Funding you earn now, next payment 01:00 UTC+0.0332%/8h= +36.4% APRnext payment +$0.41 per $10,000 · paid last 24h +0.071%
Price spread now: Hyperliquid against Coinbase International−0.395%49s7-day average +0.524% · you buy dearer than you sell
Net, funding: paid 7d − costs−$394as 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−$3793.790% of the position
Funding, last 7 days−0.155%−$15 on $10k
+Price spread, last 3 days (all we have)+0.192%+$19 · spread now −0.395%, 7d avg +0.524%
=Together, before fees+0.038%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour
Funding pays, the price is against you. Hyperliquid is 0.919% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.395% now, against its 7-day average of +0.524%). If the spread goes back, that is −$92 on $10k: about 9.2 days of funding at the current rate (+$10 a day). Mind the row above: over the last 7 days funding on this pair cost −0.155%, so the current rate has only just turned in your favour. The two prices were read 49 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 -0.155% in total (about -8.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.41 per $10,000. 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 | 0.02737 | −0.0232 | get 0.0029% / 1h | 55m 23s | $26K | $500K | 50x |
| Short | Hyperliquid MERL | 0.02727 | 0.0100 | get 0.0013% / 1h | 55m 23s | $428K | $139K | 3x |
Coinbase International MERL-PERP-INTX
Hyperliquid MERLFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid 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
- $69.72
- Price spread: −0.395% → +0.524%
- −$91.88
- Slippage, 4 orders
- −$359.98
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$401.14
- Costs to cover
- 3.790%
- Break-even
- 47.3 days
Slippage from Coinbase International: live order book, 13 min ago; Hyperliquid: live order book, 55 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, 13 min ago | 17.09 bp | 152.3 bp −$152 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 55 min ago | 1.64 bp | 33.8 bp −$34 | 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 | −0.0232% | 1h | 0.02737 | long leg | $26K | $500K | 50x | |
| Orderly PERP_MERL_USDC | +0.0099% | 4h | 0.02727 | −0.376% | $13K | $2K | 10x | as long as short |
| Hyperliquid MERLshort | +0.0100% | 1h | 0.02727 | −0.395% | $428K | $139K | 3x | |
| Aster MERLUSDT | +0.0100% | 4h | 0.02729 | −0.312% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02728 | −0.332% | $1.8M | $2.1M | 50x | as long as short |
| Bybit MERLUSDT | +0.0100% | 8h | 0.02722 | −0.559% | $1.2M | $429K | 25x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02724 | −0.486% | $1.2M | $2.5M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02728 | −0.340% | $251K | $60K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02728 | −0.340% | $14.3M | $114K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02730 | −0.267% | $880K | $66K | 30x | as long as short |
Orderly PERP_MERL_USDC
Aster MERLUSDT
Binance MERLUSDT
Bybit 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 | 0.02733 | −0.157% | $1.6M | $252K | 25x | as long as short |
| BingX MERL-USDT | +0.0100% | 4h | 0.02728 | −0.340% | — | $6.6M | — | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02721 | −0.611% | $9K | $188 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02726 | −0.413% | $1K | $1.0M | 20x | as long as short |
| BloFin MERL-USDT | +0.0111% | 4h | 0.02747 | +0.354% | $120K | $3K | 50x | as long as short |
| Deribit MERL_USDC-PERPETUAL | +0.0813% | 1h | 0.02730 | −0.252% | $49K | $61K | 10x | as long as short |
Bitget MERLUSDT
BingX MERL-USDT
Variational Omni MERL
SunX MERL-USDT
BloFin MERL-USDT
Deribit MERL_USDC-PERPETUAL