Funding you earn now, next payment 02:00 UTC−0.0372%/8h= −40.7% APRpaid last 24h −0.060%
Price spread now: Coinbase International against Orderly−0.116%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
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
Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Coinbase International is 0.116% cheaper against Orderly than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Orderly PERP_MERL_USDC | 0.02748 | 0.0100 | pay 0.0050% / 4h | 1h 13m | $14K | $2K | 10x |
| Short | Coinbase International MERL-PERP-INTX | 0.02745 | −0.0272 | pay 0.0034% / 1h | 13m 54s | $26K | $502K | 50x |
Orderly PERP_MERL_USDC
Coinbase International MERL-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Orderly. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$78.04
- Price spread: −0.116% → 0.000%
- −$11.64
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$105.69
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 49 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 Coinbase International live order book, 49 min ago | 15.33 bp | 23.4 bp −$23 | doesn't fit | 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-INTXshort | −0.0272% | 1h | 0.02745 | −0.116% | $26K | $502K | 50x | |
| BloFin MERL-USDT | +0.0073% | 4h | 0.02747 | −0.036% | $119K | $3K | 50x | as long as short |
| Orderly PERP_MERL_USDClong | +0.0100% | 4h | 0.02748 | long leg | $14K | $2K | 10x | |
| Hyperliquid MERL | +0.0100% | 1h | 0.02749 | +0.036% | $434K | $138K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02749 | +0.048% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02751 | +0.104% | $1.8M | $2.0M | 50x | as long as short |
| Bybit MERLUSDT | +0.0100% | 8h | 0.02742 | −0.218% | $1.2M | $424K | 25x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02747 | −0.036% | $1.2M | $2.4M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02748 | 0.000% | $252K | $61K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02750 | +0.073% | $14.4M | $119K | 100x | as long as short |
BloFin MERL-USDT
Hyperliquid MERL
Aster MERLUSDT
Binance MERLUSDT
Bybit MERLUSDT
OKX MERL-USDT-SWAP
Gate MERL_USDT
MEXC MERL_USDTShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02753 | +0.182% | $887K | $42K | 30x | as long as short |
| Bitget MERLUSDT | +0.0100% | 4h | 0.02747 | −0.036% | $1.6M | $243K | 25x | as long as short |
| BingX MERL-USDT | +0.0100% | 4h | 0.02751 | +0.109% | — | $6.6M | — | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02745 | −0.092% | $9K | $188 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02747 | −0.036% | $1K | $991K | 20x | as long as short |
| Deribit MERL_USDC-PERPETUAL | +0.0987% | 1h | 0.02751 | +0.116% | $49K | $55K | 10x | as long as short |
KuCoin MERLUSDTM
Bitget MERLUSDT
BingX MERL-USDT
Variational Omni MERL
SunX MERL-USDT
Deribit MERL_USDC-PERPETUAL