Funding you earn now, next payment 00:00 UTC+0.0252%/8h= +27.6% APRpaid last 24h +0.160%
Price spread now: Bybit against Coinbase International+0.164%7-day average +0.286% · you sell dearer than you buy
Net, funding: paid 7d − costs−$231as in the Funding arb table
Net, price: spread back to 7d avg − costs−$255as in the Price arb table
costs, in and out, $10k−$2432.430% of the position
Funding, last 7 days+0.116%+$12 on $10k
+Price spread, last 3 days (all we have)−0.673%−$67 · spread now +0.164%, 7d avg +0.286%
=Funding pays, the price is against you. Bybit is 0.122% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.164% now, against its 7-day average of +0.286%). If the spread goes back, that is −$12 on $10k: about 39 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.116% in total) that is about 7.4 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.116% in total (about 6.0% 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 | 0.02743 | −0.0152 | get 0.0019% / 1h | 17m 00s | $26K | $512K | 50x |
| Short | Bybit MERLUSDT | 0.02747 | 0.0100 | get 0.0100% / 8h | 7h 17m | $1.2M | $424K | 25x |
Coinbase International MERL-PERP-INTX
Bybit MERLUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit 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
- $52.92
- Price spread: +0.164% → +0.286%
- −$12.21
- Slippage, 4 orders
- −$222.05
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$202.34
- Costs to cover
- 2.430%
- Break-even
- 33.8 days
Slippage from Coinbase International: live order book, 56 min ago; Bybit: live order book, 4 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, 56 min ago | 13.89 bp | 25.4 bp −$25 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 4 min ago | 5.46 bp | 104.3 bp −$104 | 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-INTXlong | −0.0152% | 1h | 0.02743 | long leg | $26K | $512K | 50x | |
| BloFin MERL-USDT | +0.0078% | 4h | 0.02758 | +0.565% | $120K | $3K | 50x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02757 | +0.514% | $438K | $133K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02754 | +0.410% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02755 | +0.456% | $1.8M | $2.1M | 50x | as long as short |
| Bybit MERLUSDTshort | +0.0100% | 8h | 0.02747 | +0.164% | $1.2M | $424K | 25x | |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02752 | +0.346% | $1.3M | $2.5M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02751 | +0.310% | $253K | $65K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02756 | +0.492% | $14.5M | $116K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02756 | +0.492% | $888K | $64K | 30x | as long as short |
BloFin MERL-USDT
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 | 0.02756 | +0.492% | $1.6M | $250K | 25x | as long as short |
| BingX MERL-USDT | +0.0100% | 4h | 0.02753 | +0.383% | — | $6.6M | — | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02745 | +0.093% | $9K | $188 | — | as long as short |
| Orderly PERP_MERL_USDC | +0.0100% | 4h | 0.02754 | +0.419% | $14K | $2K | 10x | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02754 | +0.419% | $2K | $996K | 20x | as long as short |
| Deribit MERL_USDC-PERPETUAL | +0.0549% | 1h | 0.02757 | +0.532% | $49K | $61K | 10x | as long as short |
Bitget MERLUSDT
BingX MERL-USDT
Variational Omni MERL
Orderly PERP_MERL_USDC
SunX MERL-USDT
Deribit MERL_USDC-PERPETUAL