MERL funding rates and arbitrage

MERL perpetuals trade on 15 contracts across 14 venues, forming 104 cross-venue arbitrage pairs. By net APR the current best pair is long Deribit against short Coinbase, netting +686.38%, though note the legs settle on different cadences (8h / 1h)。

MERL perpetual funding rates by venue

APR = current rate × (24 ÷ settlement interval) × 365. Venues settle on different cadences, so rates must be annualised before comparing.

Venue	Contract	Margin	Settlement	Current rate	APR	24h avg APR	24h volume	Mark
BingX	MERL-USDT	USDT	4h	0.0100%	+21.90%	+12.09%	$6.6M	0.02513
OKX	MERL-USDT-SWAP	USDT	4h	0.0050%	+10.95%	+10.95%	$1.1M	0.02510
Binance	MERLUSDT	USDT	4h	0.0050%	+10.95%	+8.78%	$1.1M	0.02513
LBank	MERLUSDT	USDT	4h	0.0050%	+10.95%	+8.76%	$683K	0.02513
WhiteBIT	MERL_PERP	USDT	4h	0.0050%	+10.95%	+10.95%	$478K	0.02512
Bybit	MERLUSDT	USDT	8h	0.0100%	+10.95%	+3.98%	$155K	0.02511
MEXC	MERL_USDT	USDT	4h	0.0050%	+10.95%	+8.78%	$131K	0.02514
Hyperliquid	MERL	USDC	1h	0.0013%	+10.95%	+10.95%	$129K	0.02513
Deribit	MERL_USDC-PERPETUAL	USDC	8h	-0.0388%	-42.52%	-52.22%	$109K	0.02508
Gate	MERL_USDT	USDT	8h	0.0100%	+10.95%	+10.95%	$84K	0.02510
Bitget	MERLUSDT	USDT	4h	0.0050%	+10.95%	+10.95%	$79K	0.02514
Bybit	MERLPERP	USDC	4h	0.0050%	+10.95%	+10.95%	$36K	0.02509
KuCoin	MERLUSDTM	USDT	4h	0.0050%	+10.95%	+10.95%	$29K	0.02509
Aster	MERLUSDT	USDT	4h	0.0018%	+4.04%	-2.40%	$2K	0.02516
Coinbase	MERL-PERP	USDC	1h	0.0735%	+643.86%	+643.86%	$0	0.03187

MERL cross-venue arbitrage pairs

Short the higher-APR leg and go long the lower one; net APR = short leg − long leg.

Long	Short	Net APR	Daily	24h avg	Settlement	Liquidity
Deribit USDC	Coinbase USDC	+686.38%	1.8805%	+696.08%	8h / 1h	$0
Aster USDT	Coinbase USDC	+639.82%	1.7529%	+646.26%	4h / 1h	$0
Binance USDT	Coinbase USDC	+632.91%	1.7340%	+635.08%	4h / 1h	$0
Bitget USDT	Coinbase USDC	+632.91%	1.7340%	+632.91%	4h / 1h	$0
Bybit USDC	Coinbase USDC	+632.91%	1.7340%	+632.91%	4h / 1h	$0
Bybit USDT	Coinbase USDC	+632.91%	1.7340%	+639.88%	8h / 1h	$0
Gate USDT	Coinbase USDC	+632.91%	1.7340%	+632.91%	8h / 1h	$0
Hyperliquid USDC	Coinbase USDC	+632.91%	1.7340%	+632.91%	1h matched	$0
KuCoin USDT	Coinbase USDC	+632.91%	1.7340%	+632.91%	4h / 1h	$0
LBank USDT	Coinbase USDC	+632.91%	1.7340%	+635.10%	4h / 1h	$0
MEXC USDT	Coinbase USDC	+632.91%	1.7340%	+635.08%	4h / 1h	$0
OKX USDT	Coinbase USDC	+632.91%	1.7340%	+632.91%	4h / 1h	$0

Merlin Chain project profile

Website Whitepaper GitHub X (Twitter)Telegram Discord

Key facts

Total: 2.10B
Max supply: 2.10B
Type: Token
Market cap rank: #414

Smart Contract PlatformBNB Chain EcosystemEthereum EcosystemLayer 2 (L2)Merlin Chain EcosystemBitcoin SidechainsSideChainOKX Ventures Portfolio

Contract addresses

merlin0x5c46bff4b38dc1eae09c5bac65872a1d8bc87378

ethereum0xa0c56a8c0692bd10b3fa8f8ba79cf5332b7107f9

binance0xa0c56a8c0692bd10b3fa8f8ba79cf5332b7107f9

Block explorers

etherscan.io intel.arkm.com ethplorer.io etherscan.io ethplorer.io bscscan.com

About

Merlin Chain serves as a Layer 2 solution for Bitcoin, incorporating essential components like ZK-Rollup networks, decentralized oracle networks, and fraud proofs within the Bitcoin chain. Its primary objective is to empower the native assets, protocols, and application ecosystem of Bitcoin Layer 1, facilitating ongoing innovation and maximizing asset potential on Layer 2 networks.

Reference data from CoinGecko, independent of the rate data on this site. We do not verify or endorse what these links contain.

Funding rates for other coins

META+28.5%MON+126.2%MRVL+53.4%NBIS+137.2%NIGHT+293.4%PEOPLE+159.1%PROVE+25.8%QNT+107.0%QQQ+14.0%ROBO+28.6%SNX+48.9%STX+91.5%

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