Funding you earn now, next payment 11:00 UTC+0.1418%/8h= +155.3% APRpaid last 24h +0.136%
Price spread now: BloFin against Coinbase International+0.503%118s7-day average +0.538% · you sell dearer than you buy
Net, funding: paid 7d − costs−$385as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$3863.857% of the position
Funding, last 7 days+0.003%$0 on $10k
+Price spread, last 4 days (all we have)−0.692%−$69 · spread now +0.503%, 7d avg +0.538%
=Funding pays, the price is against you. BloFin is 0.036% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.503% now, against its 7-day average of +0.538%). If the spread goes back, that is −$4 on $10k: about 2 hours of funding at the current rate (+$43 a day). At the pace of the last 7 days (+0.003% in total) that is about 3 months. The two prices were read 118 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.003% in total (about 0.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International MERL-PERP-INTX | 0.02865 | −0.1336 | get 0.0167% / 1h | 11m 21s | $19K | $317K | 50x |
| Short | BloFin MERL-USDT | 0.02879 | 0.0082 | get 0.0041% / 4h | 11m 21s | $124K | $5K | 50x |
Coinbase International MERL-PERP-INTX
BloFin MERL-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BloFin 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
- $297.83
- Price spread: +0.503% → +0.538%
- −$3.58
- Slippage, 4 orders
- −$363.73
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee BloFin: 6 bp × 2 orders
- −$12
- Net
- −$91.48
- Costs to cover
- 3.857%
- Break-even
- 9.2 days
Slippage from Coinbase International: live order book, 30 min ago; BloFin: 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 Coinbase International live order book, 30 min ago | 30.61 bp | 140.5 bp −$140 | doesn't fit | doesn't fit | doesn't fit |
| Sell BloFin live order book, 13 min ago | 12.15 bp | 41.0 bp −$41 | 144.7 bp −$1,447 | doesn't fit | doesn't fit |
MERL on 16 exchanges
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 | −0.1336% | 1h | 0.02865 | long leg | $19K | $317K | 50x | |
| Deribit MERL_USDC-PERPETUAL | 0.0000% | 1h | 0.02869 | +0.143% | $51K | $50K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0039% | 4h | 0.02869 | +0.154% | $14K | $2K | 10x | as long as short |
| BloFin MERL-USDTshort | +0.0082% | 4h | 0.02879 | +0.503% | $124K | $5K | 50x | |
| Hyperliquid MERL | +0.0100% | 1h | 0.02869 | +0.164% | $477K | $155K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02870 | +0.186% | $4K | $7K | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02870 | +0.186% | $1.9M | $2.6M | 50x | as long as short |
| Bybit MERLUSDT | +0.0100% | 8h | 0.02860 | −0.161% | $1.2M | $530K | 25x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02866 | +0.049% | $1.3M | $2.6M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02870 | +0.189% | $256K | $82K | 25x | as long as short |
Deribit MERL_USDC-PERPETUAL
Orderly PERP_MERL_USDC
Hyperliquid MERL
Aster MERLUSDT
Binance MERLUSDT
Bybit MERLUSDT
OKX MERL-USDT-SWAP
Gate MERL_USDTShow all 16 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC MERL_USDT | +0.0100% | 4h | 0.02868 | +0.119% | $3.6M | $147K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02874 | +0.328% | $900K | $47K | 30x | as long as short |
| Bitget MERLUSDT | +0.0100% | 4h | 0.02872 | +0.258% | $1.7M | $285K | 25x | as long as short |
| BingX MERL-USDT | +0.0100% | 4h | 0.02867 | +0.084% | — | $6.6M | — | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02869 | +0.160% | $10K | $784 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02870 | +0.189% | $1K | $1.3M | 20x | as long as short |
MEXC MERL_USDT
KuCoin MERLUSDTM
Bitget MERLUSDT
BingX MERL-USDT
Variational Omni MERL
SunX MERL-USDT