Field Merge a Hyperlink with a URL Issues

I am having some issues with using field merges on hyperlinks where the field merge is a url. I have tried many different options to try to make this work and the two that seem to be closest are the following. I need it in this way because each contact record we are sending to has a unique url that they need to receive. I would love to hear some feedback:

Option 1:

The first option I tried is to place the first part of the link on the link in the email and then to field merge the unique aspect of the link at the end. that would look something like this: