Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.010%

Price spread now: Bybit against Injective+9.129%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bybit

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

The price spread pays, funding is against you. Bybit is 9.129% dearer against Injective than usual: you sell high and buy low (spread +9.129% now, against zero (this spread has no 7-day history yet)): +$913 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about years.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MRNA/USDC PERP	158.62	0.0033	pay 0.0004% / 1h	46m 43s	$18K	$8K	12x
Short	Bybit MRNAUSDT	173.10	0	get 0.0000% / 8h	2h 46m	$941K	$620K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now +9.129%Rate

Funding earned: −$7
Price spread: +9.129% → 0.000%: $912.87
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $894.85
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 29 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 29 min ago	6.04 bp	44.0 bp −$44	1201.4 bp −$12.0K	doesn't fit	doesn't fit

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
Lighter MRNA	−0.1152%	1h	173.17	+9.173%	$156K	$1.2M	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.91	+9.010%	$26K	$83K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	173.11	+9.135%	$2.1M	$11.4M	20x	as long as short
Bybit MRNAUSDTshort	0.0000%	8h	173.10	+9.129%	$941K	$620K	25x
OKX MRNA-USDT-SWAP	0.0000%	8h	172.88	+8.990%	$1.3M	$5.3M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.89	+8.996%	$864K	$998K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.10	+9.129%	$2.7M	$10.4M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	172.99	+9.059%	$55K	$96K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.05	+9.097%	$242	$148K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.91	+9.012%	$13K	$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	173.06	+9.104%	$1.6M	$650K	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.83	+8.959%	$1.1M	$2.6M	10x	as long as short
BloFin MRNA-USDT	+0.0005%	8h	172.94	+9.028%	$45K	$29K	20x	as long as short
Injective MRNA/USDC PERPlong	+0.0033%	1h	158.62	long leg	$18K	$8K	12x
Arcus MRNA-USD	+0.0040%	1h	172.86	+8.977%	$2K	$65K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	172.92	+9.016%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	172.94	+9.028%	$2.6M	$4.5M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.89	+8.996%	$42K	$35K	5x	as long as short
Phoenix MRNA	+0.0185%	1h	172.84	+8.965%	$5K	$191K	10x	as long as short
SoDEX MRNA-USD	+0.0431%	1h	173.08	+9.116%	$40K	$56K	10x	as long as short
edgeX MRNAUSDC	+0.0689%	4h	172.96	+9.038%	$3K	$248K	10x	as long as short