MERL Funding Rate — live across 10 venues
Compared across 10 supported venues · net of estimated fees · updated every few minutes
Live annualized MERL perpetual funding across all 10 venues Perpia tracks. Right now MERL funding is positive on 10 and negative on 0, ranging from +48.9% on Bybit to +10.9% on Aster — a spread of 38.0%. The widest delta-neutral trade is long MEXC / short Bybit at 35.0% 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.
MERL funding rate by venue
15 pairs scanned| Venue | Funding APR | Interval |
|---|---|---|
| Bybit↗ | +48.9% | 8h |
| BingX↗ | +45.3% | 4h |
| MEXC↗ | +10.9% | 4h |
| Binance↗ | +10.9% | 4h |
| Gate.io↗ | +10.9% | 8h |
| OKX↗ | +10.9% | 4h |
| Bitget↗ | +10.9% | 4h |
| KuCoin↗ | +10.9% | 4h |
| Hyperliquid↗ | +10.9% | 1h |
| Aster↗ | +10.9% | 1h |
Rates 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 Bybit page.
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MERL funding — FAQ
Is MERL funding positive right now?
MERL perpetual funding is positive on 10 of 10 venues Perpia tracks. The highest is +48.9% on Bybit; the lowest is +10.9% on Aster.
What is the best MERL funding arbitrage right now?
Go long MEXC and short Bybit for about 35.0% net APR after fees — the widest delta-neutral MERL spread Perpia currently sees.
Which exchange has the highest MERL funding rate?
Bybit, at +48.9% 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
Markets also quoted on both Bybit and MEXC — the same two exchanges you would already have funded for the MERL trade.
See every spread between them on the Bybit vs MEXC page.