Merkle Trade

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

Merkle Trade's governance or utility token carries a market capitalisation of $6.1M based on circulating supply at the latest DeFiLlama snapshot. The market is pricing the token ($6.1M) above the protocol's on-chain TVL ($777K) — a mcap/TVL multiple of 7.89× implies investors are paying for expected future fee flows rather than current deposits alone.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. Oct 23, 2023
   Listed on DeFiLlama
2. Feb 3, 2026
   Project accounces wind down

Merkle Trade is a Derivatives protocol where traders open leveraged, perpetual, or option positions priced off oracle feeds and settled in collateral held by the contract. It is deployed on Aptos. The codebase has been independently audited (1 report on file). DeFiLlama tracks 1 historical event for this protocol since 2026.

Merkle Trade is a single-chain protocol, deployed exclusively on Aptos — this concentrates execution risk but simplifies the trust model. Price feeds come from a single oracle provider (Pyth); an outage or manipulation of that feed would propagate into every market the protocol prices. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Its token market cap ($6.1M) currently exceeds total value locked ($777K) — a mcap/TVL ratio of 7.89 suggests the market is pricing in more growth than current deposits support.

Verified external resources for Merkle Trade — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Merkle Trade is one of 7 Derivatives protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Jupiter Perpetual Exchange, Hyperliquid HLP, Drift Trade, and 3 more. These peer protocols collectively secure $2.3B in deposits, giving you a frame of reference for whether Merkle Trade's own TVL is at the top, middle, or tail of the category.

Jupiter Perpetual Exchange

TVL $910.6M · 24h -0.27%

Hyperliquid HLP

TVL $431.7M · 24h +0.11%

Drift Trade

TVL $334.4M · 24h +0.22%

GMX V2 Perps

TVL $267.5M · 24h -0.08%

Extended

TVL $196.4M · 24h +0.06%

dYdX V4

TVL $125.3M · 24h +0.58%