MERL Funding Rate History — Settled Payments by Exchange

What MERL (Merlin Chain) actually paid over the last 30 days: 3,240 settlements across 16 venues, broken down venue by venue. These are settled payments — the amount an exchange actually charged or credited each funding interval — not the rate currently quoted for the next payment. BingX paid the most over the window at +1.0320% of position size.

A funding rate quoted right now is a forecast of the next payment; what a position actually earned is the sum of payments that already settled. Two venues can quote a similar rate and still pay very differently over a month, because they settle on different schedules and compute the rate from their own order book rather than a shared index. The rate was positive in 94% of the 3,240 settlements recorded here, meaning longs paid shorts that often.

Over the window, settled totals ranged from +1.0320% on BingX to +0.1893% on WOOFi Pro — the gap between them is what a delta-neutral position collecting on both legs would have captured before fees and slippage. Verify the live version of this spread on the ORBIT funding screener before sizing a trade: settled history shows what already happened, not what will happen next.