Funding you earn now, next payment 00:00 UTC−0.0644%/8h= −70.6% APRpaid last 24h −0.030%
Price spread now: BloFin against Bybit+0.368%7-day average +0.245% · you sell dearer than you buy
Net, funding: paid 7d − costs−$300as in the Funding arb table
Net, price: spread back to 7d avg − costs−$266as in the Price arb table
costs, in and out, $10k−$2782.782% of the position
Funding, last 7 days−0.221%−$22 on $10k
+Price spread, last 3 days (all we have)−0.001%$0 · spread now +0.368%, 7d avg +0.245%
=The price spread pays, funding is against you. BloFin is 0.123% dearer against Bybit than usual: you sell high and buy low (spread +0.368% now, against its 7-day average of +0.245%): +$12 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 15 hours. At the pace of the last 7 days (−0.221% in total) that is about 3.9 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.221% in total (about -11.5% 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 | Bybit MERLUSDT | 0.02717 | 0.0767 | pay 0.0767% / 8h | 1h 48m | $1.2M | $477K | 25x |
| Short | BloFin MERL-USDT | 0.02727 | 0.0123 | get 0.0061% / 4h | 1h 48m | $120K | $3K | 50x |
Bybit MERLUSDT
BloFin MERL-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BloFin against Bybit. 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
- −$135.33
- Price spread: +0.368% → +0.245%
- $12.26
- Slippage, 4 orders
- −$255.15
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee BloFin: 6 bp × 2 orders
- −$12
- Net
- −$401.22
- Costs to cover
- 2.782%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 2 min ago; BloFin: live order book, 24 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 Bybit live order book, 2 min ago | 7.36 bp | 110.7 bp −$111 | doesn't fit | doesn't fit | doesn't fit |
| Sell BloFin live order book, 24 min ago | 3.67 bp | 24.2 bp −$24 | 72.3 bp −$723 | 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 | −0.317% | $26K | $506K | 50x | as long as short |
| Deribit MERL_USDC-PERPETUAL | 0.0000% | 1h | 0.02728 | +0.409% | $46K | $64K | 10x | as long as short |
| Orderly PERP_MERL_USDC | +0.0097% | 4h | 0.02728 | +0.405% | $13K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02726 | +0.328% | $437K | $135K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02728 | +0.406% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02727 | +0.382% | $1.8M | $2.1M | 50x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02723 | +0.221% | $1.3M | $2.5M | 20x | as long as short |
| Gate MERL_USDT | +0.0100% | 8h | 0.02728 | +0.405% | $251K | $65K | 25x | as long as short |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02726 | +0.331% | $14.3M | $110K | 100x | as long as short |
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02725 | +0.294% | $878K | $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 MERLUSDT | +0.0100% | 4h | 0.02732 | +0.552% | $1.6M | $297K | 25x | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02717 | +0.010% | $9K | $163 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02727 | +0.368% | $1K | $994K | 20x | as long as short |
| BloFin MERL-USDTshort | +0.0123% | 4h | 0.02727 | +0.368% | $120K | $3K | 50x | |
| BingX MERL-USDT | +0.0692% | 4h | 0.02728 | +0.405% | — | $6.6M | — | as long as short |
| Bybit MERLUSDTlong | +0.0767% | 8h | 0.02717 | long leg | $1.2M | $477K | 25x |
Bitget MERLUSDT
Variational Omni MERL
SunX MERL-USDT
BingX MERL-USDT