Funding you earn now, next payment 00:00 UTC+0.0724%/8h= +79.3% APRpaid last 24h +0.032%
Price spread now: Bybit against Bitget−0.330%7-day average −0.269% · you buy dearer than you sell
Net, funding: paid 7d − costs−$276as in the Funding arb table
Net, price: spread back to 7d avg − costs−$302as in the Price arb table
costs, in and out, $10k−$2962.959% of the position
Funding, last 7 days+0.202%+$20 on $10k
+Price spread, last 7 days+0.243%+$24 · spread now −0.330%, 7d avg −0.269%
=Funding pays, the price is against you. Bybit is 0.062% cheaper against Bitget than usual: you would sell low and buy high (spread −0.330% now, against its 7-day average of −0.269%). If the spread goes back, that is −$6 on $10k: about 7 hours of funding at the current rate (+$22 a day). At the pace of the last 7 days (+0.202% in total) that is about 2.1 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.202% in total (about 10.5% a year). A funding rate is set anew for every payment. 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 | Bitget MERLUSDT | 0.02726 | 0.0100 | pay 0.0050% / 4h | 2h 20m | $1.6M | $303K | 25x |
| Short | Bybit MERLUSDT | 0.02717 | 0.0824 | get 0.0824% / 8h | 2h 20m | $1.2M | $480K | 25x |
Bitget MERLUSDT
Bybit MERLUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Bitget. 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
- $152.02
- Price spread: −0.330% → −0.269%
- −$6.16
- Slippage, 4 orders
- −$272.87
- Fee Bitget: 6 bp × 2 orders
- −$12
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$150.01
- Costs to cover
- 2.959%
- Break-even
- 13.9 days
Slippage from Bitget: live order book, 1 min ago; Bybit: live order book, 5 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 Bitget live order book, 1 min ago | 10.98 bp | 27.2 bp −$27 | 309.9 bp −$3,099 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 5 min ago | 7.36 bp | 122.5 bp −$122 | 419.1 bp −$4,191 | 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 | −0.0056% | 1h | 0.02708 | −0.646% | $26K | $506K | 50x | as long as short |
| Deribit MERL_USDC-PERPETUAL | 0.0000% | 1h | 0.02726 | −0.007% | $46K | $64K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0097% | 4h | 0.02724 | −0.073% | $13K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02726 | +0.007% | $436K | $144K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02725 | −0.036% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02727 | +0.037% | $1.8M | $2.1M | 50x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02724 | −0.073% | $1.3M | $2.5M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02720 | −0.220% | $250K | $69K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02727 | +0.037% | $14.3M | $111K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02720 | −0.220% | $877K | $65K | 30x | as long as short |
Coinbase International MERL-PERP-INTX
Deribit MERL_USDC-PERPETUAL
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 MERLUSDTlong | +0.0100% | 4h | 0.02726 | long leg | $1.6M | $303K | 25x | |
| Variational Omni MERL | +0.0100% | 8h | 0.02711 | −0.554% | $9K | $163 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02727 | +0.037% | $1K | $998K | 20x | as long as short |
| BloFin MERL-USDT | +0.0100% | 4h | 0.02725 | −0.037% | $121K | $3K | 50x | as long as short |
| BingX MERL-USDT | +0.0710% | 4h | 0.02723 | −0.110% | — | $6.7M | — | as long as short |
| Bybit MERLUSDTshort | +0.0824% | 8h | 0.02717 | −0.330% | $1.2M | $480K | 25x |
Variational Omni MERL
SunX MERL-USDT
BloFin MERL-USDT
BingX MERL-USDT