Funding you earn now, next payment 01:00 UTC+0.0332%/8h= +36.4% APRpaid last 24h +0.070%
Price spread now: KuCoin against Coinbase International+0.507%51s7-day average +0.597% · you sell dearer than you buy
Net, funding: paid 7d − costs−$697as 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−$6846.843% of the position
Funding, last 7 days−0.125%−$13 on $10k
+Price spread, last 3 days (all we have)−0.793%−$79 · spread now +0.507%, 7d avg +0.597%
=Funding pays, the price is against you. KuCoin is 0.091% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.507% now, against its 7-day average of +0.597%). If the spread goes back, that is −$9 on $10k: about 22 hours of funding at the current rate (+$10 a day). Mind the row above: over the last 7 days funding on this pair cost −0.125%, so the current rate has only just turned in your favour. The two prices were read 51 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 -0.125% in total (about -6.5% 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 | 0.02724 | −0.0232 | get 0.0029% / 1h | 3m 19s | $26K | $497K | 50x |
| Short | KuCoin MERLUSDTM | 0.02738 | 0.0100 | get 0.0050% / 4h | 2h 03m | $882K | $65K | 30x |
Coinbase International MERL-PERP-INTX
KuCoin MERLUSDTMFunding history
latest
Range statsloading…
Price spread between the two exchanges
KuCoin 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: +0.507% → +0.597%
- −$9.06
- Slippage, 4 orders
- −$662.31
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee KuCoin: 6 bp × 2 orders
- −$12
- Net
- −$623.65
- Costs to cover
- 6.843%
- Break-even
- 69.6 days
Slippage from Coinbase International: live order book, 65 min ago; KuCoin: live order book, 46 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, 65 min ago | 17.09 bp | 152.3 bp −$152 | doesn't fit | doesn't fit | doesn't fit |
| Sell KuCoin live order book, 46 min ago | 20.08 bp | 165.4 bp −$165 | doesn't fit | doesn't fit | doesn't fit |
MERL on 15 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 | 0.02724 | long leg | $26K | $497K | 50x | |
| Orderly PERP_MERL_USDC | +0.0099% | 4h | 0.02741 | +0.617% | $14K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02742 | +0.653% | $432K | $139K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02741 | +0.631% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02742 | +0.653% | $1.8M | $2.1M | 50x | as long as short |
| Bybit MERLUSDT | +0.0100% | 8h | 0.02736 | +0.433% | $1.2M | $420K | 25x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02740 | +0.580% | $1.2M | $2.4M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02740 | +0.580% | $251K | $62K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02742 | +0.653% | $14.4M | $119K | 100x | as long as short |
| KuCoin MERLUSDTMshort | +0.0100% | 4h | 0.02738 | +0.507% | $882K | $65K | 30x |
Orderly PERP_MERL_USDC
Hyperliquid MERL
Aster MERLUSDT
Binance MERLUSDT
Bybit MERLUSDT
OKX MERL-USDT-SWAP
Gate MERL_USDT
MEXC MERL_USDTShow all 15 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget MERLUSDT | +0.0100% | 4h | 0.02743 | +0.690% | $1.6M | $243K | 25x | as long as short |
| BingX MERL-USDT | +0.0100% | 4h | 0.02741 | +0.617% | — | $6.6M | — | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02726 | +0.067% | $9K | $188 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02739 | +0.543% | $1K | $995K | 20x | as long as short |
| Deribit MERL_USDC-PERPETUAL | +0.1356% | 1h | 0.02744 | +0.716% | $49K | $61K | 10x | as long as short |
Bitget MERLUSDT
BingX MERL-USDT
Variational Omni MERL
SunX MERL-USDT
Deribit MERL_USDC-PERPETUAL