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Ask about Merkle Trade · freeKey Metrics
Cumulative Fees$2.73m
Cumulative Fees by chain
Aptos$2.73m
Cumulative Revenue$1.72m
Cumulative Revenue by chain
Aptos$1.72m
Cumulative Perp Volume$29.94b
Cumulative Perp Volume by chain
Aptos$29.94b
Total Raised$2.1m
Apr 1, 2024$2.1mRound: SeedInvestors: Hashed, Arrington Capital, Morningstar Ventures, Aptos Labs, Amber Group, Re7 Captial, Dorahacks, Hashed
Protocol Information
Merkle Trade is a Perp DEX that offers high leverage on a variety of pairs such as Crypto, Forex, and Commodity.
Category:Derivatives
Audits:
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubFees: Fees paid by usersView code on GitHubRevenue: Treasury and token holders revenueView code on GitHubPerp Volume: Notional volume of all trades including leverage on the perp exchangeView code on GitHubMerkle Trade history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Oct 23, 2023 to Oct 7, 2026.
All-time high TVL: $7.43m on May 27, 2024. All-time low TVL: $270,429 on Oct 23, 2023.
Daily TVL, Sep 8, 2026 to Oct 7, 2026
| Date | TVL |
|---|---|
| Sep 8, 2026 | $0 |
| Sep 9, 2026 | $0 |
| Sep 10, 2026 | $0 |
| Sep 11, 2026 | $0 |
| Sep 12, 2026 | $0 |
| Sep 13, 2026 | $0 |
| Sep 14, 2026 | $0 |
| Sep 15, 2026 | $0 |
| Sep 16, 2026 | $0 |
| Sep 17, 2026 | $0 |
| Sep 18, 2026 | $0 |
| Sep 19, 2026 | $0 |
| Sep 20, 2026 | $0 |
| Sep 21, 2026 | $0 |
| Sep 22, 2026 | $0 |
| Sep 23, 2026 | $0 |
| Sep 24, 2026 | $0 |
| Sep 25, 2026 | $0 |
| Sep 26, 2026 | $0 |
| Sep 27, 2026 | $0 |
| Sep 28, 2026 | $0 |
| Sep 29, 2026 | $0 |
| Sep 30, 2026 | $0 |
| Oct 1, 2026 | $0 |
| Oct 2, 2026 | $0 |
| Oct 3, 2026 | $0 |
| Oct 4, 2026 | $0 |
| Oct 5, 2026 | $0 |
| Oct 6, 2026 | $0 |
| Oct 7, 2026 | $0 |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $6.74m |
| Dec 31, 2024 | $6.29m |
| Jan 31, 2025 | $6.4m |
| Feb 28, 2025 | $5.61m |
| Mar 31, 2025 | $5.79m |
| Apr 30, 2025 | $5.71m |
| May 31, 2025 | $5.01m |
| Jun 30, 2025 | $5.53m |
| Jul 31, 2025 | $5.2m |
| Aug 31, 2025 | $5.01m |
| Sep 30, 2025 | $5.03m |
| Oct 31, 2025 | $5.01m |
| Nov 30, 2025 | $5m |
| Dec 31, 2025 | $5m |
| Jan 31, 2026 | $4.5m |
| Feb 28, 2026 | $778,731 |
| Mar 31, 2026 | $776,405 |
| Apr 30, 2026 | $774,901 |
| May 31, 2026 | $0 |
| Jun 30, 2026 | $0 |
| Jul 31, 2026 | $0 |
| Aug 31, 2026 | $0 |
| Sep 30, 2026 | $0 |
| Oct 7, 2026 (latest) | $0 |
TVL at each year end, Dec 31, 2023 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2023 | $841,631 |
| Dec 31, 2024 | $6.29m |
| Dec 31, 2025 | $5m |
Fees and revenue by UTC calendar month, Jan 2025 to Apr 2026
| Month | Fees | Revenue |
|---|---|---|
| Jan 2025 | $50,260 | $23,836 |
| Feb 2025 | $387,290 | $160,082 |
| Mar 2025 | $389,070 | $177,484 |
| Apr 2025 | $458,312 | $203,400 |
| May 2025 | $422,185 | $193,275 |
| Jun 2025 | $178,958 | $116,970 |
| Jul 2025 | $125,819 | $125,819 |
| Aug 2025 | $97,513 | $97,513 |
| Sep 2025 | $164,216 | $164,216 |
| Oct 2025 | $165,797 | $165,797 |
| Nov 2025 | $133,087 | $133,087 |
| Dec 2025 | $67,988 | $67,988 |
| Jan 2026 | $62,447 | $62,447 |
| Feb 2026 | $26,920 | $26,920 |
| Mar 2026 | $0 | $0 |
| Apr 2026 | $0 | $0 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/merkle-trade
Frequently asked questions
What is Merkle Trade's TVL?
As of Oct 7, 2026, Merkle Trade has $0 in total value locked.
What chains does Merkle Trade operate on?
Merkle Trade operates on Aptos.