MERL Funding Rate — live across 9 venues
Perpetual funding · compared across 9 venues · net of estimated fees · updated every few minutesLive annualized MERL perpetual funding across all 9 venues Perpia tracks. Right now MERL funding is positive on 9 and negative on 0, ranging from +21.9% on BingX to +10.9% on Hyperliquid — a spread of 10.9%. The widest delta-neutral trade is long MEXC / short BingX at 7.8% net APR.
MERL funding trend & liquidity
168h of historyAverages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.
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Build a route
any two of the 9 venuesThis is the widest route right now. The number is gross: fees, the entry spread and slippage are not in it, and both legs must be tradeable for you. The scanner carries the same pairs net of costs.
Venues: pick the two legs
sorted by rate · 9 venuesRates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the MEXC vs BingX page. 8 pairs scanned for MERL.
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MERL — FAQ
Is MERL funding positive right now?
MERL perpetual funding is positive on 9 of 9 venues Perpia tracks. The highest is +21.9% on BingX; the lowest is +10.9% on Hyperliquid.
What is the best MERL funding arbitrage right now?
Go long MEXC and short BingX for about 7.8% 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 arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.
Markets related to MERL
also quoted on both BingX and MEXCThe same two exchanges you would already have funded for the MERL trade. Every spread between them is on the BingX vs MEXC page.