Merkle lists 71 perp markets and quotes leverage up to 150x on Aptos. The base-tier schedule is maker 0.03% / taker 0.06% with funding continuous.
Merkle Trade is a perpetuals exchange settled on Aptos, live since 2023 and backed by its own MKL token. It has since sunset.
Listed markets cover crypto, forex and commodities across 71 contracts, with maker and taker defined by whether a trade narrows or widens the imbalance between long and short open interest. Its terms describe identity checks as something the venue may, but is not obligated to, carry out.
Funding accrues continuously: the imbalance between long and short positions sets the speed at which the funding rate itself changes over time, and the accrued amount is booked every time a position is touched. When the rate is positive, long positions pay short positions, and the reverse holds once it turns negative.
Merkle signs traders in with a browser wallet, and the venue is non-custodial.
The documented limits are set per market.
Merkle names 59 restricted jurisdictions in its terms.
Fees, leverage, sign-up and markets on other perp DEXes.
Perpetual markets for stocks, gold, indices and pre-IPO names — settled on-chain, no wallet-to-exchange transfers.
