Merklemerkle.trade · perp DEX

Merkle fees: maker, taker & funding

Merkle charges maker 0.03% and taker 0.06% on the base tier, with funding continuous. The median taker across the 31 perp DEXes is 0.04%; Canborsa charges a flat 0.07% per side (0.14% round-trip).

What is Merkle?

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.

Quote as maker

Rest a limit order instead of taking the quoted price. Maker fills cost 0.03% against 0.06% taker on the base tier.

Check the referral terms

Merkle pays a 5% referral share. Merkle referral terms ›

Watch the funding line

Funding on this venue is exchanged continuously. It accrues while a position is open and can exceed the open fee on longer holds; check the ticket before sizing up.

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.