MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0005%/8h= −0.6% APRnext payment −$0.03 per $10,000 · paid last 24h −0.009%

Price spread now: Orderly against OKX+0.102%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.102% dearer against OKX than usual: you sell high and buy low, +$10 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MERL-USDT-SWAP	0.02945	0.0100	pay 0.0050% / 4h	1h 06m	$1.4M	$2.3M	20x
Short	Orderly PERP_MERL_USDC	0.02948	0.0095	get 0.0047% / 4h	1h 06m	$15K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.102%Rate

Funding earned: −$1.15
Price spread: +0.102% → 0.000%: $10.19
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$6.96
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 5 min ago; Orderly: no order-book sample. Net counts fees only.

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	3.42 bp	25.3 bp −$25	203.7 bp −$2,037	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0472%	1h	0.02928	−0.581%	$25K	$674K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	0.0000%	1h	0.02949	+0.129%	$60K	$40K	10x	as long as short
Orderly PERP_MERL_USDCshort	+0.0095%	4h	0.02948	+0.102%	$15K	$2K	10x
Hyperliquid MERL	+0.0100%	1h	0.02943	−0.068%	$490K	$159K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02943	−0.069%	$3K	$1K	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02944	−0.041%	$2.0M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02939	−0.204%	$1.3M	$461K	25x	as long as short
OKX MERL-USDT-SWAPlong	+0.0100%	4h	0.02945	long leg	$1.4M	$2.3M	20x
Gate MERL_USDT	+0.0100%	8h	0.02940	−0.170%	$265K	$63K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02942	−0.102%	$3.7M	$125K	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	0.02943	−0.068%	$935K	$42K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02948	+0.102%	$1.8M	$268K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02942	−0.102%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02917	−0.952%	$10K	$414	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02946	+0.034%	$1K	$1.0M	20x	as long as short
BloFin MERL-USDT	+0.0155%	4h	0.02950	+0.170%	$127K	$4K	50x	as long as short