ArbiLayer

MERL arbitrage

live

Live Merlin Chain price differences between exchanges: perpetual, spot and DEX spreads after fees, with funding and depth.

Best net spread+0.11%Bybit → Bitget · Perp–Perp
Best perp–perp spread+0.27%Bybit → Bitget
Markets tracked1610 venues · 10 perp · 6 spot · 0 DEX
Price range0.39%$0.0298 – $0.0299

Spreads between exchanges

Long (buy)Short (sell)SpreadNetSpread+FDepth $Funding 24hFunding 30DD/WChart
Bybit logoBybit$0.0298Bitget logoBitget$0.0299 +0.27%+0.11% +0.26%— 0.000%— LS Chart →
OKX logoOKX$0.0298Bitget logoBitget$0.0299 +0.27%+0.11% +0.27%— 0.000%— LS Chart →
Bybit logoBybit$0.0298Binance logoBinance$0.0299 +0.20%+0.04% +0.20%— 0.000%— LS Chart →
OKX logoOKX$0.0298Binance logoBinance$0.0299 +0.20%+0.04% +0.20%— 0.000%— LS Chart →
Gate logoGate$0.0298Bitget logoBitget$0.0299 +0.20%+0.04% +0.20%— 0.000%— LS Chart →
Bybit logoBybit$0.0298Hyperliquid logoHyperliquid$0.0298 +0.18%+0.02% +0.18%— +0.018%— LS Chart →
OKX logoOKX$0.0298Hyperliquid logoHyperliquid$0.0298 +0.18%+0.02% +0.18%— +0.018%— LS Chart →
Bybit logoBybit$0.0298MEXC logoMEXC$0.0298 +0.17%+0.01% +0.16%— 0.000%— LS Chart →
OKX logoOKX$0.0298MEXC logoMEXC$0.0298 +0.17%+0.01% +0.17%— 0.000%— LS Chart →
Variational logoVariational$0.0298Bitget logoBitget$0.0299 +0.17%+0.01% +0.16%— +0.000%— LS Chart →
Gate logoGate$0.0298Binance logoBinance$0.0299 +0.13%-0.03% +0.13%— 0.000%— LS Chart →
Gate logoGate$0.0298Hyperliquid logoHyperliquid$0.0298 +0.12%-0.04% +0.11%— +0.018%— LS Chart →
Bybit logoBybit$0.0298KuCoin logoKuCoin$0.0298 +0.10%-0.06% +0.10%— 0.000%— LS Chart →
OKX logoOKX$0.0298KuCoin logoKuCoin$0.0298 +0.10%-0.06% +0.10%— 0.000%— LS Chart →
Gate logoGate$0.0298MEXC logoMEXC$0.0298 +0.10%-0.06% +0.10%— 0.000%— LS Chart →
Long = where you buy, Short = where you sell. Net subtracts a two-leg taker fee model; Spread+F adds the next funding payment.Updates every 15 seconds. Not investment advice.

MERL price on every exchange

ExchangeMarketBidAskPricevs medianFunding 24hVolume 24h
Gate logoGatePerpetual · MERL_USDTPerpetual $0.0298$0.0298$0.0298-0.02% +0.030%$2.85M
OKX logoOKXPerpetual · MERL-USDT-SWAPPerpetual $0.0298$0.0298$0.0298-0.08% +0.030%$2.07M
Bybit logoBybitPerpetual · MERLUSDTPerpetual $0.0298$0.0298$0.0298-0.10% +0.030%$593.5K
OKX logoOKXSpot · MERL-USDTSpot $0.0298$0.0298$0.02980.00% —$310.5K
Bitget logoBitgetPerpetual · MERLUSDTPerpetual $0.0299$0.0299$0.0299+0.23% +0.030%$213.0K
MEXC logoMEXCPerpetual · MERL_USDTPerpetual $0.0298$0.0299$0.0299+0.13% +0.030%$151.5K
Hyperliquid logoHyperliquidPerpetual · MERLPerpetual $0.0298$0.0299$0.0299+0.25% +0.048%$143.4K
Bybit logoBybitSpot · MERLUSDTSpot $0.0298$0.0298$0.0298-0.02% —$80.5K
KuCoin logoKuCoinPerpetual · MERLUSDTMPerpetual $0.0298$0.0299$0.0299+0.15% +0.030%$64.9K
Gate logoGateSpot · MERL_USDTSpot $0.0298$0.0298$0.0298-0.02% —$58.1K
Variational logoVariationalPerpetual · MERLPerpetual $0.0297$0.0298$0.0298-0.13% +0.030%$31.7K
KuCoin logoKuCoinSpot · MERL-USDTSpot $0.0298$0.0298$0.0298-0.02% —$10.6K
Bitget logoBitgetSpot · MERLUSDTSpot $0.0298$0.0299$0.0299+0.15% —$5.5K
Binance logoBinancePerpetual · MERLUSDTPerpetual $0.0299$0.0299$0.0299+0.15% +0.030%—
Aster logoAsterPerpetual · MERLUSDTPerpetual $0.0298$0.0299$0.0298+0.12% +0.030%—
MEXC logoMEXCSpot · MERLUSDTSpot $0.0298$0.0298$0.02980.00% ——
Price is the bid/ask midpoint. "vs median" compares each market with the median of all centralized venues.

MERL arbitrage explained

Right now Merlin Chain (MERL) trades on 10 venues we scan: 10 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on OKX perp at $0.0298 and the highest bid on Bitget perp at $0.0299.

The widest MERL perpetual spread is between Bybit and Bitget: long MERL on Bybit at $0.0298 and short on Bitget at $0.0299 for +0.27% gross, or +0.11% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is 0.000% per day, which the position collects while it is open.

For a spot–perpetual (cash-and-carry) trade, the best MERL route is to buy spot on OKX and short the perpetual on Bitget: +0.17% gross, -0.03% net, with +0.030% a day of funding on the short leg.

Spot–spot MERL arbitrage (buy on OKX, withdraw, deposit and sell on Bitget) shows +0.03% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.

Small MERL gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.

Related: MERL funding rates · MERL spread charts · Merlin Chain price · arbitrage scanner for all coins.

Is there a MERL arbitrage opportunity right now?

The best MERL route right now is to buy on Bybit → sell on Bitget (Perp–Perp): +0.27% gross and +0.11% after fees. It is positive after the fee model, but check depth and funding before trading.

Which exchange has the cheapest MERL?

OKX (perp) has the lowest MERL ask at $0.0298, and Bitget (perp) the highest bid at $0.0299. Prices update every 15 seconds on this page.

How many exchanges list MERL?

ArbiLayer tracks 16 MERL markets on 10 venues: 10 perpetual, 6 spot and 0 DEX pools.

How do I arbitrage MERL without transferring coins?

Use two perpetual contracts: go long MERL on the cheaper exchange (Bybit now) and short it on the more expensive one (Bitget), then close both legs when the spread converges. The coins never move between exchanges.

Arbitrage for other coins

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