Funding you earn now, next payment 11:00 UTC+0.1436%/8h= +157.2% APRpaid last 24h +0.140%
Price spread now: OKX against Coinbase International−0.428%7-day average +0.425% · you buy dearer than you sell
Net, funding: paid 7d − costs−$315as in the Funding arb table
Net, price: spread back to 7d avg − costs−$396as in the Price arb table
costs, in and out, $10k−$3113.111% of the position
Funding, last 7 days−0.039%−$4 on $10k
+Price spread, last 4 days (all we have)−0.075%−$8 · spread now −0.428%, 7d avg +0.425%
=Funding pays, the price is against you. OKX is 0.853% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.428% now, against its 7-day average of +0.425%). If the spread goes back, that is −$85 on $10k: about 48 hours of funding at the current rate (+$43 a day).
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.039% in total (about -2.0% 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 | 0.02919 | −0.1336 | get 0.0167% / 1h | 52m 09s | $19K | $374K | 50x |
| Short | OKX MERL-USDT-SWAP | 0.02907 | 0.0100 | get 0.0050% / 4h | 52m 09s | $1.4M | $2.6M | 20x |
Coinbase International MERL-PERP-INTX
OKX MERL-USDT-SWAPFunding history
latest
Range statsloading…
Price spread between the two exchanges
OKX 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
- $301.56
- Price spread: −0.428% → +0.425%
- −$85.32
- Slippage, 4 orders
- −$291.13
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee OKX: 5 bp × 2 orders
- −$10
- Net
- −$94.89
- Costs to cover
- 3.111%
- Break-even
- 9.2 days
Slippage from Coinbase International: live order book, 54 min ago; OKX: live order book, 3 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, 54 min ago | 18.38 bp | 164.7 bp −$165 | doesn't fit | doesn't fit | doesn't fit |
| Sell OKX live order book, 3 min ago | 5.15 bp | 32.3 bp −$32 | doesn't fit | 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 | 0.02919 | long leg | $19K | $374K | 50x | |
| Deribit MERL_USDC-PERPETUAL | 0.0000% | 1h | 0.02912 | −0.257% | $51K | $56K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0026% | 4h | 0.02911 | −0.291% | $14K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02906 | −0.462% | $483K | $156K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02915 | −0.166% | $4K | $6K | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02910 | −0.333% | $1.9M | $2.6M | 50x | as long as short |
| Bybit MERLUSDT | +0.0100% | 8h | 0.02905 | −0.497% | $1.2M | $524K | 25x | as long as short |
| OKX MERL-USDT-SWAPshort | +0.0100% | 4h | 0.02907 | −0.428% | $1.4M | $2.6M | 20x | |
| Gate MERL_USDT | +0.0100% | 8h | 0.02912 | −0.257% | $260K | $80K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02912 | −0.257% | $3.6M | $139K | 100x | as long as short |
Deribit MERL_USDC-PERPETUAL
Orderly PERP_MERL_USDC
Hyperliquid MERL
Aster MERLUSDT
Binance MERLUSDT
Bybit MERLUSDT
Gate MERL_USDT
MEXC MERL_USDTShow all 16 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02910 | −0.325% | $907K | $46K | 30x | as long as short |
| Bitget MERLUSDT | +0.0100% | 4h | 0.02912 | −0.257% | $1.7M | $284K | 25x | as long as short |
| BingX MERL-USDT | +0.0100% | 4h | 0.02909 | −0.360% | — | $6.6M | — | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02915 | −0.146% | $10K | $789 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02914 | −0.188% | $1K | $1.3M | 20x | as long as short |
| BloFin MERL-USDT | +0.0160% | 4h | 0.02917 | −0.086% | $127K | $5K | 50x | as long as short |
KuCoin MERLUSDTM
Bitget MERLUSDT
BingX MERL-USDT
Variational Omni MERL
SunX MERL-USDT
BloFin MERL-USDT