MERL Funding Rate — live across 9 venues
25 DEX + 8 CEX · net of fees · updated continuously
Live annualized MERL perpetual funding across all 9 venues Perpia tracks. Right now MERL funding is positive on 8 and negative on 1, ranging from +21.9% on BingX to -52.2% on Hyperliquid — a spread of 74.1%. The widest delta-neutral trade is long Hyperliquid / short BingX at 65.0% net APR.
MERL funding rate by venue
23 pairs scanned| Venue | Funding APR | Interval |
|---|---|---|
| BingX | +21.9% | 4h |
| OKX | +10.9% | 4h |
| Bybit | +10.9% | 8h |
| Bitget | +10.9% | 4h |
| KuCoin | +10.9% | 4h |
| MEXC | +5.5% | 8h |
| Binance | +5.5% | 8h |
| Gate.io | +2.6% | 8h |
| Hyperliquid | -52.2% | 1h |
Rates annualized; updated ~every few minutes from live venue data.
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MERL funding — FAQ
Is MERL funding positive right now?
MERL perpetual funding is positive on 8 of 9 venues Perpia tracks and negative on 1. The highest is +21.9% on BingX; the lowest is -52.2% on Hyperliquid.
What is the best MERL funding arbitrage right now?
Go long Hyperliquid and short BingX for about 65.0% net APR after fees — the widest delta-neutral MERL spread Perpia currently sees.
Which exchange has the highest MERL funding rate?
BingX, at +21.9% annualized. Funding shifts continuously, so check the live table above before trading.
How MERL funding arbitrage works
Funding-rate arbitrage is delta-neutral: you go long the venue paying the most negative funding and short the one paying the most positive, so price moves cancel and you collect the spread. The catch is liquidity — a huge APR on a thin book caps at a few thousand dollars and often flips within hours. Perpia shows the max size after slippage and tracks whether a spread holds, so you filter instead of chasing the number.