MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0332%/8h= −36.4% APRnext payment −$0.41 per $10,000 · paid last 24h −0.072%

Price spread now: Coinbase International against Hyperliquid−0.541%7-day average −0.522% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 4 days (all we have)+0.937%+$94 · spread now −0.541%, 7d avg −0.522%

Together, before fees+1.060%+ Points / potential airdropHyperliquid: Season 2 · farm board+$106 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.522%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.123%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.123% in total (about 6.4% 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	Hyperliquid MERL	0.02774	0.0100	pay 0.0013% / 1h	4m 07s	$436K	$135K	3x
Short	Coinbase International MERL-PERP-INTX	0.02759	−0.0232	pay 0.0029% / 1h	4m 07s	$45K	$536K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HyperliquidbpFee Coinbase InternationalbpOrdersPrice spread, now −0.541%Rate

Funding earned: −$69.72
Price spread: −0.541% → −0.522%: −$1.93
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$90.65
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 16 min ago; Coinbase International: live order book, 54 min ago. Net counts fees only.

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 Hyperliquid live order book, 16 min ago	2.53 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 54 min ago	15.98 bp	21.0 bp −$21	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-INTXshort	−0.0232%	1h	0.02759	−0.541%	$45K	$536K	50x
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02771	−0.101%	$49K	$54K	10x	as long as short
BloFin MERL-USDT	+0.0072%	4h	0.02772	−0.058%	$121K	$3K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02770	−0.130%	$14K	$2K	10x	as long as short
Hyperliquid MERLlong	+0.0100%	1h	0.02774	long leg	$436K	$135K	3x
Aster MERLUSDT	+0.0100%	4h	0.02769	−0.162%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02773	−0.038%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02764	−0.346%	$1.2M	$422K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02772	−0.058%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02770	−0.130%	$254K	$61K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MERL_USDT	+0.0100%	4h	0.02772	−0.058%	$14.5M	$121K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02771	−0.094%	$890K	$41K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02776	+0.087%	$1.6M	$231K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02769	−0.166%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02768	−0.219%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02769	−0.166%	$2K	$997K	20x	as long as short