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+0.02%Variational → Bitget · Perp–Perp
Best perp–perp spread+0.18%Variational → Bitget
Markets tracked1610 venues · 10 perp · 6 spot · 0 DEX
Price range0.39%$0.0284 – $0.0286

Spreads between exchanges

Long (buy)Short (sell)SpreadNetSpread+FDepth $Funding 24hFunding 30DD/WChart
Gate logoGatespot$0.0285Bitget logoBitgetspot$0.0285 0.00%-0.20% 0.00%— 0.000%— LS Chart →
Bybit logoBybitspot$0.0285Bitget logoBitgetspot$0.0285 -0.04%-0.24% -0.04%— 0.000%— LS Chart →
Gate logoGatespot$0.0285OKX logoOKXspot$0.0285 -0.04%-0.24% -0.04%— 0.000%— LS Chart →
Bybit logoBybitspot$0.0285OKX logoOKXspot$0.0285 -0.07%-0.27% -0.07%— 0.000%— LS Chart →
Gate logoGatespot$0.0285MEXC logoMEXCspot$0.0285 -0.07%-0.27% -0.07%— 0.000%— LS Chart →
OKX logoOKXspot$0.0286Bitget logoBitgetspot$0.0285 -0.11%-0.31% -0.11%— 0.000%— LS Chart →
MEXC logoMEXCspot$0.0286Bitget logoBitgetspot$0.0285 -0.11%-0.31% -0.11%— 0.000%— LS Chart →
KuCoin logoKuCoinspot$0.0286Bitget logoBitgetspot$0.0285 -0.11%-0.31% -0.11%— 0.000%— LS Chart →
Bybit logoBybitspot$0.0285Gate logoGatespot$0.0285 -0.11%-0.31% -0.11%— 0.000%— LS Chart →
Bybit logoBybitspot$0.0285MEXC logoMEXCspot$0.0285 -0.11%-0.31% -0.11%— 0.000%— LS Chart →
Gate logoGatespot$0.0285Bybit logoBybitspot$0.0285 -0.11%-0.31% -0.11%— 0.000%— LS Chart →
Gate logoGatespot$0.0285KuCoin logoKuCoinspot$0.0285 -0.11%-0.31% -0.11%— 0.000%— LS Chart →
Bitget logoBitgetspot$0.0286OKX logoOKXspot$0.0285 -0.14%-0.34% -0.14%— 0.000%— LS Chart →
MEXC logoMEXCspot$0.0286OKX logoOKXspot$0.0285 -0.14%-0.34% -0.14%— 0.000%— LS Chart →
KuCoin logoKuCoinspot$0.0286OKX logoOKXspot$0.0285 -0.14%-0.34% -0.14%— 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 $0.0285$0.0285$0.0285-0.12% +0.030%$3.77M
OKX logoOKXPerpetual · MERL-USDT-SWAPPerpetual $0.0285$0.0285$0.0285-0.09% +0.030%$1.89M
Bybit logoBybitPerpetual · MERLUSDTPerpetual $0.0285$0.0285$0.0285-0.16% -0.027%$725.2K
OKX logoOKXSpot · MERL-USDTSpot $0.0285$0.0286$0.0285+0.04% —$328.5K
Bitget logoBitgetPerpetual · MERLUSDTPerpetual $0.0285$0.0286$0.0286+0.07% +0.030%$294.8K
Hyperliquid logoHyperliquidPerpetual · MERLPerpetual $0.0285$0.0286$0.0285-0.03% +0.030%$171.0K
MEXC logoMEXCPerpetual · MERL_USDTPerpetual $0.0285$0.0285$0.0285+0.02% +0.030%$148.4K
Bybit logoBybitSpot · MERLUSDTSpot $0.0285$0.0285$0.0285-0.04% —$136.1K
KuCoin logoKuCoinPerpetual · MERLUSDTMPerpetual $0.0285$0.0286$0.0285+0.02% +0.030%$90.0K
Gate logoGateSpot · MERL_USDTSpot $0.0285$0.0285$0.0285-0.04% —$71.6K
Variational logoVariationalPerpetual · MERLPerpetual $0.0284$0.0285$0.0284-0.32% +0.030%$29.3K
KuCoin logoKuCoinSpot · MERL-USDTSpot $0.0285$0.0286$0.02850.00% —$14.4K
Bitget logoBitgetSpot · MERLUSDTSpot $0.0285$0.0286$0.0285+0.05% —$7.4K
Binance logoBinancePerpetual · MERLUSDTPerpetual $0.0285$0.0285$0.0285+0.02% +0.030%—
Aster logoAsterPerpetual · MERLUSDTPerpetual $0.0285$0.0286$0.02850.00% +0.030%—
MEXC logoMEXCSpot · MERLUSDTSpot $0.0285$0.0286$0.0285+0.02% ——
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 Variational perp at $0.0285 and the highest bid on Bitget perp at $0.0285.

The widest MERL perpetual spread is between Variational and Bitget: long MERL on Variational at $0.0285 and short on Bitget at $0.0285 for +0.18% gross, or +0.02% 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 Gate and short the perpetual on Bitget: +0.04% gross, -0.16% net, with +0.030% a day of funding on the short leg.

Spot–spot MERL arbitrage (buy on Gate, withdraw, deposit and sell on Bitget) shows 0.00% 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 Variational → sell on Bitget (Perp–Perp): +0.18% gross and +0.02% after fees. It is positive after the fee model, but check depth and funding before trading.

Which exchange has the cheapest MERL?

Variational (perp) has the lowest MERL ask at $0.0285, and Bitget (perp) the highest bid at $0.0285. 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 (Variational 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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