MERL perpetuals
Compare funding costs for one asset across venues.
Data as of 2026-10-15 04:09 UTC
MERL is quoted on 8 contracts. The highest funding rate is on Bitget at +10.95% annualised, quoted per 4h, and the lowest is on Aster at -68.29% — a gap of 79.24 points. Rate periods differ across these contracts, so each is converted to a simple annualised figure before comparison.
By venue
| Venue | Rate | Annualised | 30d realised APR | Max leverage | 24h turnover | Actions |
|---|---|---|---|---|---|---|
| BitgetCentralisedMERLUSDT | +0.0050%4h | +10.95% | — no history yet |
25x | 404.6K | |
| BybitCentralisedMERLPERP | +0.0050%4h | +10.95% | — no history yet |
25x | 61.1K | |
| HyperliquidOn-chainMERL | +0.0013%1h | +10.95% | — no history yet |
3x | 331.0K | |
| BybitCentralisedMERLUSDT | +0.0086%8h | +9.41% | +12.93% |
25x | 655.4K | |
| OKXCentralisedMERL-USDT-SWAP | +0.0022%4h | +4.91% | +9.34% |
20x | 3.3M | |
| GateCentralisedMERL_USDT | -0.0097%8h | -10.62% | — no history yet |
25x | 120.0K | |
| BinanceCentralisedMERLUSDT | -0.0161%4h | -35.15% | +10.95% |
50x | 3.2M | |
| AsterOn-chainMERLUSDT | -0.0312%4h | -68.29% | — no history yet |
5x | 4.3K |
Common questions
Which exchanges list MERL perpetual futures?
MERL trades as 8 perpetual contracts across 7 venues: Aster, Binance, Bitget, Bybit, Gate, Hyperliquid and OKX. The busiest is OKX, with $3.3M of 24h turnover — 41% of the total.
Where is MERL funding cheapest right now?
For a long, the most favourable collected rate is -68.29% annualised on Aster; for a short, it is +10.95% on Bitget — a gap of 79.24 points. Venues disagree on direction: a long is paid on Aster but pays on Bitget.
How much funding does a 10,000 USDT MERL position pay per day?
At current rates a 10,000 USDT long pays about +3.00 USDT a day on Bitget and -18.71 USDT on Aster. A negative figure means the long is paid.
How often does MERL funding settle?
It depends on the venue: Hyperliquid every 1h; Aster, Binance, Bitget, Bybit and OKX every 4h; Bybit and Gate every 8h.
What has MERL funding actually paid over the past 30 days?
The highest realised figure was on Bybit MERLUSDT: +12.93% annualised across 86 settlements, 11% of them negative. The lowest was OKX, at +9.34%. 3 of the 8 contracts have at least a week of settled history to measure.
What is the highest leverage available on MERL?
The highest collected cap is 50x, on Binance. On Binance it applies up to 5K USDT of notional; above that the cap drops to 20x.
Further readingCross-venue funding spreads: from gross rates to net P&LHow funding fees work: amounts, signs and settlementHow liquidation price is calculated: tiered maintenance margin and deductions
MERL comparison scope and payment direction
This page retains low-turnover MERL contracts without the main ranking’s $1M threshold. Positive funding is paid by longs; negative funding is paid by shorts. High and low are rate values, not recommendations. These contracts quote in USD, USDC and USDT; check each specification for settlement currency and multiplier before comparing. Annualisation method · Official sources.
Rates and chart methodology
Annualised over the window sums what actually settled on that contract, then extrapolates across the hours those settlements covered — it is not today's rate projected forward. A contract listed less than 30 days ago is extrapolated from its own span. The grey line is zero: above it longs pay, below it shorts pay. Every row in that column shares one vertical scale, so their swings can be compared directly.
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Margin ladders
Bitget · MERLUSDT No deduction
| Tier | Range | Maintenance rate | Max leverage | Deduction |
|---|---|---|---|---|
| 1 | 0 – 5000 quote | 2.0000% | 25.00x | — |
| 2 | 5000 – 10000 quote | 3.0000% | 20.00x | — |
| 3 | 10000 – 30000 quote | 5.0000% | 10.00x | — |
| 4 | 30000 – 50000 quote | 12.0000% | 5.00x | — |
| 5 | 50000 – 250000 quote | 15.0000% | 4.00x | — |
| 6 | 250000 – 7500000 quote | 30.0000% | 2.00x | — |
| 7 | 7500000 – ∞ quote | 60.0000% | 1.00x | — |
Bybit · MERLPERP With deduction
| Tier | Range | Maintenance rate | Max leverage | Deduction |
|---|---|---|---|---|
| 1 | 0 – 5000 quote | 2.0000% | 25.00x | — |
| 2 | 5000 – 10000 quote | 2.5000% | 20.00x | 25 |
| 3 | 10000 – 12000 quote | 3.1300% | 16.00x | 88 |
| 4 | 12000 – 14000 quote | 3.5700% | 14.00x | 140.8 |
| 5 | 14000 – 16000 quote | 4.1700% | 12.00x | 224.8 |
| 6 | 16000 – 18000 quote | 4.5500% | 11.00x | 285.6 |
| 7 | 18000 – 20000 quote | 5.0000% | 10.00x | 366.6 |
| 8 | 20000 – 23500 quote | 5.5600% | 9.00x | 478.6 |
| 9 | 23500 – 27000 quote | 6.2500% | 8.00x | 640.75 |
| 10 | 27000 – 30500 quote | 6.6700% | 7.50x | 754.15 |
| 11 | 30500 – 34000 quote | 7.1400% | 7.00x | 897.5 |
| 12 | 34000 – 37500 quote | 7.6900% | 6.50x | 1084.5 |
| 13 | 37500 – 41000 quote | 8.3300% | 6.00x | 1324.5 |
| 14 | 41000 – 44500 quote | 9.0900% | 5.50x | 1636.1 |
| 15 | 44500 – 50000 quote | 10.0000% | 5.00x | 2041.05 |
| 16 | 50000 – 62500 quote | 10.5300% | 4.75x | 2306.05 |
| 17 | 62500 – 75000 quote | 11.1100% | 4.50x | 2668.55 |
| 18 | 75000 – 87500 quote | 11.7600% | 4.25x | 3156.05 |
| 19 | 87500 – 100000 quote | 12.5000% | 4.00x | 3803.55 |
| 20 | 100000 – 125000 quote | 13.3300% | 3.75x | 4633.55 |
| 21 | 125000 – 150000 quote | 14.2900% | 3.50x | 5833.55 |
| 22 | 150000 – 175000 quote | 15.3800% | 3.25x | 7468.55 |
| 23 | 175000 – 200000 quote | 16.6700% | 3.00x | 9726.05 |
| 24 | 200000 – 250000 quote | 18.1800% | 2.75x | 12746.05 |
| 25 | 250000 – 300000 quote | 20.0000% | 2.50x | 17296.05 |
| 26 | 300000 – 350000 quote | 22.2200% | 2.25x | 23956.05 |
| 27 | 350000 – 500000 quote | 25.0000% | 2.00x | 33686.05 |
| 28 | 500000 – 1000000 quote | 28.5700% | 1.75x | 51536.05 |
| 29 | 1000000 – 1750000 quote | 33.3300% | 1.50x | 99136.05 |
| 30 | 1750000 – ∞ quote | 50.0000% | 1.00x | 390861.05 |
Hyperliquid · MERL With deduction
| Tier | Range | Maintenance rate | Max leverage | Deduction |
|---|---|---|---|---|
| 1 | 0 – ∞ quote | 16.6667% | 3.00x | — |
Bybit · MERLUSDT With deduction
| Tier | Range | Maintenance rate | Max leverage | Deduction |
|---|---|---|---|---|
| 1 | 0 – 5000 quote | 2.0000% | 25.00x | — |
| 2 | 5000 – 10000 quote | 2.5000% | 20.00x | 25 |
| 3 | 10000 – 12000 quote | 3.1300% | 16.00x | 88 |
| 4 | 12000 – 14000 quote | 3.5700% | 14.00x | 140.8 |
| 5 | 14000 – 16000 quote | 4.1700% | 12.00x | 224.8 |
| 6 | 16000 – 18000 quote | 4.5500% | 11.00x | 285.6 |
| 7 | 18000 – 20000 quote | 5.0000% | 10.00x | 366.6 |
| 8 | 20000 – 23500 quote | 5.5600% | 9.00x | 478.6 |
| 9 | 23500 – 27000 quote | 6.2500% | 8.00x | 640.75 |
| 10 | 27000 – 30500 quote | 6.6700% | 7.50x | 754.15 |
| 11 | 30500 – 34000 quote | 7.1400% | 7.00x | 897.5 |
| 12 | 34000 – 37500 quote | 7.6900% | 6.50x | 1084.5 |
| 13 | 37500 – 41000 quote | 8.3300% | 6.00x | 1324.5 |
| 14 | 41000 – 44500 quote | 9.0900% | 5.50x | 1636.1 |
| 15 | 44500 – 50000 quote | 10.0000% | 5.00x | 2041.05 |
| 16 | 50000 – 62500 quote | 10.5300% | 4.75x | 2306.05 |
| 17 | 62500 – 75000 quote | 11.1100% | 4.50x | 2668.55 |
| 18 | 75000 – 87500 quote | 11.7600% | 4.25x | 3156.05 |
| 19 | 87500 – 100000 quote | 12.5000% | 4.00x | 3803.55 |
| 20 | 100000 – 125000 quote | 13.3300% | 3.75x | 4633.55 |
| 21 | 125000 – 150000 quote | 14.2900% | 3.50x | 5833.55 |
| 22 | 150000 – 175000 quote | 15.3800% | 3.25x | 7468.55 |
| 23 | 175000 – 200000 quote | 16.6700% | 3.00x | 9726.05 |
| 24 | 200000 – 250000 quote | 18.1800% | 2.75x | 12746.05 |
| 25 | 250000 – 300000 quote | 20.0000% | 2.50x | 17296.05 |
| 26 | 300000 – 350000 quote | 22.2200% | 2.25x | 23956.05 |
| 27 | 350000 – 500000 quote | 25.0000% | 2.00x | 33686.05 |
| 28 | 500000 – 1000000 quote | 28.5700% | 1.75x | 51536.05 |
| 29 | 1000000 – 1750000 quote | 33.3300% | 1.50x | 99136.05 |
| 30 | 1750000 – ∞ quote | 50.0000% | 1.00x | 390861.05 |
OKX · MERL-USDT-SWAP No deduction
| Tier | Range | Maintenance rate | Max leverage | Deduction |
|---|---|---|---|---|
| 1 | 0 – 450000 base | 2.0000% | 20.00x | — |
| 2 | 450001 – 900000 base | 3.0000% | 15.00x | — |
| 3 | 900001 – 1350000 base | 4.0000% | 12.50x | — |
| 4 | 1350001 – 1800000 base | 4.5000% | 11.76x | — |
| 5 | 1800001 – 2250000 base | 5.0000% | 11.11x | — |
| 6 | 2250001 – 2700000 base | 5.5000% | 10.52x | — |
| 7 | 2700001 – 3150000 base | 6.0000% | 10.00x | — |
| 8 | 3150001 – 3600000 base | 6.5000% | 9.52x | — |
| 9 | 3600001 – 4050000 base | 7.0000% | 9.09x | — |
| 10 | 4050001 – 4500000 base | 7.5000% | 8.69x | — |
| 11 | 4500001 – 4950000 base | 8.0000% | 8.33x | — |
| 12 | 4950001 – 5400000 base | 8.5000% | 8.00x | — |
| 13 | 5400001 – 5850000 base | 9.0000% | 7.69x | — |
| 14 | 5850001 – 6300000 base | 9.5000% | 7.40x | — |
| 15 | 6300001 – 6750000 base | 10.0000% | 7.14x | — |
| 16 | 6750001 – 7200000 base | 10.5000% | 6.89x | — |
| 17 | 7200001 – 7650000 base | 11.0000% | 6.66x | — |
| 18 | 7650001 – 8100000 base | 11.5000% | 6.45x | — |
| 19 | 8100001 – 8550000 base | 12.0000% | 6.25x | — |
| 20 | 8550001 – 9000000 base | 12.5000% | 6.06x | — |
| 21 | 9000001 – 9450000 base | 13.0000% | 5.88x | — |
| 22 | 9450001 – 9900000 base | 13.5000% | 5.71x | — |
| 23 | 9900001 – 10350000 base | 14.0000% | 5.55x | — |
| 24 | 10350001 – 10800000 base | 14.5000% | 5.40x | — |
| 25 | 10800001 – 11250000 base | 15.0000% | 5.26x | — |
| 26 | 11250001 – 11700000 base | 15.5000% | 5.12x | — |
| 27 | 11700001 – 12150000 base | 16.0000% | 5.00x | — |
| 28 | 12150001 – 12600000 base | 16.5000% | 4.87x | — |
| 29 | 12600001 – 13050000 base | 17.0000% | 4.76x | — |
| 30 | 13050001 – 13500000 base | 17.5000% | 4.65x | — |
| 31 | 13500001 – 13950000 base | 18.0000% | 4.54x | — |
| 32 | 13950001 – 14400000 base | 18.5000% | 4.44x | — |
| 33 | 14400001 – 14850000 base | 19.0000% | 4.34x | — |
| 34 | 14850001 – 15300000 base | 19.5000% | 4.25x | — |
| 35 | 15300001 – 15750000 base | 20.0000% | 4.16x | — |
| 36 | 15750001 – 16200000 base | 20.5000% | 4.08x | — |
| 37 | 16200001 – 16650000 base | 21.0000% | 4.00x | — |
| 38 | 16650001 – 17100000 base | 21.5000% | 3.92x | — |
| 39 | 17100001 – 17550000 base | 22.0000% | 3.84x | — |
| 40 | 17550001 – 18000000 base | 22.5000% | 3.77x | — |
| 41 | 18000001 – 18450000 base | 23.0000% | 3.70x | — |
| 42 | 18450001 – 18900000 base | 23.5000% | 3.63x | — |
| 43 | 18900001 – 19350000 base | 24.0000% | 3.57x | — |
| 44 | 19350001 – 19800000 base | 24.5000% | 3.50x | — |
| 45 | 19800001 – 20250000 base | 25.0000% | 3.44x | — |
| 46 | 20250001 – 20700000 base | 25.5000% | 3.38x | — |
| 47 | 20700001 – 21150000 base | 26.0000% | 3.33x | — |
| 48 | 21150001 – 21600000 base | 26.5000% | 3.27x | — |
| 49 | 21600001 – 22050000 base | 27.0000% | 3.22x | — |
| 50 | 22050001 – 22500000 base | 27.5000% | 3.17x | — |
| 51 | 22500001 – 22950000 base | 28.0000% | 3.12x | — |
| 52 | 22950001 – 23400000 base | 28.5000% | 3.07x | — |
| 53 | 23400001 – 23850000 base | 29.0000% | 3.03x | — |
| 54 | 23850001 – 24300000 base | 29.5000% | 2.98x | — |
| 55 | 24300001 – 24750000 base | 30.0000% | 2.94x | — |
| 56 | 24750001 – 25200000 base | 30.5000% | 2.89x | — |
| 57 | 25200001 – 25650000 base | 31.0000% | 2.85x | — |
| 58 | 25650001 – 26100000 base | 31.5000% | 2.81x | — |
| 59 | 26100001 – 26550000 base | 32.0000% | 2.77x | — |
| 60 | 26550001 – 27000000 base | 32.5000% | 2.73x | — |
| 61 | 27000001 – 27450000 base | 33.0000% | 2.70x | — |
| 62 | 27450001 – 27900000 base | 33.5000% | 2.66x | — |
| 63 | 27900001 – 28350000 base | 34.0000% | 2.63x | — |
| 64 | 28350001 – 28800000 base | 34.5000% | 2.59x | — |
| 65 | 28800001 – 29250000 base | 35.0000% | 2.56x | — |
| 66 | 29250001 – 29700000 base | 35.5000% | 2.53x | — |
| 67 | 29700001 – 30150000 base | 36.0000% | 2.50x | — |
| 68 | 30150001 – 30600000 base | 36.5000% | 2.46x | — |
| 69 | 30600001 – 31050000 base | 37.0000% | 2.43x | — |
| 70 | 31050001 – 31500000 base | 37.5000% | 2.40x | — |
| 71 | 31500001 – 31950000 base | 38.0000% | 2.38x | — |
| 72 | 31950001 – 32400000 base | 38.5000% | 2.35x | — |
| 73 | 32400001 – 32850000 base | 39.0000% | 2.32x | — |
| 74 | 32850001 – 33300000 base | 39.5000% | 2.29x | — |
| 75 | 33300001 – 33750000 base | 40.0000% | 2.27x | — |
| 76 | 33750001 – 34200000 base | 40.5000% | 2.24x | — |
| 77 | 34200001 – 34650000 base | 41.0000% | 2.22x | — |
| 78 | 34650001 – 35100000 base | 41.5000% | 2.19x | — |
| 79 | 35100001 – 35550000 base | 42.0000% | 2.17x | — |
| 80 | 35550001 – 36000000 base | 42.5000% | 2.15x | — |
| 81 | 36000001 – 36450000 base | 43.0000% | 2.12x | — |
| 82 | 36450001 – 36900000 base | 43.5000% | 2.10x | — |
| 83 | 36900001 – 37350000 base | 44.0000% | 2.08x | — |
| 84 | 37350001 – 37800000 base | 44.5000% | 2.06x | — |
| 85 | 37800001 – 38250000 base | 45.0000% | 2.04x | — |
| 86 | 38250001 – 38700000 base | 45.5000% | 2.02x | — |
| 87 | 38700001 – 39150000 base | 46.0000% | 2.00x | — |
Gate · MERL_USDT With deduction
| Tier | Range | Maintenance rate | Max leverage | Deduction |
|---|---|---|---|---|
| 1 | 0 – 5000 quote | 2.5000% | 25.00x | — |
| 2 | 5000 – 7000 quote | 3.0000% | 22.00x | 25 |
| 3 | 7000 – 10000 quote | 3.5000% | 20.00x | 60 |
| 4 | 10000 – 15000 quote | 5.0000% | 15.00x | 210 |
| 5 | 15000 – 20000 quote | 6.0000% | 12.00x | 360 |
| 6 | 20000 – 30000 quote | 7.0000% | 11.00x | 560 |
| 7 | 30000 – 50000 quote | 8.0000% | 10.00x | 860 |
| 8 | 50000 – 70000 quote | 10.0000% | 8.00x | 1860 |
| 9 | 70000 – 100000 quote | 12.0000% | 7.00x | 3260 |
| 10 | 100000 – 150000 quote | 14.0000% | 6.00x | 5260 |
| 11 | 150000 – 200000 quote | 16.0000% | 5.00x | 8260 |
| 12 | 200000 – 300000 quote | 20.0000% | 4.00x | 16260 |
| 13 | 300000 – 500000 quote | 28.0000% | 3.00x | 40260 |
| 14 | 500000 – 700000 quote | 45.0000% | 2.00x | 125260 |
| 15 | 700000 – 1000000 quote | 60.0000% | 1.50x | 230260 |
| 16 | 1000000 – 1500000 quote | 78.0000% | 1.20x | 410260 |
| 17 | 1500000 – ∞ quote | 90.0000% | 1.05x | 590260 |
Binance · MERLUSDT With deduction
| Tier | Range | Maintenance rate | Max leverage | Deduction |
|---|---|---|---|---|
| 1 | 0 – 5000 quote | 1.5000% | 50.00x | — |
| 2 | 5000 – 10000 quote | 2.5000% | 20.00x | 50 |
| 3 | 10000 – 20000 quote | 5.0000% | 10.00x | 300 |
| 4 | 20000 – 50000 quote | 10.0000% | 5.00x | 1300 |
| 5 | 50000 – 250000 quote | 12.5000% | 4.00x | 2550 |
| 6 | 250000 – 500000 quote | 16.6700% | 3.00x | 12975 |
| 7 | 500000 – 7500000 quote | 25.0000% | 2.00x | 54625 |
| 8 | 7500000 – 12500000 quote | 50.0000% | 1.00x | 1929625 |
Aster · MERLUSDT With deduction
| Tier | Range | Maintenance rate | Max leverage | Deduction |
|---|---|---|---|---|
| 1 | 0 – 500000 quote | 10.0000% | 5.00x | — |
| 2 | 500000 – 1000000 quote | 12.5000% | 4.00x | 12500 |
| 3 | 1000000 – 2500000 quote | 16.6700% | 3.00x | 54200 |
| 4 | 2500000 – 5000000 quote | 25.0000% | 2.00x | 262450 |
| 5 | 5000000 – 1000000000 quote | 50.0000% | 1.00x | 1512450 |