Settings8H · net · $10k
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Funding arb · Price arb / Crypto

MERL

All MERL markets →
LegExchangePriceFund. /8hEach paymentNext inOIVol 24hLev
LONG
OKX SpotMERL-USDT
0.02681spotno funding——$808K1xBuy OKX Spot
SHORT
OKXMERL-USDT-SWAP
0.02682−0.0013pay 0.0007% / 4h3h 42m$1.2M$3.9M20xShort OKX
Price gap+0.019%
Funding gap−0.0013% /8h

The gap pays +$15 on $10k if it goes back to its 7d average, but funding costs $0 a day and eats that in about 38 days.

If you open now and hold

on $10k a leg · figures of the last 7D, not a forecast
Funding+$10−0.0013% /8h now · paid +0.101% over the last 7D
Price+$15spread +0.019% now, avg −0.134% → +0.153% if it goes back
Costs−$3593.594% of $10k · taker + slippage, in and out
Result−$334−3.34%no points

Price and funding

1h · history
PRICE SPREAD · 7D
Now+0.019%
Average—
Range—
Wider than now—
FUNDING SPREAD · 7D
Average /8h—
Highest—
Lowest—
Paid you—

Where the spread has been, last 7D

share of time at each level

Funding on every exchange

/8h

MERL on 15 exchanges

lowest funding first

Before you open

2 ok · 2 to watch
  • Watch: Thin at this size197.7 / 40.3 bp
    At $10k entering OKX Spot costs 197.7 bp, fee and slippage, 4.9× OKX’s.
  • Note: Spot in full, margin on the short$10,000 + $500
    The spot leg is bought with the whole $10k; OKX runs at up to 20x. Only the short can be liquidated, when the price rises, while the spot leg's gain is not yet realised: keep about 2× the margin on OKX.
  • OK: Only the short pays funding— / 4h
    The spot leg pays no funding; OKX settles every 4h.
    Next 24h at the current rates, on $10k a leg: −$0.40Long OKX Spot: 0 payments, $0.00; short OKX: 6 payments, −$0.40.
  • OK: Entry gap works for you+0.019% vs −0.134%
    You short the dearer leg. If the gap goes back to average, the short gains.
  • Note: Spot has no open interest$1.2M OI
    Only OKX reports one; the spot book's depth is in the cost check above.
  • Note: No points program—
    Neither exchange runs points right now.
  • Watch: KYCOKX Spot Yes · OKX Yes
    Advanced verification before trading, deposits or withdrawals.

Profit calculator

both legs, in and out
Position, each leg
Hold for
Orders
Price spread
Funding rate
Funding earned+0.0048%/8h × 21 periods+$10.12
Price spread+0.019% → −0.134% (7d avg)+$15.27
Slippage, 4 orderslive order books−$329.37
Fee OKX Spot bp × 2 orders−$20.00
Fee OKX bp × 2 orders−$10.00
Net · 7 days · $10k−$333.98
Costs to cover3.594%Break-even238.1 days
Slippage: OKX Spot: live order book, 18 min ago; OKX: live order book, 3 min ago

Cost to enter

taker + slippage from mid, one side
BUY · LONGOKX Spot9.49197.7 bp−$198doesn’t fitdoesn’t fitdoesn’t fit
SELL · SHORTOKX3.7240.3 bp−$40329.0 bp−$3,290doesn’t fitdoesn’t fit

Closing costs about the same again.

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