Merlin Chain (MERL) — price, funding and open interest
MERL/USDT perpetual on BingX · OKX · Binance · HTX · Coinbase Intl · Bybit · Bitget · Hyperliquid · MEXC · Gate · KuCoin · Kraken: price 0.027370, 24h turnover $12.8M. Updated in real time.
What this is
Layer-2 networkMerlin Chain — a layer above bitcoin that adds smart contracts and applications to it. Security here is noticeably weaker than bitcoin's own.
Chart
Chart built from data of Bybit
What the data shows
MERL trades at 0.027370. Over 365 days it ranged between 0.015610 and 0.5531; the price now sits in the lower third of that range — 2% of the way from the yearly low to the high.
All-time high is 1.3844 (April 2024); the price is 98% below it now.
Funding is +0.0050%: longs pay shorts, so positioning leans to buyers. That is the 1th percentile for the month — a rare short lean for this coin.
Open positions in MERL are worth $22.6M. Over the past hour open interest rose by 0.11%. That is the 89th percentile over three weeks: more positions are open than usual.
24-hour turnover is $12.8M — the 84th percentile for the year: noticeably busier than usual.
Traded on 12 venues: BingX, OKX, Binance, HTX, Coinbase Intl, Bybit, Bitget, Hyperliquid, MEXC, Gate, KuCoin, Kraken — the price is cross-checked across several sources.
Binance pays +0.0050% and Bybit +0.0100% — a gap of 0.0050 percentage points, higher on Bybit.
NATR is 0.07% on the minute and 1.31% on the hour — the move is choppy: within an hour price travels far and comes back.
MERL correlation with Bitcoin over 24 hours is 0.17 — it goes its own way, barely looking at Bitcoin.
The daily range is 8.8% and five-minute NATR is 0.27%. That range is in the 39th percentile for the year — an ordinary day for it.
Over the day +4.71%, over the hour +0.40%, over the last five minutes 0.00% — it moved livelier an hour ago and has since gone quiet.
By turnover it ranks 342 of 2006 instruments in the screener.
By daily range it ranks 732 of 2006.
Built from current numbers and the coin's own year of history. Updates with the data.
How MERL behaved before
Tracked since April 2024 — 29 full months, and falling ones prevail: 18 of 29. Median month -8.8%.
Best month — September 2025: +151.1%. Worst — January 2026: -82.7%.
Computed from our own minute history, month by month. The past promises nothing — but it shows what is ordinary for this instrument and what is not.
Our observations
Kairo- FundingRate +0.0050% is the 1th percentile for the year: longs pay shorts more than almost ever in this coin's history.
Computed from our own minute history for this coin over a year. Percentile is the share of days the value was below today's. Description only, no forecasts.
What we noticed earlier
Similar instruments
From the same group — layer-2 network. They open the same way, with a chart and a breakdown.
Price and movement
Turnover and activity
Futures metrics
How to read this
- Funding is a payment between longs and shorts. A positive rate means longs pay shorts: the market is crowded long.
- The rate rank shows how unusual that rate is for this particular coin: 97 means above 97% of the last month, a rare skew. Without the rank the bare number says nothing — every coin has its own normal.
- Open interest is the money sitting in positions that are still open. Rising alongside price means new money entering; rising while price falls means shorts building up.
- The OI rank is measured in contracts rather than dollars: otherwise it would drift up with price alone and claim a record where nothing changed.
- NATR shows how much a coin moves relative to its own price. High NATR with high turnover is where today's action is.
How much money sits in open positions on each venue. The total spans every exchange listing the contract.