Funding you earn now, next payment 00:00 UTC−0.0574%/8h= −62.9% APRnext payment −$2.87 per $10,000 · paid last 24h −0.085%
Price spread now: Bitget against BingX+0.221%7-day average +0.143% · you sell dearer than you buy
Net, funding: paid 7d − costs−$167as in the Funding arb table
Net, price: spread back to 7d avg − costs−$128as in the Price arb table
costs, in and out, $10k−$1351.355% of the position
Funding, last 7 days−0.315%−$31 on $10k
+Price spread, last 7 days−0.140%−$14 · spread now +0.221%, 7d avg +0.143%
=The price spread pays, funding is against you. Bitget is 0.079% dearer against BingX than usual: you sell high and buy low (spread +0.221% now, against its 7-day average of +0.143%): +$8 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.315% in total) that is about 42 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.315% in total (about -16.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.87 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | BingX MERL-USDT | 0.02710 | 0.0674 | pay 0.0337% / 4h | 1h 29m | — | $6.7M | — |
| Short | Bitget MERLUSDT | 0.02716 | 0.0100 | get 0.0050% / 4h | 1h 29m | $1.6M | $292K | 25x |
BingX MERL-USDT
Bitget MERLUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bitget against BingX. 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
- −$120.54
- Price spread: +0.221% → +0.143%
- $7.88
- Slippage, 4 orders
- −$113.46
- Fee BingX: 5 bp × 2 orders
- −$10
- Fee Bitget: 6 bp × 2 orders
- −$12
- Net
- −$248.12
- Costs to cover
- 1.355%
- Break-even
- never at this rate
Slippage from BingX: live order book, 8 min ago; Bitget: live order book, 2 min ago.
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 BingX live order book, 8 min ago | 7.35 bp | 28.6 bp −$29 | 96.5 bp −$965 | 774.9 bp −$77.5K | doesn't fit |
| Sell Bitget live order book, 2 min ago | 5.52 bp | 38.0 bp −$38 | 155.7 bp −$1,557 | doesn't fit | doesn't fit |
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 | −0.0128% | 1h | 0.02708 | −0.059% | $26K | $506K | 50x | as long as short |
| BloFin MERL-USDT | +0.0095% | 4h | 0.02723 | +0.480% | $120K | $3K | 50x | as long as short |
| Orderly PERP_MERL_USDC | +0.0097% | 4h | 0.02711 | +0.037% | $13K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02714 | +0.137% | $435K | $134K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02711 | +0.021% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02711 | +0.034% | $1.8M | $2.1M | 50x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02708 | −0.074% | $1.2M | $2.5M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02709 | −0.037% | $250K | $66K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02711 | +0.037% | $14.2M | $111K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02711 | +0.037% | $874K | $65K | 30x | as long as short |
Coinbase International MERL-PERP-INTX
BloFin MERL-USDT
Orderly PERP_MERL_USDC
Hyperliquid MERL
Aster MERLUSDT
Binance MERLUSDT
OKX MERL-USDT-SWAP
Gate MERL_USDT
MEXC MERL_USDT
KuCoin MERLUSDTMShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget MERLUSDTshort | +0.0100% | 4h | 0.02716 | +0.221% | $1.6M | $292K | 25x | |
| Variational Omni MERL | +0.0100% | 8h | 0.02703 | −0.252% | $9K | $163 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02706 | −0.148% | $1K | $999K | 20x | as long as short |
| Deribit MERL_USDC-PERPETUAL | +0.0119% | 1h | 0.02711 | +0.018% | $46K | $64K | 10x | as long as short |
| BingX MERL-USDTlong | +0.0674% | 4h | 0.02710 | long leg | — | $6.7M | — | |
| Bybit MERLUSDT | +0.0730% | 8h | 0.02702 | −0.295% | $1.2M | $476K | 25x | as long as short |
Variational Omni MERL
SunX MERL-USDT
Deribit MERL_USDC-PERPETUAL
Bybit MERLUSDT