Funding you earn now, next payment 09:00 UTC−0.1308%/8h= −143.2% APRpaid last 24h −0.104%
Price spread now: Coinbase International against MEXC−0.456%7-day average −0.530% · you buy dearer than you sell
Net, funding: paid 7d − costs−$322as in the Funding arb table
Net, price: spread back to 7d avg − costs−$317as in the Price arb table
costs, in and out, $10k−$3243.244% of the position
Funding, last 7 days+0.020%+$2 on $10k
+Price spread, last 4 days (all we have)+0.973%+$97 · spread now −0.456%, 7d avg −0.530%
=The price spread pays, funding is against you. Coinbase International is 0.074% dearer against MEXC than usual: you sell high and buy low (spread −0.456% now, against its 7-day average of −0.530%): +$7 on $10k if it goes back. Holding the pair costs −$39 a day in funding at the current rate, which eats that in about 5 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.020% in total (about 1.1% 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 | MEXC MERL_USDT | 0.02916 | 0.0100 | pay 0.0050% / 4h | 2h 20m | $3.6M | $139K | 100x |
| Short | Coinbase International MERL-PERP-INTX | 0.02903 | −0.1208 | pay 0.0151% / 1h | 20m 31s | $17K | $406K | 50x |
MEXC MERL_USDT
Coinbase International MERL-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against MEXC. 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
- −$274.68
- Price spread: −0.456% → −0.530%
- $7.4
- Slippage, 4 orders
- −$310.45
- Fee MEXC: 2 bp × 2 orders
- −$4
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$591.73
- Costs to cover
- 3.244%
- Break-even
- never at this rate
Slippage from MEXC: live order book, 5 min ago; Coinbase International: live order book, 30 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, 5 min ago | 5.16 bp | 7.2 bp −$7 | 87.2 bp −$872 | 162.8 bp −$16.3K | 436.8 bp −$218.4K |
| Sell Coinbase International live order book, 30 min ago | 19.43 bp | 131.2 bp −$131 | 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-INTXshort | −0.1208% | 1h | 0.02903 | −0.456% | $17K | $406K | 50x | |
| Deribit MERL_USDC-PERPETUAL | 0.0000% | 1h | 0.02917 | +0.034% | $51K | $60K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0053% | 4h | 0.02917 | +0.034% | $14K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02915 | −0.034% | $485K | $151K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02917 | +0.036% | $4K | $5K | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02915 | −0.047% | $1.9M | $2.5M | 50x | as long as short |
| Bybit MERLUSDT | +0.0100% | 8h | 0.02910 | −0.206% | $1.2M | $501K | 25x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02911 | −0.171% | $1.4M | $2.5M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02919 | +0.103% | $262K | $68K | 25x | as long as short |
| MEXC MERL_USDTlong | +0.0100% | 4h | 0.02916 | long leg | $3.6M | $139K | 100x |
Deribit MERL_USDC-PERPETUAL
Orderly PERP_MERL_USDC
Hyperliquid MERL
Aster MERLUSDT
Binance MERLUSDT
Bybit MERLUSDT
OKX MERL-USDT-SWAP
Gate MERL_USDTShow all 16 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02915 | −0.034% | $910K | $44K | 30x | as long as short |
| Bitget MERLUSDT | +0.0100% | 4h | 0.02918 | +0.069% | $1.7M | $284K | 25x | as long as short |
| BingX MERL-USDT | +0.0100% | 4h | 0.02916 | 0.000% | — | $6.6M | — | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02911 | −0.175% | $10K | $499 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02920 | +0.137% | $2K | $1.2M | 20x | as long as short |
| BloFin MERL-USDT | +0.0145% | 4h | 0.02921 | +0.171% | $126K | $5K | 50x | as long as short |
KuCoin MERLUSDTM
Bitget MERLUSDT
BingX MERL-USDT
Variational Omni MERL
SunX MERL-USDT
BloFin MERL-USDT