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+0.73%OKX → Variational · Perp–Perp
Best perp–perp spread+0.89%OKX → Variational
Markets tracked1610 venues · 10 perp · 6 spot · 0 DEX
Price range1.12%$0.0293 – $0.0296

Spreads between exchanges

Long (buy)Short (sell)SpreadNetSpread+FDepth $Funding 24hFunding 30DD/WChart
OKX logoOKX$0.0293Variational logoVariational$0.0296 +0.89%+0.73% +0.89%— -0.000%— LS Chart →
Bybit logoBybit$0.0293Variational logoVariational$0.0296 +0.82%+0.66% +0.83%— +0.028%— LS Chart →
Aster logoAster$0.0294Variational logoVariational$0.0296 +0.58%+0.42% +0.58%— -0.000%— LS Chart →
Binance logoBinance$0.0294Variational logoVariational$0.0296 +0.54%+0.38% +0.55%— -0.000%— LS Chart →
Gate logoGate$0.0294Variational logoVariational$0.0296 +0.54%+0.38% +0.54%— -0.000%— LS Chart →
KuCoin logoKuCoin$0.0294Variational logoVariational$0.0296 +0.51%+0.35% +0.51%— -0.000%— LS Chart →
Bitget logoBitget$0.0294Variational logoVariational$0.0296 +0.48%+0.32% +0.48%— -0.000%— LS Chart →
OKX logoOKX$0.0293MEXC logoMEXC$0.0294 +0.38%+0.22% +0.38%— 0.000%— LS Chart →
MEXC logoMEXC$0.0295Variational logoVariational$0.0296 +0.34%+0.18% +0.34%— -0.000%— LS Chart →
OKX logoOKX$0.0293Binance logoBinance$0.0294 +0.31%+0.15% +0.31%— 0.000%— LS Chart →
OKX logoOKX$0.0293Gate logoGate$0.0294 +0.31%+0.15% +0.31%— 0.000%— LS Chart →
Bybit logoBybit$0.0293MEXC logoMEXC$0.0294 +0.31%+0.15% +0.31%— +0.028%— LS Chart →
Bybit logoBybit$0.0293Binance logoBinance$0.0294 +0.24%+0.08% +0.24%— +0.028%— LS Chart →
Bybit logoBybit$0.0293Gate logoGate$0.0294 +0.24%+0.08% +0.25%— +0.028%— LS Chart →
OKX logoOKX$0.0293Bitget logoBitget$0.0294 +0.20%+0.04% +0.20%— 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 $0.0294$0.0294$0.0294+0.02% +0.030%$2.19M
OKX logoOKXPerpetual · MERL-USDT-SWAPPerpetual $0.0293$0.0293$0.0293-0.36% +0.030%$1.97M
Bybit logoBybitPerpetual · MERLUSDTPerpetual $0.0293$0.0293$0.0293-0.27% +0.002%$575.4K
OKX logoOKXSpot · MERL-USDTSpot $0.0293$0.0294$0.0293-0.27% —$304.4K
Bitget logoBitgetPerpetual · MERLUSDTPerpetual $0.0294$0.0294$0.02940.00% +0.030%$188.2K
MEXC logoMEXCPerpetual · MERL_USDTPerpetual $0.0294$0.0295$0.0295+0.15% +0.030%$147.5K
Hyperliquid logoHyperliquidPerpetual · MERLPerpetual $0.0294$0.0296$0.0295+0.15% +0.030%$121.2K
Bybit logoBybitSpot · MERLUSDTSpot $0.0293$0.0294$0.0293-0.29% —$85.1K
KuCoin logoKuCoinPerpetual · MERLUSDTMPerpetual $0.0293$0.0294$0.0294-0.10% +0.030%$60.1K
Gate logoGateSpot · MERL_USDTSpot $0.0294$0.0295$0.0294+0.07% —$57.1K
Variational logoVariationalPerpetual · MERLPerpetual $0.0296$0.0297$0.0296+0.77% +0.030%$26.8K
KuCoin logoKuCoinSpot · MERL-USDTSpot $0.0293$0.0294$0.0294-0.14% —$11.5K
Bitget logoBitgetSpot · MERLUSDTSpot $0.0294$0.0294$0.02940.00% —$5.0K
Binance logoBinancePerpetual · MERLUSDTPerpetual $0.0294$0.0294$0.0294+0.02% +0.030%—
Aster logoAsterPerpetual · MERLUSDTPerpetual $0.0294$0.0294$0.0294-0.09% +0.030%—
MEXC logoMEXCSpot · MERLUSDTSpot $0.0294$0.0295$0.02940.00% ——
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 $0.0293 and the highest bid on Variational perp at $0.0296.

The widest MERL perpetual spread is between OKX and Variational: long MERL on OKX at $0.0293 and short on Variational at $0.0296 for +0.89% gross, or +0.73% 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 pays 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 Variational: +0.78% gross, +0.58% net, with +0.030% a day of funding on the short leg.

Spot–spot MERL arbitrage (buy on Bybit, withdraw, deposit and sell on Gate) shows +0.17% 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 OKX → sell on Variational (Perp–Perp): +0.89% gross and +0.73% 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 $0.0293, and Variational (perp) the highest bid at $0.0296. 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 (OKX now) and short it on the more expensive one (Variational), then close both legs when the spread converges. The coins never move between exchanges.

Arbitrage for other coins

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