What is Merlin Chain?
Merlin Chain is a layer-2 network for Bitcoin. It aims to bring smart contracts and decentralized apps to Bitcoin assets such as BTC, BRC-20 tokens and Ordinals, using zero-knowledge rollup technology. The MERL token is used for governance and staking on the network.
The MERL perpetual tracks the price of Merlin Chain, settles in USDC and never expires. It trades on Hyperliquid's main exchange. You can go long or short with up to 3× leverage, around the clock.
Contract details
- Market
MERL, main exchange- Tracks
- The price of Merlin Chain
- Settlement
- USDC, no expiry
- Leverage
- 3× at any size
- Margin
- Cross or isolated
- Size step
- 1 MERL
- Funding
- Paid every hour
- Fees on Hypurr Desk
- 0.07% market, 0.04% limit
- Trading hours
- Around the clock, every day
Size a MERL trade from its stop
Hypurr Desk asks where your stop goes and how much of your account you are willing to lose there, then works out the size. An example at 0.030606, from when this page was built:
- Account
- $1,000.00
- Risk
- 1% = $10.00
- Stop
- 2% below entry, at 0.029994
- Size
- 15231 MERL ($466.19)
- Loss at the stop, fees included
- $10.00
- Leverage
- 3× cross, $155.40 margin
The stop sets the loss, not the leverage: leverage only decides how much margin the position ties up. Move the stop and the size follows, so a wider stop means a smaller position and the same loss. The stop is placed on the exchange with the entry. How risk sizing works.
Questions about MERL
What is the maximum leverage on MERL?
3×. Hypurr Desk sizes each order from your stop, so the leverage follows from how much you choose to risk.
How often is funding paid on MERL?
Every hour. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. The current rate is shown at the top of this page.
What does it cost to trade MERL on Hypurr Desk?
At the exchange's base tier, 0.07% of the position value for market orders and 0.04% for limit orders that rest on the book, including the 0.025% Hypurr Desk fee. There is no subscription and no sign-up.
Do I own MERL when I trade this market?
No. A perpetual tracks the price of Merlin Chain and settles gains and losses in USDC. You never hold the coins, and positions can be closed out if losses use up their margin.
