MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0094%/8h= −10.3% APRnext payment −$0.12 per $10,000 · paid last 24h +0.036%

Price spread now: Deribit against Hyperliquid+0.084%50s7-day average — · you sell dearer than you buy

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

Long on Hyperliquid Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

The price spread pays, funding is against you. Deribit is 0.084% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.084% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.0 days. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MERL	0.02733	0.0100	pay 0.0013% / 1h	31m 23s	$428K	$138K	3x
Short	Deribit MERL_USDC-PERPETUAL	0.02736	0.0006	get 0.0001% / 1h	31m 23s	$49K	$61K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 DeribitbpOrdersPrice spread, now +0.084%Rate

Funding earned: −$19.75
Price spread: +0.084% → 0.000%: $8.42
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$27.33
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 min ago; Deribit: no order-book sample. 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, 9 min ago	4.03 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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-INTX	−0.0232%	1h	0.02730	−0.128%	$26K	$499K	50x	as long as short
Deribit MERL_USDC-PERPETUALshort	+0.0006%	1h	0.02736	+0.084%	$49K	$61K	10x
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02734	+0.029%	$14K	$2K	10x	as long as short
Hyperliquid MERLlong	+0.0100%	1h	0.02733	long leg	$428K	$138K	3x
Aster MERLUSDT	+0.0100%	4h	0.02737	+0.139%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02735	+0.071%	$1.8M	$2.1M	50x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02731	−0.080%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02737	+0.139%	$251K	$61K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02735	+0.066%	$14.4M	$117K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02737	+0.139%	$882K	$65K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02737	+0.139%	$1.6M	$246K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02734	+0.032%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02737	+0.139%	$1K	$1.0M	20x	as long as short
Bybit MERLUSDT	+0.0121%	8h	0.02727	−0.227%	$1.2M	$429K	25x	as long as short
BingX MERL-USDT	+0.0166%	4h	0.02735	+0.066%	—	$6.6M	—	as long as short