MERLUSD: Contract Specification

Contracts Guide

MERLUSD: Contract Specification

MERLUSD is in the MERL (Merlin Chain) series.

The quote currency is USD (US Dollar).

Description

MERLUSD is a MERL/USD perpetual contract priced on the .BMERL Index. Each contract is worth 0.0001 BTC per $1 price, currently 0.00001094 BTC.

Funding is paid and received every 8 hours. The next payout event is at 12:00 pm UTC.

MERLUSD uses a Premium Index to calculate funding rates. The underlying interest rates are quoted in the Funding Base Rate and Funding Quote Rate, and the premium rate is quoted in the .MERLUSDPI8H Index. These are used to calculate the final funding rate.

Today, longs will pay 0.0100%, and shorts will receive 0.0100% at 12:00 pm UTC. BitMEX does not charge fees on funding payments.

Expiry: Perpetual, subject to Early Settlement.Maximum Initial Leverage: 10x
Maximum Maintenance Leverage: 20x

View the BitMEX Perpetual Contracts Guide

Funding Calculation

More information about the funding rate is available in the Perpetuals Guide.

	Funding Base Rate	Funding Quote Rate	Premium
Symbols	MERL	USD	.MERLUSDPI8H
Rates	0.03%	0.06%	0.01%

I = Interest Rate, B = Funding Base Rate, Q = Funding Quote Rate, T = Funding Times Per Day
P = Premium Rate, F = Funding Rate

The Funding Rate is the rate exchanged between users.
The Premium Rate is used to calculate it, adjusted by the Interest Rate by up to 0.05%.

Formula

I = (Q - B) / T
F = P + Clamp(I - P, -0.05%, 0.05%)

Result

I = 0.0100%
I = (0.06% - 0.03%) / 3
F = 0.0100%
F = 0.0100% + Clamp(0.0100% - 0.0100%, -0.05%, 0.05%)

Full Contract Details

Ticker Root	MERLUSD
Expiry Date	Perpetual, subject to Early Settlement
Initial Margin	10.00% + Entry Taker Fee + Exit Taker Fee
Maint. Margin	5.00% + Exit Taker Fee + Funding Rate
Funding Base Rate	0.0300%
Funding Quote Rate	0.0600%
Funding Premium Symbol	.MERLUSDPI8H
Funding Rate	0.0100%
Funding Interval	every 8 hours
Next Funding	31 Mar 2025, 12:00:00 pm
Predicted Rate	0.0100%
Mark Price	0.1094
Auto-Deleveraging Enabled	Yes: This contract is highly speculative and manages loss through auto-deleveraging.
Mark Method	FairPrice
Fair Basis	0
Fair Basis Rate	10%
Fair Basis Calculation	The fair basis on this instrument is determined by an annualized calculation of the funding rate.
Risk Limit	50 BTC
Risk Step	50 BTC
Open Interest	25,928
24H Turnover	0.0077 BTC
Total Volume	590,667
Type	Settled in BTC, quoted in USD
Contract Size	0.0001 BTC per 1 USD (Currently 0.00001094 BTC per contract)
Settlement	This contract is perpetual and does not settle. Subject to Early Settlement.
Commission	Fees in BTC. See the Fees Reference for more details.
Minimum Price Increment	0.0001 USD
Minimum Trade Amount	1 Cont
Max Price	10,000
Max Order Quantity	500,000
Lot Size	1
Instant PNL	Disabled

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