MERL
Merlin Chain
OKX
Binance FuturesFunding Rates by Exchange
| Exchange | Funding APR↓ | Interval | Open Interest↕ | Mark Price↕ |
|---|---|---|---|---|
| Binance FuturesBest Short | +10.96% | 4h | $1.4M | $0.0188 |
 Bybit | +10.96% | 8h | $1.0M | $0.0187 |
 Hyperliquid | +10.96% | 1h | $393K | $0.0187 |
 BingX | +10.96% | 4h | $1.4M | $0.0187 |
 Bitget | +10.96% | 4h | $1.3M | $0.0188 |
 Gate.io | +10.96% | 8h | $146K | $0.0187 |
 KuCoin | +10.96% | 4h | $1.2M | $0.0188 |
 MEXC | +10.96% | 4h | $3.6M | $0.0188 |
 Aster | +10.96% | 1h | $2K | $0.0187 |
 Variational | +10.96% | 8h | $110K | $0.0187 |
 BitMart | +10.96% | 4h | $12.0M | $0.0187 |
 Toobit | +10.96% | 4h | $28K | $0.0187 |
 Bitunix | +10.96% | 4h | — | $0.0188 |
 WEEX | +10.96% | 4h | $4.3M | $0.0188 |
 Pionex | +10.96% | 4h | $8K | $0.0188 |
 LBank | +10.96% | 4h | — | $0.0187 |
 dreamcash | +10.96% | 1h | $393K | $0.0187 |
 Ventuals | +10.96% | 1h | $393K | $0.0187 |
 Kinetiq | +10.96% | 1h | $393K | $0.0187 |
 BloFin | +7.28% | 4h | $139K | $0.0188 |
 WOOFi Pro | +4.63% | 4h | $19K | $0.0187 |
| OKXBest Long | -3.79% | 4h | $957K | $0.0188 |
MERL funding rates explained
Funding data updated 02:10 UTC, 2026-08-17
MERL (Merlin Chain) perpetual futures funding rates are tracked live across 22 exchanges on ORBIT. Funding is the recurring payment exchanged between long and short traders that keeps a perpetual contract tethered to the spot price — when it is positive, longs pay shorts; when negative, shorts pay longs. Right now MERL funding ranges from -3.79% annualized on OKX to +10.96% on Binance Futures.
The widest cross-exchange funding spread for MERL is currently 14.8% APR. A delta-neutral funding trade captures this gap by going long on OKX — where funding is lowest, so the long leg is paid or pays the least — and short on Binance Futures, where funding is highest, so the short leg collects. Because the two legs are equal and opposite, the asset's price moves cancel out and what is left is the funding spread. ORBIT's backtester replays the real funding history of both legs and subtracts live taker fees and order-book slippage, so the result is net PnL, not a headline number.
MERL ranks #318 by open interest among tracked perpetual assets, total open interest across covered venues is $29.3M, 24h volume is $11.5M, the volume-weighted mark price is $0.0187. Deeper liquidity means a funding spread can be traded at larger size with lower slippage — use the Min OI filter on the screener to surface only markets you can realistically enter and exit.
Frequently asked questions
- Which exchange has the highest MERL funding rate right now?
- Binance Futures shows the highest MERL funding at +10.96% 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.
- Which exchange is best to long MERL for funding?
- OKX has the lowest MERL funding at -3.79% annualized, which makes the long leg cheapest (or paid). Pair it with the highest-funding venue to capture the spread delta-neutral.
- What is the best MERL funding-arbitrage pair?
- The widest spread is long OKX / short Binance Futures at about 14.8% APR before costs. Verify it in the ORBIT backtester, which subtracts real fees and slippage, before sizing a position.