Funding you earn now, next payment 22:00 UTC+0.0778%/8h= +85.2% APRpaid last 24h +0.164%
Price spread now: BingX against Coinbase International+0.133%7-day average +0.466% · you sell dearer than you buy
Net, funding: paid 7d − costs−$96as in the Funding arb table
Net, price: spread back to 7d avg − costs−$144as in the Price arb table
costs, in and out, $10k−$1111.110% of the position
Funding, last 7 days+0.148%+$15 on $10k
+Price spread, last 3 days (all we have)−0.569%−$57 · spread now +0.133%, 7d avg +0.466%
=Funding pays, the price is against you. BingX is 0.333% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.133% now, against its 7-day average of +0.466%). If the spread goes back, that is −$33 on $10k: about 34 hours of funding at the current rate (+$23 a day). At the pace of the last 7 days (+0.148% in total) that is about 16 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.148% in total (about 7.7% 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 | Coinbase International MERL-PERP-INTX | 0.02708 | −0.0128 | get 0.0016% / 1h | 21m 59s | $26K | $505K | 50x |
| Short | BingX MERL-USDT | 0.02712 | 0.0650 | get 0.0325% / 4h | 1h 21m | — | $6.6M | — |
Coinbase International MERL-PERP-INTX
BingX MERL-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BingX 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
- $163.38
- Price spread: +0.133% → +0.466%
- −$33.33
- Slippage, 4 orders
- −$91.01
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee BingX: 5 bp × 2 orders
- −$10
- Net
- $19.04
- Costs to cover
- 1.110%
- Break-even
- 6.2 days
Slippage from Coinbase International: live order book, 61 min ago; BingX: 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 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 BingX live order book, 5 min ago | 7.38 bp | 35.3 bp −$35 | 91.1 bp −$911 | 714.3 bp −$71.4K | 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 | 0.02721 | +0.447% | $436K | $134K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02715 | +0.245% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02719 | +0.376% | $1.8M | $2.1M | 50x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02713 | +0.170% | $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
Binance 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 | 0.02722 | +0.502% | $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-USDTshort | +0.0650% | 4h | 0.02712 | +0.133% | — | $6.6M | — | |
| 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
Bybit MERLUSDT