Volume Monitor
Live crypto data · 10 exchanges

MERL Spot vs Perp Volume

MERL perp vs spot volume: how many dollars of MERL perpetual futures trade for every dollar of spot, on the exchanges where this site records both (Binance and Bybit). A high ratio means leverage is driving the trading; a low one means spot is. Hourly history for 7 and 30 days, daily for all recorded time.

MERL's perp/spot volume ratio is 2.50x over the last 24 hours; there is not enough recorded daily history yet to compare it with its 30- and 90-day range (the server has been collecting for 44 hours). Perps traded $415K and spot $166K in 24 hours across Bybit.

Perp 24h $415KSpot 24h $166KOutside the top 50 by perp volumeAs of 08:57 UTC

MERL perp / spot 24h
2.50x
perp ÷ spot quote volume
Perp volume 24h
$415K
outside the top 50
Spot volume 24h
$166K
same exchanges and quote currencies

MERL perp/spot volume ratio

Hourly for 7d and 30d, daily for all

Chart: TradingView Lightweight Charts™

MERL perp vs spot volume

Quote volume per bucket

Chart: TradingView Lightweight Charts™

MERL spot vs perp volume by exchange

24h · most perp volume first
Exchange Perp Spot Perp vol 24h Spot vol 24h Perp / spot
Bybit MERLUSDT MERLUSDT $415K $166K 2.50x

Not counted (no MERL spot market recorded there): Aster, Binance, Bitget, Gate, Hyperliquid, KuCoin, MEXC.

How to read it. The ratio is perpetual futures quote volume divided by spot quote volume on the same exchanges, in the same quote currency. Only Binance and Bybit count: they are the exchanges where this site records both markets. A ratio rising above its usual range means leverage is doing more of the trading; a falling one means spot is taking over. Compare with MERL spot vs perp net buying, MERL basis and the ratio for every coin.

MERL spot vs perp volume FAQ

What is MERL's spot vs perp volume ratio?

MERL's perpetual futures quote volume divided by its spot quote volume over the same period, on the exchanges where both markets are recorded here (Binance and Bybit, same quote currency).

Is a high MERL perp/spot ratio bearish?

Not by itself. It means leveraged traders are doing more of the trading than spot holders, which often comes with crowded positioning and can precede sharp moves either way. Read it next to MERL's basis, CVD and funding. Nothing here is financial advice.

Why can the chart differ from the 24h figures?

The figures at the top are the exchanges' own rolling 24-hour volumes, live. The chart is built from the 1-minute bars this site records, per hour or per day, so it has gaps where recording stopped and its buckets start on the hour or at midnight UTC.