Liquidity providers deposit funds into Merkle Trade and receive trading fees from traders (supply-side fees).

Merkle Trade is a non-custodial perpetual exchange protocol built on Aptos.

MKL tokenholders own and govern the protocol. They do currently take a cut of the total trading fees paid by traders (revenue). Merkle Trade's investors include Arrington Capital, Hashed, etc.

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Derivative exchanges

Merkle Trade

# Gas used Methodology

## Overview

Gas used measures the total gas consumed by an application. It reflects how much users are willing to incur transaction costs when using the application.

Merkle TradeMKL

Archived

Gas used

Gas used

Competitive landscape