Funding arb · Price arb /

MERL

all MERL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0428%/8h= −46.9% APRpaid last 24h −0.086%

Price spread now: Coinbase International against OKX−0.159%55s7-day average −0.413% · you buy dearer than you sell

Net, funding: paid 7d − costs−$372as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$3863.855% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.135%+$13 on $10k

Price spread, last 4 days (all we have)+0.662%+$66 · spread now −0.159%, 7d avg −0.413%

Together, before fees+0.797%+$80 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.254% dearer against OKX than usual: you sell high and buy low (spread −0.159% now, against its 7-day average of −0.413%): +$25 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 48 hours. Mind the row above: over the last 7 days funding on this pair paid +0.135%, so the current rate has only just turned against you. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.135% in total (about 7.0% 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	OKX MERL-USDT-SWAP	0.02829	0.0100	pay 0.0050% / 4h	23m 24s	$1.3M	$2.5M	20x
Short	Coinbase International MERL-PERP-INTX	0.02824	−0.0328	pay 0.0041% / 1h	23m 24s	$15K	$594K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.159%Rate

Funding earned: −$89.88
Price spread: −0.159% → −0.413%: $25.42
Slippage, 4 orders: −$365.52
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$449.99
Costs to cover: 3.855%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Coinbase International: live order book, 15 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, 4 min ago	3.54 bp	33.5 bp −$34	355.8 bp −$3,558	doesn't fit	doesn't fit
Sell Coinbase International live order book, 15 min ago	17.87 bp	179.5 bp −$179	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
Deribit MERL_USDC-PERPETUAL	−0.0562%	1h	0.02832	+0.092%	$60K	$62K	10x	as long as short
Coinbase International MERL-PERP-INTXshort	−0.0328%	1h	0.02824	−0.159%	$15K	$594K	50x
Orderly PERP_MERL_USDC	+0.0081%	4h	0.02825	−0.141%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02828	−0.053%	$467K	$156K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02824	−0.159%	$4K	$5K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02824	−0.185%	$1.9M	$2.5M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02820	−0.318%	$1.2M	$494K	25x	as long as short
OKX MERL-USDT-SWAPlong	+0.0100%	4h	0.02829	long leg	$1.3M	$2.5M	20x
Gate MERL_USDT	+0.0100%	8h	0.02823	−0.212%	$254K	$69K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02823	−0.212%	$3.5M	$129K	100x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MERLUSDTM	+0.0100%	4h	0.02824	−0.177%	$891K	$47K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02824	−0.177%	$1.7M	$294K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02830	+0.035%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02822	−0.248%	$9K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02832	+0.106%	$2K	$1.2M	20x	as long as short
BloFin MERL-USDT	+0.0155%	4h	0.02834	+0.177%	$125K	$4K	50x	as long as short