Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.096%

Price spread now: Bybit against SoDEX−0.017%7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX MRNA-USD	171.99	0.0050	pay 0.0006% / 1h	33m 47s	$40K	$66K	10x
Short	Bybit MRNAUSDT	171.96	0	get 0.0000% / 8h	6h 33m	$932K	$822K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. 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 SoDEXbpFee BybitbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$10.5
Price spread: −0.017% → 0.000%: −$1.74
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$31.24
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Bybit: live order book, 2 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 SoDEX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	4.65 bp	41.9 bp −$42	1037.7 bp −$10.4K	doesn't fit	doesn't fit

SoDEX: 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 20 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	−0.0792%	1h	172.08	+0.052%	$109K	$1.1M	10x	as long as short
QFEX MRNA-USD	0.0000%	1h	171.92	−0.041%	$1.1M	$2.7M	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.04	+0.029%	$28K	$81K	20x	as long as short
Bybit MRNAUSDTshort	0.0000%	8h	171.96	−0.017%	$932K	$822K	25x
OKX MRNA-USDT-SWAP	0.0000%	8h	172.06	+0.041%	$1.3M	$5.2M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	171.94	−0.029%	$860K	$1.0M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	171.94	−0.029%	$2.6M	$10.5M	20x	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	172.18	+0.108%	$198	$153K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	171.89	−0.058%	$12K	$428K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	172.02	+0.017%	$1.5M	$646K	20x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX MRNAUSDC	+0.0024%	4h	172.14	+0.085%	$3K	$246K	10x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−7.774%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	171.95	−0.023%	$2K	$64K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	171.87	−0.069%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	171.88	−0.064%	$2.6M	$4.3M	10x	as long as short
SoDEX MRNA-USDlong	+0.0050%	1h	171.99	long leg	$40K	$66K	10x
Ondo Perps MRNA-USD.P	+0.0050%	1h	171.99	0.000%	$42K	$37K	5x	as long as short
Variational Omni MRNA	+0.0081%	8h	172.05	+0.034%	$49K	$89K	—	as long as short
Binance MRNAUSDT	+0.0110%	8h	172.03	+0.023%	$2.1M	$11.3M	20x	as long as short
Phoenix MRNA	+0.0279%	1h	171.98	−0.006%	$5K	$193K	10x	as long as short