MERL arbitrage between HyperLiquid and Astar DEX: we compare the price of MERL on HyperLiquid (futures) and Astar DEX (futures) in real time — the executable spread (buy at the ask, sell at the bid), basis, volume and deposit/withdrawal status. You can see whether the gap holds or is a one-second blip you would never get into.

About Merlin Chain

Merlin Chain serves as a Layer 2 solution for Bitcoin, incorporating essential components like ZK-Rollup networks, decentralized oracle networks, and fraud proofs within the Bitcoin chain. Its primary objective is to empower the native assets, protocols, and application ecosystem of Bitcoin Layer 1, facilitating ongoing innovation and maximizing asset potential on Layer 2 networks.

Smart Contract Platform, BNB Chain Ecosystem, Ethereum Ecosystem, Layer 2 (L2)

Open interest in MERL right now — $7.2M: Binance $1.4M, BingX $1.4M, Bitget $1.2M, Bybit $987.3K, OKX $937.7K. See OI MERL.

About MERL arbitrage

How do I read the MERL spread?

The spread is how many percent higher MERL trades on one exchange than on the other. We measure it at tradeable prices (ask/bid) net of fees; “net” is closer to what you actually keep.

Is this arbitrage worth taking?

Look past the spread: check volume, order-book depth and the deposit/withdrawal status on HyperLiquid and Astar DEX. If deposits or withdrawals are shut, or the book is thin, the spread exists on paper but you cannot trade into it.

How do I get MERL alerts?

Build a rule in the the builder with the spread threshold you want — the notification arrives as a Telegram direct message within seconds.