MERL

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0332%/8h= −36.4% APRpaid last 24h −0.070%

Price spread now: Coinbase International against Variational Omni−0.195%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Coinbase International is 0.195% cheaper against Variational Omni than usual: you would sell low and buy high (−$19 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	Variational Omni MERL	0.02730	0.0100	pay 0.0100% / 8h	6h 06m	$9K	$188	—
Short	Coinbase International MERL-PERP-INTX	0.02724	−0.0232	pay 0.0029% / 1h	6m 13s	$26K	$498K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Variational Omni. 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 Variational OmnibpFee Coinbase InternationalbpOrdersPrice spread, now −0.195%Rate

Funding earned: −$69.72
Price spread: −0.195% → 0.000%: −$19.5
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$99.22
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: no order-book sample; Coinbase International: live order book, 62 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 Variational Omni no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 62 min ago	17.09 bp	165.8 bp −$166	doesn't fit	doesn't fit	doesn't fit

Variational Omni: 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 15 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	−0.0232%	1h	0.02724	−0.195%	$26K	$498K	50x
Orderly PERP_MERL_USDC	+0.0099%	4h	0.02733	+0.127%	$14K	$2K	10x	as long as short
Hyperliquid MERL	+0.0100%	1h	0.02734	+0.175%	$431K	$139K	3x	as long as short
Aster MERLUSDT	+0.0100%	4h	0.02734	+0.163%	$3K	$427	5x	as long as short
Binance MERLUSDT	+0.0100%	4h	0.02734	+0.164%	$1.8M	$2.1M	50x	as long as short
Bybit MERLUSDT	+0.0100%	8h	0.02728	−0.056%	$1.2M	$424K	25x	as long as short
OKX MERL-USDT-SWAP	+0.0100%	4h	0.02730	+0.017%	$1.2M	$2.5M	20x	as long as short
Gate MERL_USDT	+0.0100%	8h	0.02730	+0.017%	$251K	$62K	25x	as long as short
MEXC MERL_USDT	+0.0100%	4h	0.02733	+0.127%	$14.3M	$119K	100x	as long as short
KuCoin MERLUSDTM	+0.0100%	4h	0.02734	+0.164%	$881K	$65K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MERLUSDT	+0.0100%	4h	0.02739	+0.347%	$1.6M	$245K	25x	as long as short
BingX MERL-USDT	+0.0100%	4h	0.02731	+0.054%	—	$6.7M	—	as long as short
Variational Omni MERLlong	+0.0100%	8h	0.02730	long leg	$9K	$188	—
SunX MERL-USDT	+0.0100%	4h	0.02733	+0.127%	$1K	$1.0M	20x	as long as short
Deribit MERL_USDC-PERPETUAL	+0.0884%	1h	0.02736	+0.223%	$49K	$61K	10x	as long as short