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+0.01%Bybit → Bitget · Perp–Perp
Best perp–perp spread+0.17%Bybit → Bitget
Markets tracked1610 venues · 10 perp · 6 spot · 0 DEX
Price range0.38%$0.0288 – $0.0289

Spreads between exchanges

Long (buy)Short (sell)SpreadNetSpread+FDepth $Funding 24hFunding 30DD/WChart
Bybit logoBybitspot$0.0289Bitget logoBitget$0.0289 0.00%-0.20% +0.01%— +0.030%— LS Chart →
OKX logoOKXspot$0.0289Bitget logoBitget$0.0289 -0.03%-0.23% -0.03%— +0.030%— LS Chart →
Gate logoGatespot$0.0289Bitget logoBitget$0.0289 -0.03%-0.23% -0.03%— +0.030%— LS Chart →
Bitget logoBitgetspot$0.0289Bitget logoBitget$0.0289 -0.03%-0.23% -0.03%— +0.030%— LS Chart →
KuCoin logoKuCoinspot$0.0289Bitget logoBitget$0.0289 -0.03%-0.23% -0.03%— +0.030%— LS Chart →
Bybit logoBybitspot$0.0289Binance logoBinance$0.0289 -0.03%-0.23% -0.03%— +0.030%+0.90% LS Chart →
Bybit logoBybitspot$0.0289MEXC logoMEXC$0.0289 -0.03%-0.23% -0.03%— +0.030%— LS Chart →
MEXC logoMEXCspot$0.0289Bitget logoBitget$0.0289 -0.07%-0.27% -0.06%— +0.030%— LS Chart →
OKX logoOKXspot$0.0289Binance logoBinance$0.0289 -0.07%-0.27% -0.06%— +0.030%+0.90% LS Chart →
OKX logoOKXspot$0.0289MEXC logoMEXC$0.0289 -0.07%-0.27% -0.06%— +0.030%— LS Chart →
Gate logoGatespot$0.0289Binance logoBinance$0.0289 -0.07%-0.27% -0.06%— +0.030%+0.90% LS Chart →
Gate logoGatespot$0.0289MEXC logoMEXC$0.0289 -0.07%-0.27% -0.06%— +0.030%— LS Chart →
Bitget logoBitgetspot$0.0289Binance logoBinance$0.0289 -0.07%-0.27% -0.06%— +0.030%+0.90% LS Chart →
Bitget logoBitgetspot$0.0289MEXC logoMEXC$0.0289 -0.07%-0.27% -0.06%— +0.030%— LS Chart →
KuCoin logoKuCoinspot$0.0289Binance logoBinance$0.0289 -0.07%-0.27% -0.06%— +0.030%+0.90% 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 $0.0289$0.0289$0.0289-0.09% +0.030%$3.78M
OKX logoOKXPerpetual · MERL-USDT-SWAPPerpetual $0.0289$0.0289$0.0289-0.07% +0.030%$2.10M
Bybit logoBybitPerpetual · MERLUSDTPerpetual $0.0288$0.0289$0.0289-0.16% -0.040%$733.9K
OKX logoOKXSpot · MERL-USDTSpot $0.0289$0.0289$0.02890.00% —$343.6K
Bitget logoBitgetPerpetual · MERLUSDTPerpetual $0.0289$0.029$0.0289+0.12% +0.030%$245.7K
Hyperliquid logoHyperliquidPerpetual · MERLPerpetual $0.0289$0.0289$0.0289+0.00% +0.030%$171.6K
MEXC logoMEXCPerpetual · MERL_USDTPerpetual $0.0289$0.0289$0.0289+0.03% +0.030%$162.0K
Bybit logoBybitSpot · MERLUSDTSpot $0.0289$0.0289$0.0289-0.03% —$127.1K
KuCoin logoKuCoinPerpetual · MERLUSDTMPerpetual $0.0289$0.029$0.0289+0.10% +0.030%$68.8K
Gate logoGateSpot · MERL_USDTSpot $0.0289$0.0289$0.02890.00% —$65.2K
Variational logoVariationalPerpetual · MERLPerpetual $0.0288$0.0289$0.0288-0.26% +0.030%$29.3K
KuCoin logoKuCoinSpot · MERL-USDTSpot $0.0289$0.0289$0.0289-0.02% —$14.3K
Bitget logoBitgetSpot · MERLUSDTSpot $0.0289$0.0289$0.0289+0.03% —$7.3K
Binance logoBinancePerpetual · MERLUSDTPerpetual $0.0289$0.0289$0.0289+0.03% +0.030%—
Aster logoAsterPerpetual · MERLUSDTPerpetual $0.0289$0.0289$0.0289+0.05% +0.030%—
MEXC logoMEXCSpot · MERLUSDTSpot $0.0289$0.0289$0.02890.00% ——
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 Bybit perp at $0.0289 and the highest bid on Bitget perp at $0.0289.

The widest MERL perpetual spread is between Bybit and Bitget: long MERL on Bybit at $0.0289 and short on Bitget at $0.0289 for +0.17% gross, or +0.01% 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 +0.070% 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 Bitget) shows -0.07% 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): +0.17% gross and +0.01% after fees. It is positive after the fee model, but check depth and funding before trading.

Which exchange has the cheapest MERL?

Bybit (perp) has the lowest MERL ask at $0.0289, and Bitget (perp) the highest bid at $0.0289. 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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