Question 1

Which exchange has the highest MERL funding rate right now?

Accepted Answer

Coinbase International shows the highest MERL funding at +985.30% annualized. A high positive rate means shorts get paid, so this is the venue to short MERL when running a funding-arbitrage pair. Rates change every settlement window — check the live screener for the current value.

Question 2

Which exchange is best to long MERL for funding?

Accepted Answer

WOOFi Pro has the lowest MERL funding at +7.25% annualized, which makes the long leg cheapest (or paid). Pair it with the highest-funding venue to capture the spread delta-neutral.

Question 3

What is the best MERL funding-arbitrage pair?

Accepted Answer

The widest spread is long WOOFi Pro / short Coinbase International at about 978.0% APR before costs. Verify it in the ORBIT backtester, which subtracts real fees and slippage, before sizing a position.

Question 4

How often does MERL funding settle?

Accepted Answer

MERL funding settles on different schedules by venue (1h, 4h, 8h). Longer intervals concentrate the same annualized rate into fewer, larger payments. ORBIT normalizes every venue to a common APR so they are directly comparable.

Question 5

Is MERL funding positive or negative?

Accepted Answer

MERL funding is currently positive across venues (longs pay shorts), ranging +7.25% to +985.30% APR.

Question 6

What is the current MERL perpetual swap funding rate?

Accepted Answer

The current MERL perpetual swap funding rate ranges from +7.25% to +985.30% annualized depending on the exchange — WOOFi Pro is lowest and Coinbase International is highest right now. There is no single MERL funding rate: every venue runs its own funding formula and order book, which is why the rate has to be read by exchange rather than as one number.

Question 7

What is the aggregated MERL funding rate across exchanges?

Accepted Answer

Aggregated across the 21 venues ORBIT tracks, MERL funding currently spans +7.25% to +985.30% APR, a spread of 978.0 percentage points. An aggregated average hides the part that matters for trading — the gap between the cheapest and dearest venue — so the table above lists each exchange separately.

Question 8

How do I read the MERL 8h funding rate versus the annualized rate?

Accepted Answer

Venues that settle MERL every 8 hours quote the per-payment rate, which is charged three times a day. Multiply an 8h rate by 3 to get the daily figure and by 1,095 to annualize it. ORBIT converts every venue — 1h, 4h and 8h alike — to a common APR so an 8h rate and a 1h rate can be compared directly.

Exchange	Funding APR↓	Interval	Open Interest↕	Mark Price↕
Coinbase InternationalBest Short	+985.30%	1h	$3K	$0.0315
BloFin	+13.13%	4h	$139K	$0.0312
Binance Futures	+10.96%	4h	$2.1M	$0.0313
Bybit	+10.96%	8h	$1.3M	$0.0312
OKX	+10.96%	4h	$1.4M	$0.0312
Hyperliquid	+10.96%	1h	$294K	$0.0313
BingX	+10.96%	4h	$983K	$0.0312
Bitget	+10.96%	4h	$1.8M	$0.0313
Gate.io	+10.96%	8h	$162K	$0.0312
KuCoin	+10.96%	4h	$975K	$0.0312
MEXC	+10.96%	4h	$2.7M	$0.0313
Aster	+10.96%	4h	$4K	$0.0313
Variational	+10.96%	8h	$30K	$0.0312
Toobit	+10.96%	4h	$277K	$0.0313
Bitunix	+10.96%	4h	—	$0.0313
WEEX	+10.96%	4h	$7.1M	$0.0313
Pionex	+10.96%	4h	$11K	$0.0312
LBank	+10.96%	4h	—	$0.0312
dreamcash	+10.96%	1h	$294K	$0.0313
Ventuals	+10.96%	1h	$294K	$0.0313
WOOFi ProBest Long	+7.25%	4h	$5K	$0.0312

MERL Perpetual Swap Funding Rate by Exchange

How MERL funding actually paid this week

Funding Rates by Exchange

Funding Rates by Exchange

MERL funding rates explained

Frequently asked questions