MERL (Merlin Chain) perpetual futures
MERL (Merlin Chain) perpetuals trade on 12 markets. 24h volume $12.41M, open interest $22.12M. Best funding APR +46.43% on bingx. Cheapest $100k execution (24h median): 70.72 bps on mexc.
Funding rates by venue
Live funding rate, price, liquidity and the funding actually paid over the last 24 hours, 7 and 30 days for MERL (Merlin Chain) on every venue we track.
| Exchange | Symbol | Price | 24h volume | Open interest | Funding / interval | Funding APR | Paid 24h | Paid 7d | Paid 30d |
|---|---|---|---|---|---|---|---|---|---|
| bingx | MERL-USDT | 0.0275 | $6.64M | $752.0K | 0.0212% | +46.43% | +0.1363% | +0.5505% | +2.2323% |
| okx | MERL-USDT-SWAP | 0.0274 | $2.54M | $1.25M | 0.0050% | +10.95% | +0.0300% | +0.1360% | +0.6309% |
| binance | MERLUSDT | 0.0274 | $2.11M | $1.85M | 0.0050% | +10.95% | +0.0300% | +0.2100% | +0.9000% |
| bybit | MERLUSDT | 0.0274 | $440.6K | $589.3K | 0.0142% | +15.50% | +0.1185% | +0.4691% | +1.8772% |
| bitget | MERLUSDT | 0.0275 | $285.3K | $1.63M | 0.0050% | +10.95% | +0.0300% | +0.2105% | +0.9304% |
| hyperliquid | MERL | 0.0275 | $132.2K | $439.0K | 0.0013% | +10.95% | +0.0300% | +0.1995% | +0.8895% |
| mexc | MERL_USDT | 0.0274 | $113.5K | $14.42M | 0.0050% | +10.95% | +0.0300% | +0.2100% | +0.9000% |
| gateio | MERL_USDT | 0.0274 | $64.8K | $253.6K | 0.0032% | +3.50% | +0.0300% | +0.1579% | +0.9624% |
| kucoin | MERLUSDTM | 0.0275 | $63.4K | $887.5K | 0.0050% | +10.95% | +0.0300% | +0.2206% | +0.9536% |
| bybit | MERLPERP | 0.0274 | $12.1K | $30.8K | 0.0050% | +10.95% | +0.0300% | +0.2100% | +2.0630% |
| asterdex | MERLUSDT | 0.0274 | $427.29 | $5.9K | 0.0050% | +10.95% | +0.0300% | +0.1923% | +0.8742% |
| variational | MERL | 0.0274 | $187.76 | $17.5K | 0.0100% | +10.95% | — | — | — |
Funding spread across venues
Across 11 venues the funding APR on MERL (Merlin Chain) runs from +3.50% on gateio to +46.43% on bingx. The gap between them is 42.92 percentage points a year: that is what a delta-neutral position would collect before fees, holding long on the venue that pays and short on the venue that charges. Over the last 30 days the largest amount actually settled was +2.2323% of position size on bingx.
Liquidity
Across the venues listed above MERL (Merlin Chain) shows $12.41M of 24h volume and $22.12M of open interest. The deepest venue by 24h volume is bingx at $6.64M.
Execution cost
The cheapest venue to open a $100k position in MERL (Merlin Chain), measured as the 24h median of the full cost including taker fee and slippage, is mexc at 70.72 bps. Funding only pays off once the cost of getting in and out is covered, so this number belongs next to the APR above.
What the funding rate on MERL (Merlin Chain) means
A perpetual future on MERL (Merlin Chain) has no expiry, so venues use a funding payment to keep its price tied to spot. When the perp trades above spot, longs pay shorts; when it trades below, shorts pay longs. The rate shown per venue is the share of position size paid at each settlement, and the APR is that share annualised over the venue's own interval. Venues settle MERL (Merlin Chain) on different schedules: 1h, 4h, 8h.
Because every venue computes its own rate from its own order book, the same asset can pay very differently in the same hour. The "paid" columns show what was actually settled rather than what is quoted now, which is the honest way to judge whether a MERL (Merlin Chain) position earned or cost money.
Frequently asked questions
What is the funding rate on MERL (Merlin Chain) right now?
Across 11 venues the funding APR on MERL (Merlin Chain) runs from +3.50% on gateio to +46.43% on bingx. The gap between them is 42.92 percentage points a year: that is what a delta-neutral position would collect before fees, holding long on the venue that pays and short on the venue that charges. Over the last 30 days the largest amount actually settled was +2.2323% of position size on bingx.
Which venue has the most liquid MERL (Merlin Chain) perpetual?
Across the venues listed above MERL (Merlin Chain) shows $12.41M of 24h volume and $22.12M of open interest. The deepest venue by 24h volume is bingx at $6.64M.
How often is funding paid on MERL (Merlin Chain)?
Venues settle MERL (Merlin Chain) on different schedules: 1h, 4h, 8h.
Data generated at 2026-09-22T00:08:20Z. Live numbers load on this page automatically.