Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against QFEX+0.069%53s7-day average +0.214% · 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—prices read too far apart to compare

costs, in and out, $10k−$1131.129% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)0.000%$0 · spread now +0.069%, 7d avg +0.214%

Together, before fees0.000%$0 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 0.145% cheaper against QFEX than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.214%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MRNA-USD	174.33	0	get 0.0000% / 1h	42m 42s	$1.1M	$2.6M	10x
Short	Bybit MRNAUSDT	174.45	0	get 0.0000% / 8h	3h 42m	$951K	$616K	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 +0.069%Rate

Funding earned: $0
Price spread: +0.069% → +0.214%: −$14.47
Slippage, 4 orders: −$91.91
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$127.38
Costs to cover: 1.129%
Break-even: never at this rate

Slippage from QFEX: live order book, 10 min ago; Bybit: live order book, 38 min ago.

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, 10 min ago	1.15 bp	11.9 bp −$12	19.6 bp −$196	doesn't fit	doesn't fit
Sell Bybit live order book, 38 min ago	4.61 bp	45.0 bp −$45	930.6 bp −$9,306	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
Aster MRNAUSDT	0.0000%	8h	174.38	+0.027%	$28K	$82K	20x	as long as short
Bybit MRNAUSDTshort	0.0000%	8h	174.45	+0.069%	$951K	$616K	25x
OKX MRNA-USDT-SWAP	0.0000%	8h	174.44	+0.063%	$1.3M	$5.3M	20x	as long as short
QFEX MRNA-USDlong	0.0000%	1h	174.33	long leg	$1.1M	$2.6M	10x
Gate MRNA_USDT	0.0000%	8h	174.48	+0.086%	$872K	$997K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	174.40	+0.040%	$2.8M	$10.5M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	174.49	+0.091%	$50K	$89K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	174.38	+0.029%	$17	$147K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	174.38	+0.026%	$14K	$431K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	174.45	+0.069%	$1.6M	$644K	20x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MRNAUSDT	+0.0016%	8h	174.46	+0.075%	$2.2M	$11.3M	20x	as long as short
BloFin MRNA-USDT	+0.0020%	8h	174.58	+0.143%	$45K	$29K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−9.012%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	174.20	−0.075%	$2K	$64K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	174.31	−0.012%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	174.36	+0.017%	$2.7M	$4.5M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	174.25	−0.046%	$43K	$35K	5x	as long as short
Phoenix MRNA	+0.0277%	1h	174.42	+0.052%	$5K	$191K	10x	as long as short
edgeX MRNAUSDC	+0.0407%	4h	174.43	+0.055%	$3K	$247K	10x	as long as short
SoDEX MRNA-USD	+0.0558%	1h	174.38	+0.029%	$40K	$56K	10x	as long as short
Lighter MRNA	+0.0656%	1h	174.52	+0.109%	$158K	$1.1M	10x	as long as short