0.0128 | get 0.0016% / 1h | 22m 13s | $26K | $505K | 50x |
| Short | Binance MERLUSDT | 0.02718 | 0.0100 | get 0.0050% / 4h | 1h 22m | $1.8M | $2.1M | 50x |
Coinbase International MERL-PERP-INTX
Binance MERLUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Coinbase International. 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
- $47.88
- Price spread: +0.354% → +0.527%
- −$17.22
- Slippage, 4 orders
- −$85.07
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$74.4
- Costs to cover
- 1.051%
- Break-even
- 17.9 days
Slippage from Coinbase International: live order book, 61 min ago; Binance: live order book, 12 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 Coinbase International live order book, 61 min ago | 18.35 bp | 24.8 bp −$25 | doesn't fit | doesn't fit | doesn't fit |
| Sell Binance live order book, 12 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-INTXlong | −0.0128% | 1h | 0.02708 | long leg | $26K | $505K | 50x | |
| Deribit MERL_USDC-PERPETUAL | 0.0000% | 1h | 0.02716 | +0.292% | $47K | $63K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0097% | 4h | 0.02714 | +0.207% | $13K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02719 | +0.384% | $436K | $134K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02715 | +0.243% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDTshort | +0.0100% | 4h | 0.02718 | +0.354% | $1.8M | $2.1M | 50x | |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02712 | +0.133% | $1.2M | $2.5M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02711 | +0.096% | $250K | $66K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02717 | +0.318% | $14.3M | $112K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02715 | +0.244% | $875K | $65K | 30x | as long as short |
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 | 0.02720 | +0.428% | $1.6M | $289K | 25x | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02701 | −0.286% | $9K | $163 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02713 | +0.170% | $1K | $998K | 20x | as long as short |
| BloFin MERL-USDT | +0.0158% | 4h | 0.02717 | +0.318% | $120K | $3K | 50x | as long as short |
| BingX MERL-USDT | +0.0650% | 4h | 0.02713 | +0.170% | — | $6.6M | — | as long as short |
| Bybit MERLUSDT | +0.0718% | 8h | 0.02705 | −0.126% | $1.2M | $470K | 25x | as long as short |
Bitget MERLUSDT
Variational Omni MERL
SunX MERL-USDT
BloFin MERL-USDT
BingX MERL-USDT
Bybit MERLUSDT