Funding you earn now, next payment 23:00 UTC+0.0236%/8h= +25.8% APRpaid last 24h +0.075%
Price spread now: Bitget against Coinbase International+0.400%7-day average +0.618% · you sell dearer than you buy
Net, funding: paid 7d − costs−$134as in the Funding arb table
Net, price: spread back to 7d avg − costs−$140as in the Price arb table
costs, in and out, $10k−$1191.186% of the position
Funding, last 7 days−0.153%−$15 on $10k
+Price spread, last 3 days (all we have)−0.661%−$66 · spread now +0.400%, 7d avg +0.618%
=Funding pays, the price is against you. Bitget is 0.218% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.400% now, against its 7-day average of +0.618%). If the spread goes back, that is −$22 on $10k: about 3.1 days of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.153%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.153% in total (about -8.0% 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 | Coinbase International MERL-PERP-INTX | 0.02726 | −0.0136 | get 0.0017% / 1h | 29m 42s | $26K | $509K | 50x |
| Short | Bitget MERLUSDT | 0.02737 | 0.0100 | get 0.0050% / 4h | 29m 42s | $1.6M | $285K | 25x |
Coinbase International MERL-PERP-INTX
Bitget MERLUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bitget 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
- $49.56
- Price spread: +0.400% → +0.618%
- −$21.8
- Slippage, 4 orders
- −$96.58
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Bitget: 6 bp × 2 orders
- −$12
- Net
- −$90.82
- Costs to cover
- 1.186%
- Break-even
- 19.8 days
Slippage from Coinbase International: live order book, 48 min ago; Bitget: live order book, 2 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, 48 min ago | 16.20 bp | 21.2 bp −$21 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bitget live order book, 2 min ago | 5.48 bp | 45.1 bp −$45 | 176.6 bp −$1,766 | 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 | −0.0136% | 1h | 0.02726 | long leg | $26K | $509K | 50x | |
| Deribit MERL_USDC-PERPETUAL | 0.0000% | 1h | 0.02731 | +0.172% | $47K | $59K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0098% | 4h | 0.02731 | +0.180% | $14K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02734 | +0.271% | $438K | $133K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02731 | +0.187% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02732 | +0.216% | $1.8M | $2.1M | 50x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02729 | +0.106% | $1.3M | $2.5M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02730 | +0.143% | $252K | $66K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02731 | +0.180% | $14.3M | $115K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02731 | +0.180% | $880K | $64K | 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 MERLUSDTshort | +0.0100% | 4h | 0.02737 | +0.400% | $1.6M | $285K | 25x | |
| Variational Omni MERL | +0.0100% | 8h | 0.02723 | −0.125% | $9K | $188 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02727 | +0.033% | $1K | $1.0M | 20x | as long as short |
| BloFin MERL-USDT | +0.0106% | 4h | 0.02734 | +0.290% | $120K | $3K | 50x | as long as short |
| BingX MERL-USDT | +0.0656% | 4h | 0.02730 | +0.143% | — | $6.7M | — | as long as short |
| Bybit MERLUSDT | +0.0705% | 8h | 0.02722 | −0.150% | $1.2M | $447K | 25x | as long as short |
Variational Omni MERL
SunX MERL-USDT
BloFin MERL-USDT
BingX MERL-USDT
Bybit MERLUSDT