MERL funding rates
MERL perpetual funding across 9 venues. Rates are annualized (APR); positive means longs pay shorts.
· refreshed every 5 min
- Best pair · 7d
- 2.4%long Bybit, short Binance · net −3.1%
- Highest funding now
- 10.9%HyHyperliquid
- Lowest funding now
- 10.7%RwRWA Perp
- Listed on
- 9 venues
Funding by venue
| 7d chart | Flags | Open | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HyHyperliquid | MERL | 10.9% | 10.9% | 11.0% | 10.9% | 11.0% | 100% | 1h | — | 0.0308 | $564k | $133k | HyHyperliquid | ||
| AsAster | MERLUSDT | 10.9% | 10.9% | 10.9% | 10.7% | 10.9% | 100% | 4h | 08:00 | 0.03077 | $4k | $3k | AsAster | ||
| BnBinanceCEX | MERLUSDT | 10.9% | 10.9% | 10.9% | 10.9% | 10.9% | 100% | 4h | 08:00 | 0.03083 | $2.0M | $2.4M | BnBinance | ||
| ByBybitCEX | MERLUSDT | 10.9% | 10.9% | 8.9% | 15.0% | 8.6% | 86% | 8h | 08:00 | 0.03079 | $1.1M | $511k | ByBybit | ||
| BgBitgetCEX | MERLUSDT | 10.9% | 10.9% | 10.9% | 13.2% | 10.9% | 100% | 4h | 08:00 | 0.03088 | $1.8M | $265k | BgBitget | ||
| GtGateCEX | MERL_USDT | 10.9% | 10.9% | 10.9% | 10.4% | 10.9% | 100% | 8h | 08:00 | 0.0308 | $314k | $79k | GtGate | ||
| MxMEXCCEX | MERL_USDT | 10.9% | 10.9% | 10.9% | 10.9% | 10.9% | 100% | 4h | 08:00 | 0.03077 | $1.4M | $166k | MxMEXC | ||
| VaVariational | MERL | 10.9% | 10.9% | 10.9% | 12.0% | 10.9% | 100% | 8h | — | 0.03062 | $2k | $3k | VaVariational | ||
| RwRWA Perp | PERP_MERL_USDC | 10.7% | 5.1% | 7.1% | 6.0% | 7.4% | 88% | 4h | 08:00 | 0.03075 | $5k | $411k | RwRWA Perp |
Sparklines: hourly funding APR over the last 7 days, zero line dashed.
Long/short pairs
| Spread APR | After taker fees | Quality | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 7d trend | Flags | Open | Calc | |||||||||||
| ByBybitCEX | VaVariational | 0.0% | 0.0% | 2.1% | −3.0% | −0.8% | −1.2% | 20d | weak | $2k | low OIspread not incl. | ByVa | calc | |
| ByBybitCEX | MxMEXCCEX | 0.0% | 0.0% | 2.1% | −4.0% | −1.9% | −2.8% | 27d | weak | $1.1M | 8h/4h | ByMx | calc | |
| VaVariational | MxMEXCCEX | 0.0% | 0.0% | 0.0% | −1.0% | −1.0% | −1.6% | >999d | weak | $2k | low OI8h/4hspread not incl. | VaMx | calc | |
| ByBybitCEX | BnBinanceCEX | 0.0% | 0.0% | 2.4% | −3.5% | −3.1% | −4.6% | 32d | weak | $1.1M | 8h/4h | ByBn | calc | |
| ByBybitCEX | HyHyperliquid | 0.0% | 0.0% | 2.1% | −4.1% | −3.1% | −4.7% | 35d | weak | $564k | 8h/1h | ByHy | calc | |
| MxMEXCCEX | HyHyperliquid | 0.0% | 0.0% | 0.0% | −0.1% | −3.3% | −5.0% | >999d | weak | $564k | 4h/1h | MxHy | calc | |
| ByBybitCEX | BgBitgetCEX | 0.0% | 0.0% | 2.1% | −1.8% | −3.9% | −5.9% | 41d | weak | $1.1M | 8h/4h | ByBg | calc | |
| VaVariational | AsAster | 0.0% | 0.0% | 0.0% | −1.2% | −2.1% | −3.1% | >999d | weak | $2k | low OI8h/4hspread not incl. | VaAs | calc | |
| VaVariational | HyHyperliquid | 0.0% | 0.0% | 0.0% | −1.1% | −2.3% | −3.5% | 722d | weak | $2k | low OI8h/1hspread not incl. | VaHy | calc | |
| ByBybitCEX | GtGateCEX | 0.0% | 0.0% | 2.1% | −4.6% | −4.7% | −7.1% | 46d | weak | $314k | ByGt | calc | ||
| BnBinanceCEX | HyHyperliquid | 0.0% | 0.0% | 0.1% | −0.1% | −4.9% | −7.4% | >999d | weak | $564k | 4h/1h | BnHy | calc | |
| VaVariational | BnBinanceCEX | 0.0% | 0.0% | 0.0% | −0.9% | −2.6% | −3.9% | >999d | weak | $2k | low OI8h/4hspread not incl. | VaBn | calc | |
| BgBitgetCEX | HyHyperliquid | 0.0% | 0.0% | 0.0% | −2.3% | −5.4% | −8.1% | >999d | weak | $564k | 4h/1h | BgHy | calc | |
| ByBybitCEX | AsAster | 0.0% | 0.0% | 2.1% | −4.3% | −2.9% | −4.3% | 34d | weak | $4k | low OI8h/4h | ByAs | calc | |
| GtGateCEX | HyHyperliquid | 0.0% | 0.0% | 0.0% | 0.5% | −6.2% | −9.3% | >999d | weak | $314k | 8h/1h | GtHy | calc | |
| VaVariational | BgBitgetCEX | 0.0% | 0.0% | 0.0% | 1.3% | −3.1% | −4.7% | >999d | weak | $2k | low OI8h/4hspread not incl. | VaBg | calc | |
| VaVariational | GtGateCEX | 0.0% | 0.0% | 0.0% | −1.6% | −3.9% | −5.9% | >999d | weak | $2k | low OIspread not incl. | VaGt | calc | |
| AsAster | HyHyperliquid | 0.0% | 0.0% | 0.0% | 0.2% | −4.4% | −6.6% | >999d | weak | $4k | low OI4h/1h | AsHy | calc | |
What the columns and badges mean
- now
- Current funding spread APR: short-leg rate minus long-leg rate, annualized.
- 24h
- Average spread APR over the last 24 hours, on hours when both venues have data (settled funding, plus predicted rates for hours not settled yet).
- 7d
- Average spread APR over the last 7 days, on hours when both venues have data (settled funding, plus predicted rates for hours not settled yet). Used for ranking and net APR.
- 30d
- Average spread APR over the last 30 days, on hours when both venues have data (settled funding, plus predicted rates for hours not settled yet).
- 7d trend
- Spread APR over the last 7 days in 6-hour averages; the dashed line is zero.
- Net APR
- 7d spread APR minus taker fees to open and close both legs, spread over the holding period: net = spread7d − fees × 365 / days. Per unit of notional per leg.
- On capital
- Net APR on the capital posted for both legs at this leverage: net × leverage / 2.
- Breakeven
- Days of 7d-average funding needed to pay back open+close taker fees.
- Min OI
- Smaller open interest of the two legs, USD.
- steady
- Steady: prior-week spread at least 5% APR, last 24h positive and no spike, positive now. Not negative in X% of hours over 7 days.
- spike
- The last 24h spread is far above the prior 6-day average (more than 3×, or above 15% APR after a weak prior) — it may not last.
- mixed
- The spread was negative too often: not negative in only X% of hours over 7 days.
- new
- Less than 4 days of shared history in the prior week: stability cannot be judged yet.
- weak
- Prior-week spread under 5% APR: too small to call steady.
- cooling
- The prior week was solid, but the last 24h or the current spread is not positive.
- ≠ asset?
- Mark prices differ by N bps — these may be different assets under one ticker, or contracts of a different size (e.g. per 1,000 coins). Verify before trading.
- stale
- At least one leg has not updated for over 30 minutes.
- low OI
- Open interest under $50k on at least one leg — size carefully.
- 8h/1h
- Funding intervals differ (8h vs 1h): payments are not simultaneous.
- TradFi
- Tokenized stock, index or commodity: trading sessions and oracle rules may differ.
- invite only
- Invite-only venue: an account needs an invite code, so it is not selected by default. Tick it in the venue filter to include it.
- spread not incl.
- A leg trades on quotes with no fee (Variational): the cost is the market maker's quote spread, which we cannot see, so the net APR is before it. Compare the quote with the mark price before you trade.
- CEX
- Centralized exchange: trading needs an account with identity verification (KYC).
Prices now
Buy on the row's venue at its ask, sell on the column's venue at its bid; spread before fees.Indicative · marks from 2026-10-12 04:36 UTC
Live quotes are unavailable right now (last update: never). Shown instead: indicative spreads between mark prices from the funding snapshot. Marks are taken minutes apart and are not prices you can trade at.
Indicative (mark or mid prices): buy on Variational at 0.0306162, sell on Bitget at 0.03088: 0.858% before fees, 0.738% after taker fees.
| Buy ↓ · Sell → | BgBitget0.03088 | BnBinance0.0308273 | HyHyperliquid0.030804 | GtGate0.0308 | ByBybit0.03079 | AsAster0.0307701 | MxMEXC0.03077 | RwRWA Perp0.03075 | VaVariational0.0306162 |
|---|---|---|---|---|---|---|---|---|---|
| VaVariational0.0306162 | 0.858% | 0.687% | 0.612% | 0.599% | 0.566% | 0.502% | 0.501% | 0.436% | — |
| RwRWA Perp0.03075 | 0.422% | 0.251% | 0.175% | 0.162% | 0.130% | 0.065% | 0.065% | — | −0.436% |
| MxMEXC0.03077 | 0.357% | 0.186% | 0.110% | 0.097% | 0.065% | 0.000% | — | −0.065% | −0.501% |
| AsAster0.0307701 | 0.356% | 0.186% | 0.110% | 0.097% | 0.065% | — | 0.000% | −0.065% | −0.502% |
| ByBybit0.03079 | 0.292% | 0.121% | 0.045% | 0.032% | — | −0.065% | −0.065% | −0.130% | −0.566% |
| GtGate0.0308 | 0.259% | 0.089% | 0.013% | — | −0.032% | −0.097% | −0.097% | −0.162% | −0.599% |
| HyHyperliquid0.030804 | 0.246% | 0.076% | — | −0.013% | −0.045% | −0.110% | −0.110% | −0.175% | −0.612% |
| BnBinance0.0308273 | 0.171% | — | −0.076% | −0.089% | −0.121% | −0.186% | −0.186% | −0.251% | −0.687% |
| BgBitget0.03088 | — | −0.171% | −0.246% | −0.259% | −0.292% | −0.356% | −0.357% | −0.422% | −0.858% |
All quotes (9)
| Venue | Bid | Ask | Quality | Age | Vol 24h | Flags |
|---|---|---|---|---|---|---|
| AsAster | 0.0307701 | 0.0307701 | mark | 9m | $3k | no FX |
| BnBinanceCEX | 0.0308273 | 0.0308273 | mark | 8m | $2.4M | no FX |
| BgBitgetCEX | 0.03088 | 0.03088 | mark | 8m | $265k | no FX |
| ByBybitCEX | 0.03079 | 0.03079 | mark | 8m | $511k | no FX |
| GtGateCEX | 0.0308 | 0.0308 | mark | 8m | $79k | no FX |
| HyHyperliquid | 0.030804 | 0.030804 | mark | 9m | $133k | |
| MxMEXCCEX | 0.03077 | 0.03077 | mark | 9m | $166k | no FX |
| RwRWA Perp | 0.03075 | 0.03075 | mark | 9m | $411k | |
| VaVariational | 0.0306162 | 0.0306162 | mark | 9m | $3k |
All spreads → · Hatched cells use a mark or mid price, a flagged venue or one outside the default selection.
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