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 $0.0291 and the highest bid on Bitget perp at $0.0291.
The widest MERL perpetual spread is between Bybit and Bitget: long MERL on Bybit at $0.0291 and short on Bitget at $0.0291 for +0.07% gross, or -0.09% 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 +0.125% 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 Bybit and short the perpetual on Bitget: 0.00% gross, -0.20% net, with +0.030% a day of funding on the short leg.
Spot–spot MERL arbitrage (buy on Bybit, withdraw, deposit and sell on OKX) 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.