Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against QFEX+0.145%7-day average +0.224% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$181as in the Price arb table

costs, in and out, $10k−$1731.729% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.145%, 7d avg +0.224%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.079% cheaper against QFEX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.224%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MRNA-USD	172.30	0.0000	get 0.0000% / 1h	20m 04s	$1.1M	$2.7M	10x
Short	Bybit MRNAUSDT	172.55	0	get 0.0000% / 8h	1h 20m	$933K	$1.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against QFEX. 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 QFEXbpFee BybitbpOrdersPrice spread, now +0.145%Rate

Funding earned: $0.03
Price spread: +0.145% → +0.224%: −$7.93
Slippage, 4 orders: −$151.9
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$180.79
Costs to cover: 1.729%
Break-even: 37672.5 days

Slippage from QFEX: live order book, 2 min ago; Bybit: live order book, just now.

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 QFEX live order book, 2 min ago	9.57 bp	31.4 bp −$31	36.6 bp −$366	doesn't fit	doesn't fit
Sell Bybit live order book, just now	6.09 bp	27.1 bp −$27	738.1 bp −$7,381	doesn't fit	doesn't fit

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
QFEX MRNA-USDlong	0.0000%	1h	172.30	long leg	$1.1M	$2.7M	10x
Aster MRNAUSDT	0.0000%	8h	172.55	+0.145%	$29K	$81K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.45	+0.085%	$2.2M	$11.3M	20x	as long as short
Bybit MRNAUSDTshort	0.0000%	8h	172.55	+0.145%	$933K	$1.0M	25x
OKX MRNA-USDT-SWAP	0.0000%	8h	172.31	+0.006%	$1.4M	$4.9M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.36	+0.035%	$878K	$1.1M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.36	+0.035%	$2.6M	$10.4M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	172.43	+0.075%	$49K	$89K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	172.68	+0.221%	$421	$169K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.46	+0.095%	$12K	$430K	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	172.47	+0.099%	$1.6M	$642K	20x	as long as short
BloFin MRNA-USDT	+0.0001%	8h	172.36	+0.035%	$44K	$29K	20x	as long as short
edgeX MRNAUSDC	+0.0002%	4h	172.60	+0.177%	$3K	$243K	10x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−7.940%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.33	+0.017%	$2K	$65K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	172.36	+0.034%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	172.41	+0.064%	$2.6M	$4.2M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.46	+0.093%	$43K	$39K	5x	as long as short
SoDEX MRNA-USD	+0.0117%	1h	172.45	+0.087%	$40K	$66K	10x	as long as short
Lighter MRNA	+0.0120%	1h	172.51	+0.122%	$124K	$1.0M	10x	as long as short
Phoenix MRNA	+0.0324%	1h	172.62	+0.186%	$5K	$192K	10x	as long as short