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 −0.042%

Price spread now: Bybit against tradeXYZ+0.116%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$173as in the Funding arb table

Net, price: spread back to 7d avg − costs−$141as in the Price arb table

costs, in and out, $10k−$1521.518% of the position

Long on tradeXYZ Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.212%−$21 on $10k

Price spread, last 4 days (all we have)−0.127%−$13 · spread now +0.116%, 7d avg +0.010%

Together, before fees−0.339%+ Points / potential airdroptradeXYZ: Active · farm board−$34 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.106% dearer against tradeXYZ than usual: you sell high and buy low (spread +0.116% now, against its 7-day average of +0.010%): +$11 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.1 days. At the pace of the last 7 days (−0.212% in total) that is about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:MRNA	172.49	0.0050	pay 0.0006% / 1h	12m 57s	$2.6M	$4.4M	10x
Short	Bybit MRNAUSDT	172.69	0	get 0.0000% / 8h	6h 12m	$936K	$740K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against tradeXYZ. 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 tradeXYZbpFee BybitbpOrdersPrice spread, now +0.116%Rate

Funding earned: −$10.5
Price spread: +0.116% → +0.010%: $10.58
Slippage, 4 orders: −$122.8
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$151.72
Costs to cover: 1.518%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 5 min ago; Bybit: live order book, 17 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 tradeXYZ live order book, 5 min ago	1.45 bp	17.7 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 17 min ago	4.65 bp	73.0 bp −$73	1280.4 bp −$12.8K	doesn't fit	doesn't fit

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	−0.0496%	1h	172.58	+0.052%	$104K	$1.1M	10x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.57	+0.046%	$1.1M	$2.7M	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.54	+0.031%	$28K	$81K	20x	as long as short
Bybit MRNAUSDTshort	0.0000%	8h	172.69	+0.116%	$936K	$740K	25x
OKX MRNA-USDT-SWAP	0.0000%	8h	172.50	+0.006%	$1.3M	$5.3M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.59	+0.058%	$865K	$1.0M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.42	−0.041%	$2.5M	$10.5M	20x	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	172.63	+0.082%	$392	$151K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.48	−0.003%	$12K	$429K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	172.58	+0.052%	$1.6M	$651K	20x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.041%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.54	+0.029%	$2K	$64K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	172.47	−0.014%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNAlong	+0.0050%	1h	172.49	long leg	$2.6M	$4.4M	10x
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.48	−0.006%	$43K	$36K	5x	as long as short
Variational Omni MRNA	+0.0057%	8h	172.57	+0.048%	$49K	$89K	—	as long as short
Binance MRNAUSDT	+0.0089%	8h	172.58	+0.052%	$2.1M	$11.4M	20x	as long as short
SoDEX MRNA-USD	+0.0152%	1h	172.50	+0.006%	$40K	$56K	10x	as long as short
Phoenix MRNA	+0.0279%	1h	172.77	+0.162%	$5K	$193K	10x	as long as short
edgeX MRNAUSDC	+0.0406%	4h	172.61	+0.069%	$3K	$247K	10x	as long as short