# Borrow MERL: rates on every exchange

Annualised margin borrow rates for MERL at VIP 0, and whether borrowing it to collect negative funding pays after every cost.

Updated 2026-10-30 05:32 UTC · https://afterfees.xyz/borrow/MERL

## MERL borrow rates by exchange

| Exchange | Now | 24 h avg | 7-day avg | Rate counted | Per-account limit | Platform remaining | Status |
|---|---|---|---|---|---|---|---|
| [Bitget](https://afterfees.xyz/venues/bitget) | 1.30% | 1.27% | 1.15% | 1.30% | $133K | $13.2K | Borrowable |
| [Gate](https://afterfees.xyz/venues/gate) | 4.60% | 4.65% | 5.06% | 4.65% * | $30K | not published | Borrowable |
| [Bybit](https://afterfees.xyz/venues/bybit) | 7.57% | 7.63% | 7.61% | 7.63% | $8.4K | not published | Borrowable |
| [OKX](https://afterfees.xyz/venues/okx) | 8.01% | 10.65% | 9.25% | 10.65% | $5.5K | not published | Borrowable |

_Annualised simply (hourly rate × 8,760). Rate counted = the higher of the current rate and the 24 h average, as in every calculation on AfterFees. * Gate: rate × the published VIP multiplier (inferred)._

## Reverse carry on MERL: borrow and sell spot, long the perp

No reverse MERL carry nets a profit at this size right now.

_At $10,000 per side, held 7 days, after taker fees, order-book slippage and carry._

## MERL perps, most negative funding first

| Exchange | Contract | Rate | Every | Annualised |
|---|---|---|---|---|
| [BloFin](https://afterfees.xyz/venues/blofin) | MERL-USDT | 0.0021% | 4 h | +4.5% |
| [MEXC](https://afterfees.xyz/venues/mexc) | MERL_USDT | 0.0050% | 4 h | +10.9% |
| [OKX](https://afterfees.xyz/venues/okx) | MERL-USDT-SWAP | 0.0050% | 4 h | +10.9% |
| [Bitget](https://afterfees.xyz/venues/bitget) | MERLUSDT | 0.0050% | 4 h | +10.9% |
| [Bybit](https://afterfees.xyz/venues/bybit) | MERLUSDT | 0.0100% | 8 h | +10.9% |
| [KuCoin](https://afterfees.xyz/venues/kucoin) | MERLUSDTM | 0.0050% | 4 h | +10.9% |
| [BingX](https://afterfees.xyz/venues/bingx) | MERL-USDT | 0.0050% | 4 h | +10.9% |
| [Binance](https://afterfees.xyz/venues/binance) | MERLUSDT | 0.0050% | 4 h | +10.9% |

## Coins

|   |   |
|---|---|
| Funding rates and every arbitrage on this coin | [MERL](https://afterfees.xyz/coin/MERL) |

## Questions

**Where is it cheapest to borrow MERL?**

Bitget, at 1.30% a year at the rate we count (the higher of the current rate and the 24 h average), among 4 exchanges that lend MERL.

**Can I earn negative funding on MERL by borrowing it?**

Not right now: no reverse MERL carry covers its borrow interest, fees and slippage at $10,000 for 7 days.

_The method behind every number on AfterFees is published; Pro opens each figure into its line-by-line calculation. Estimates from current data, not investment advice. We never hold funds or trade for you._