MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0002%/8h= +0.2% APRnext payment +$0.01 per $10,000 · paid last 24h +0.009%

Price spread now: Bitget against Orderly+0.143%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Bitget

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: Bitget is 0.143% dearer against Orderly than usual: you sell high and buy low, +$14 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	Orderly PERP_MERL_USDC	0.02793	0.0098	pay 0.0049% / 4h	3h 31m	$14K	$2K	10x
Short	Bitget MERLUSDT	0.02797	0.0100	get 0.0050% / 4h	3h 31m	$1.7M	$234K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Orderly. 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 OrderlybpFee BitgetbpOrdersPrice spread, now +0.143%Rate

Funding earned: $0.4
Price spread: +0.143% → 0.000%: $14.32
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$3.28
Costs to cover: 0.180%
Break-even: 64.5 days

Slippage unknown: Orderly: no order-book sample; Bitget: live order book, just now. 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 Orderly no order-book sample	—	—	—	—	—
Sell Bitget live order book, just now	5.37 bp	53.6 bp −$54	301.1 bp −$3,011	doesn't fit	doesn't fit

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	−0.0360%	1h	0.02790	−0.097%	$27K	$568K	50x	as long as short
Orderly PERP_MERL_USDClong	+0.0098%	4h	0.02793	long leg	$14K	$2K	10x
Hyperliquid MERL	+0.0100%	1h	0.02785	−0.279%	$436K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02789	−0.130%	$3K	$263	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02791	−0.072%	$1.9M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02786	−0.251%	$1.2M	$418K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02792	−0.036%	$1.3M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02790	−0.107%	$254K	$55K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02788	−0.179%	$14.6M	$121K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02785	−0.286%	$894K	$40K	30x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDTshort	+0.0100%	4h	0.02797	+0.143%	$1.7M	$234K	25x
BingX MERL-USDT	+0.0100%	4h	0.02794	+0.036%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02757	−1.288%	$9K	$168	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02791	−0.072%	$2K	$996K	20x	as long as short
BloFin MERL-USDT	+0.0144%	4h	0.02762	−1.110%	$120K	$3K	50x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0502%	1h	0.02794	+0.039%	$51K	$56K	10x	as long as short