MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0057%/8h= +6.2% APRnext payment +$0.28 per $10,000 · paid last 24h +0.008%

Price spread now: BloFin against Orderly−0.182%52s7-day average — · you buy dearer than you sell

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

Long on Orderly Short on BloFin

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 pays, the price is against you. BloFin is 0.182% cheaper against Orderly than usual: you would sell low and buy high (spread −0.182% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 11 days of funding at the current rate (+$2 a day). The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MERL_USDC	0.02744	0.0100	pay 0.0050% / 4h	1h 36m	$14K	$2K	10x
Short	BloFin MERL-USDT	0.02739	0.0156	get 0.0078% / 4h	1h 36m	$119K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.182%Rate

Funding earned: $11.87
Price spread: −0.182% → 0.000%: −$18.22
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$24.35
Costs to cover: 0.180%
Break-even: 21.4 days

Slippage unknown: Orderly: no order-book sample; BloFin: live order book, 74 min ago. 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 BloFin live order book, 74 min ago	9.14 bp	24.0 bp −$24	79.4 bp −$794	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	−0.0272%	1h	0.02724	−0.722%	$26K	$497K	50x	as long as short
Orderly PERP_MERL_USDClong	+0.0100%	4h	0.02744	long leg	$14K	$2K	10x
Hyperliquid MERL	+0.0100%	1h	0.02742	−0.069%	$433K	$138K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02741	−0.127%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02745	+0.040%	$1.8M	$2.0M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02740	−0.146%	$1.2M	$417K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02744	0.000%	$1.2M	$2.4M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02737	−0.255%	$251K	$61K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02742	−0.073%	$14.4M	$118K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02741	−0.109%	$883K	$47K	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	0.02742	−0.073%	$1.6M	$243K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02743	−0.036%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02735	−0.329%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02739	−0.182%	$2K	$992K	20x	as long as short
BloFin MERL-USDTshort	+0.0156%	4h	0.02739	−0.182%	$119K	$3K	50x
Deribit MERL_USDC-PERPETUAL	+0.0444%	1h	0.02740	−0.157%	$49K	$61K	10x	as long as short