MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0031%/8h= −3.4% APRnext payment −$0.16 per $10,000 · paid last 24h −0.004%

Price spread now: BloFin against MEXC+0.068%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$780.777% of the position

Long on MEXC Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.023%−$2 on $10k

Price spread, last 4 days (all we have)+0.122%+$12 · spread now +0.068%, 7d avg −0.002%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.070% dearer against MEXC than usual: you sell high and buy low (spread +0.068% now, against its 7-day average of −0.002%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.5 days. At the pace of the last 7 days (−0.023% in total) that is about 21 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MERL_USDT	0.02927	0.0100	pay 0.0050% / 4h	1h 28m	$3.6M	$136K	100x
Short	BloFin MERL-USDT	0.02929	0.0069	get 0.0034% / 4h	1h 28m	$126K	$5K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against MEXC. 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 MEXCbpFee BloFinbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$6.54
Price spread: +0.068% → −0.002%: $7.01
Slippage, 4 orders: −$61.75
Fee MEXC: 2 bp × 2 orders: −$4
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$77.27
Costs to cover: 0.777%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; BloFin: live order book, 7 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 MEXC live order book, 1 min ago	3.41 bp	5.4 bp −$5	80.2 bp −$802	167.5 bp −$16.8K	530.7 bp −$265.3K
Sell BloFin live order book, 7 min ago	5.12 bp	33.3 bp −$33	106.2 bp −$1,062	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-INTX	−0.1464%	1h	0.02914	−0.430%	$18K	$408K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0042%	4h	0.02927	0.000%	$14K	$2K	10x	as long as short
BloFin MERL-USDTshort	+0.0069%	4h	0.02929	+0.068%	$126K	$5K	50x
Gate MERL_USDT	+0.0094%	8h	0.02929	+0.068%	$274K	$75K	25x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02926	−0.020%	$487K	$157K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02927	−0.005%	$4K	$5K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02927	−0.017%	$1.9M	$2.5M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02921	−0.205%	$1.2M	$506K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02928	+0.034%	$1.4M	$2.6M	20x	as long as short
MEXC MERL_USDTlong	+0.0100%	4h	0.02927	long leg	$3.6M	$136K	100x

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02924	−0.102%	$911K	$45K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02931	+0.137%	$1.7M	$287K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02925	−0.068%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02918	−0.297%	$10K	$794	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02928	+0.034%	$2K	$1.3M	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0330%	1h	0.02932	+0.157%	$51K	$57K	10x	as long as short