Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h −0.016%

Price spread now: Injective against Bitget−8.697%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Injective is 8.697% cheaper against Bitget than usual: you would sell low and buy high (spread −8.697% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$870 on $10k: about years of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MRNAUSDT	173.73	0	get 0.0000% / 8h	4h 45m	$2.8M	$10.5M	20x
Short	Injective MRNA/USDC PERP	158.62	0.0033	get 0.0004% / 1h	45m 21s	$18K	$8K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BitgetbpFee InjectivebpOrdersPrice spread, now −8.697%Rate

Funding earned: $7
Price spread: −8.697% → 0.000%: −$869.74
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$874.76
Costs to cover: 0.120%
Break-even: 881.8 days

Slippage unknown: Bitget: live order book, 3 min ago; Injective: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bitget live order book, 3 min ago	4.89 bp	13.5 bp −$14	30.3 bp −$303	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MRNA on 21 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX MRNAUSDC	−0.0565%	4h	173.80	+0.040%	$3K	$246K	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	173.74	+0.005%	$28K	$82K	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	173.83	+0.058%	$944K	$617K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	173.79	+0.035%	$1.3M	$5.2M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	173.59	−0.081%	$1.1M	$2.7M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	173.73	0.000%	$869K	$998K	20x	as long as short
Bitget MRNAUSDTlong	0.0000%	8h	173.73	long leg	$2.8M	$10.5M	20x
Variational Omni MRNA	0.0000%	8h	173.76	+0.019%	$49K	$89K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.75	+0.012%	$3	$147K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	173.69	−0.024%	$13K	$433K	20x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex MRNAUSDT	0.0000%	8h	173.80	+0.040%	$1.6M	$640K	20x	as long as short
Binance MRNAUSDT	+0.0018%	8h	173.75	+0.013%	$2.2M	$11.2M	20x	as long as short
BloFin MRNA-USDT	+0.0024%	8h	173.90	+0.098%	$45K	$29K	20x	as long as short
Lighter MRNA	+0.0032%	1h	173.77	+0.023%	$104K	$1.1M	10x	as long as short
Injective MRNA/USDC PERPshort	+0.0033%	1h	158.62	−8.697%	$18K	$8K	12x
Arcus MRNA-USD	+0.0040%	1h	173.62	−0.063%	$2K	$63K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	173.57	−0.090%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	173.59	−0.081%	$2.6M	$4.4M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.43	−0.173%	$43K	$35K	5x	as long as short
SoDEX MRNA-USD	+0.0155%	1h	173.72	−0.006%	$40K	$56K	10x	as long as short
Phoenix MRNA	+0.0230%	1h	173.68	−0.029%	$5K	$191K	10x	as long as short