MERL Funding Rate History — Settled Payments by Exchange
Merlin Chain
| Exchange | Settlements | Total Paid | Average APR | Largest | Smallest | Last Settled |
|---|---|---|---|---|---|---|
 BingX | 180 | +2.3587% | +28.72% | +0.0944% | +0.0050% | 2026-09-23 16:00 UTC |
 Bybit | 90 | +1.9974% | +24.32% | +0.1027% | -0.0156% | 2026-09-23 16:00 UTC |
 Gate.io | 90 | +0.9611% | +11.70% | +0.0423% | -0.0137% | 2026-09-23 16:00 UTC |
 KuCoin | 180 | +0.9536% | +11.61% | +0.0408% | -0.0020% | 2026-09-23 16:00 UTC |
 Bitget | 180 | +0.9334% | +11.36% | +0.0242% | +0.0050% | 2026-09-23 16:00 UTC |
 Toobit | 180 | +0.9014% | +10.97% | +0.0051% | +0.0050% | 2026-09-23 16:00 UTC |
 Binance Futures | 180 | +0.9000% | +10.96% | +0.0050% | +0.0050% | 2026-09-23 16:00 UTC |
 Bitunix | 180 | +0.9000% | +10.96% | +0.0050% | +0.0050% | 2026-09-23 16:00 UTC |
 Pionex | 180 | +0.9000% | +10.96% | +0.0050% | +0.0050% | 2026-09-23 16:00 UTC |
 WEEX | 180 | +0.9000% | +10.96% | +0.0050% | +0.0050% | 2026-09-23 16:00 UTC |
 MEXC | 180 | +0.9000% | +10.96% | +0.0050% | +0.0050% | 2026-09-23 16:00 UTC |
 Hyperliquid | 720 | +0.8895% | +10.83% | +0.0013% | -0.0049% | 2026-09-23 18:00 UTC |
 BloFin | 180 | +0.8804% | +10.72% | +0.0079% | +0.0020% | 2026-09-23 16:00 UTC |
 Aster | 493 | +0.8689% | +3.86% | +0.0050% | -0.0090% | 2026-09-23 16:00 UTC |
 OKX | 180 | +0.6309% | +7.68% | +0.0050% | -0.0235% | 2026-09-23 16:00 UTC |
 WOOFi Pro | 180 | +0.4691% | +5.71% | +0.0064% | -0.0389% | 2026-09-23 16:00 UTC |
What the MERL funding rate means
What MERL (Merlin Chain) actually paid over the last 30 days: 3,553 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 +2.3587% 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 98% of the 3,553 settlements recorded here, meaning longs paid shorts that often.
Over the window, settled totals ranged from +2.3587% on BingX to +0.4691% 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.
Frequently asked questions
- Is the MERL funding rate a live quote or an actual payment?
- 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 98% of the 3,553 settlements recorded here.
- Which exchange has paid the most settled MERL funding recently?
- BingX paid the most over the last 30 days at +2.3587% of position size across 180 settlements, an average annualized rate of +28.72%. This is a sum of actual payments, not a forecast.
- How often is MERL funding actually paid?
- Over the last 30 days, ORBIT recorded 3,553 funding settlements for MERL across 16 venues. Settlement schedules differ by venue — some pay hourly, others every 4 or 8 hours — so the number of payments per venue in the table above is not the same for all of them.