Funding you earn now, next payment 05:00 UTC−0.0372%/8h= −40.7% APRpaid last 24h −0.075%
Price spread now: Coinbase International against KuCoin−0.359%7-day average −0.593% · you buy dearer than you sell
Net, funding: paid 7d − costs−$539as in the Funding arb table
Net, price: spread back to 7d avg − costs−$523as in the Price arb table
costs, in and out, $10k−$5475.469% of the position
Funding, last 7 days+0.076%+$8 on $10k
+Price spread, last 4 days (all we have)+0.686%+$69 · spread now −0.359%, 7d avg −0.593%
=The price spread pays, funding is against you. Coinbase International is 0.234% dearer against KuCoin than usual: you sell high and buy low (spread −0.359% now, against its 7-day average of −0.593%): +$23 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 2.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.076%, 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 0.076% in total (about 4.0% 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 | KuCoin MERLUSDTM | 0.02786 | 0.0100 | pay 0.0050% / 4h | 2h 51m | $892K | $39K | 30x |
| Short | Coinbase International MERL-PERP-INTX | 0.02776 | −0.0272 | pay 0.0034% / 1h | 51m 27s | $25K | $646K | 50x |
KuCoin MERLUSDTM
Coinbase International MERL-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against KuCoin. 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
- −$78.12
- Price spread: −0.359% → −0.593%
- $23.43
- Slippage, 4 orders
- −$524.87
- Fee KuCoin: 6 bp × 2 orders
- −$12
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$601.55
- Costs to cover
- 5.469%
- Break-even
- never at this rate
Slippage from KuCoin: live order book, 43 min ago; Coinbase International: live order book, 62 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 KuCoin live order book, 43 min ago | 16.27 bp | 322.8 bp −$323 | doesn't fit | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 62 min ago | 12.81 bp | 17.8 bp −$18 | 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 | −0.0272% | 1h | 0.02776 | −0.359% | $25K | $646K | 50x | |
| Deribit MERL_USDC-PERPETUAL | −0.0001% | 1h | 0.02788 | +0.061% | $51K | $44K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0099% | 4h | 0.02789 | +0.108% | $14K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02789 | +0.101% | $437K | $137K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02790 | +0.141% | $3K | $263 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02788 | +0.072% | $1.9M | $1.8M | 50x | as long as short |
| Bybit MERLUSDT | +0.0100% | 8h | 0.02780 | −0.215% | $1.2M | $390K | 25x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02782 | −0.144% | $1.3M | $1.9M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02789 | +0.108% | $253K | $52K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02787 | +0.036% | $14.6M | $118K | 100x | as long as short |
Deribit MERL_USDC-PERPETUAL
Orderly PERP_MERL_USDC
Hyperliquid MERL
Aster MERLUSDT
Binance MERLUSDT
Bybit MERLUSDT
OKX MERL-USDT-SWAP
Gate MERL_USDT
MEXC MERL_USDTShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin MERLUSDTMlong | +0.0100% | 4h | 0.02786 | long leg | $892K | $39K | 30x | |
| Bitget MERLUSDT | +0.0100% | 4h | 0.02789 | +0.108% | $1.6M | $237K | 25x | as long as short |
| BingX MERL-USDT | +0.0100% | 4h | 0.02788 | +0.072% | — | $6.6M | — | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02787 | +0.018% | $9K | $168 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02788 | +0.072% | $1K | $931K | 20x | as long as short |
| BloFin MERL-USDT | +0.0123% | 4h | 0.02792 | +0.215% | $122K | $3K | 50x | as long as short |
Bitget MERLUSDT
BingX MERL-USDT
Variational Omni MERL
SunX MERL-USDT
BloFin MERL-USDT