MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0002%/8h= +0.2% APRnext payment +$0.01 per $10,000 · paid last 24h +0.008%

Price spread now: OKX against Orderly−0.073%7-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 OKX

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: OKX is 0.073% cheaper against Orderly than usual: you would sell low and buy high, −$7 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	0.02742	0.0098	pay 0.0049% / 4h	3h 38m	$14K	$2K	10x
Short	OKX MERL-USDT-SWAP	0.02740	0.0100	get 0.0050% / 4h	3h 38m	$1.2M	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.073%Rate

Funding earned: $0.4
Price spread: −0.073% → 0.000%: −$7.29
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$22.89
Costs to cover: 0.160%
Break-even: 404.4 days

Slippage unknown: Orderly: no order-book sample; OKX: live order book, 4 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 OKX live order book, 4 min ago	1.82 bp	25.2 bp −$25	130.3 bp −$1,303	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	−0.0152%	1h	0.02735	−0.274%	$27K	$510K	50x	as long as short
BloFin MERL-USDT	+0.0079%	4h	0.02742	0.000%	$120K	$3K	50x	as long as short
Orderly PERP_MERL_USDClong	+0.0098%	4h	0.02742	long leg	$14K	$2K	10x
Hyperliquid MERL	+0.0100%	1h	0.02744	+0.062%	$439K	$132K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02743	+0.040%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02742	−0.016%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02734	−0.292%	$1.2M	$435K	25x	as long as short
OKX MERL-USDT-SWAPshort	+0.0100%	4h	0.02740	−0.073%	$1.2M	$2.5M	20x
Gate MERL_USDT	+0.0100%	8h	0.02748	+0.219%	$253K	$65K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02742	0.000%	$14.4M	$114K	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	0.02742	0.000%	$884K	$64K	30x	as long as short
Bitget MERLUSDT	+0.0100%	4h	0.02748	+0.219%	$1.6M	$252K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02740	−0.073%	—	$6.6M	—	as long as short
Variational Omni MERL	+0.0100%	8h	0.02736	−0.216%	$9K	$188	—	as long as short
SunX MERL-USDT	+0.0100%	4h	0.02738	−0.146%	$1K	$998K	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0188%	1h	0.02742	+0.004%	$49K	$61K	10x	as long as short