Traders are reporting significant price discrepancies for the MERL token across major exchanges, including Bybit, Binance, and OKX. Price gaps of approximately 5% have been observed, prompting aggressive arbitrage activity between spot and perpetual markets. This volatility has led to extreme funding rates as market participants rush to capitalize on the spread. The initial observations highlighted distinct pricing differences across venues, leading to a surge in trading volume as strategies were executed to capture the inefficiency. [Update 1] Further analysis from trader circles attributes this arbitrage opportunity to temporary chain connectivity issues or movement restrictions that caused price dislocations between venues. While the spread peaked around 5%, recent reports indicate it has begun to close as liquidity normalizes and arbitrageurs successfully act on the price difference.