MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0024%/8h= +2.6% APRnext payment +$0.12 per $10,000 · paid last 24h −0.003%

Price spread now: BloFin against OKX0.000%7-day average +0.129% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$940.943% of the position

Long on OKX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 3 days (all we have)+0.252%+$25 · spread now 0.000%, 7d avg +0.129%

Together, before fees+0.305%+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.129% cheaper against OKX than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.129%). If the spread goes back, that is −$13 on $10k: about 18 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MERL-USDT-SWAP	0.02740	0.0100	pay 0.0050% / 4h	3h 37m	$1.2M	$2.5M	20x
Short	BloFin MERL-USDT	0.02740	0.0124	get 0.0062% / 4h	3h 37m	$120K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against OKX. 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 OKXbpFee BloFinbpOrdersPrice spread, now 0.000%Rate

Funding earned: $5.02
Price spread: 0.000% → +0.129%: −$12.87
Slippage, 4 orders: −$72.26
Fee OKX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$102.11
Costs to cover: 0.943%
Break-even: 149.3 days

Slippage from OKX: live order book, 5 min ago; BloFin: live order book, 18 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 OKX live order book, 5 min ago	1.82 bp	18.8 bp −$19	306.6 bp −$3,066	doesn't fit	doesn't fit
Sell BloFin live order book, 18 min ago	5.45 bp	25.8 bp −$26	80.2 bp −$802	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-INTX	−0.0152%	1h	0.02735	−0.201%	$27K	$510K	50x	as long as short
Orderly PERP_MERL_USDC	+0.0098%	4h	0.02741	+0.036%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02745	+0.168%	$439K	$132K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02743	+0.116%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02742	+0.073%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02734	−0.219%	$1.2M	$435K	25x	as long as short
OKX MERL-USDT-SWAPlong	+0.0100%	4h	0.02740	long leg	$1.2M	$2.5M	20x
Gate MERL_USDT	+0.0100%	8h	0.02740	0.000%	$252K	$65K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02740	0.000%	$14.4M	$114K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02744	+0.146%	$885K	$64K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02747	+0.255%	$1.6M	$252K	25x	as long as short
Variational Omni MERL	+0.0100%	8h	0.02736	−0.143%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02738	−0.073%	$1K	$997K	20x	as long as short
BingX MERL-USDT	+0.0106%	4h	0.02739	−0.036%	—	$6.6M	—	as long as short
BloFin MERL-USDTshort	+0.0124%	4h	0.02740	0.000%	$120K	$3K	50x
Deribit MERL_USDC-PERPETUAL	+0.0261%	1h	0.02741	+0.051%	$49K	$61K	10x	as long as short