Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: QFEX against Bybit−0.144%7-day average −0.217% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$1481.477% of the position

Long on Bybit Short on QFEX

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)+0.047%+$5 · spread now −0.144%, 7d avg −0.217%

Together, before fees+0.047%+$5 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: QFEX is 0.073% dearer against Bybit than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.217%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MRNAUSDT	173.76	0	get 0.0000% / 8h	5h 51m	$944K	$661K	25x
Short	QFEX MRNA-USD	173.51	0	get 0.0000% / 1h	51m 24s	$1.1M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bybit. 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 BybitbpFee QFEXbpOrdersPrice spread, now −0.144%Rate

Funding earned: $0
Price spread: −0.144% → −0.217%: $7.27
Slippage, 4 orders: −$126.72
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$140.45
Costs to cover: 1.477%
Break-even: never at this rate

Slippage from Bybit: live order book, 39 min ago; QFEX: live order book, 11 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 Bybit live order book, 39 min ago	4.65 bp	47.4 bp −$47	790.9 bp −$7,909	doesn't fit	doesn't fit
Sell QFEX live order book, 11 min ago	2.03 bp	13.4 bp −$13	22.4 bp −$224	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
Aster MRNAUSDT	0.0000%	8h	173.63	−0.077%	$28K	$81K	20x	as long as short
Bybit MRNAUSDTlong	0.0000%	8h	173.76	long leg	$944K	$661K	25x
OKX MRNA-USDT-SWAP	0.0000%	8h	173.75	−0.006%	$1.3M	$5.3M	20x	as long as short
QFEX MRNA-USDshort	0.0000%	1h	173.51	−0.144%	$1.1M	$2.7M	10x
Gate MRNA_USDT	0.0000%	8h	173.56	−0.115%	$865K	$1.0M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.61	−0.086%	$2.7M	$10.5M	20x	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.69	−0.040%	$313	$150K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	173.87	+0.063%	$12K	$430K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	173.76	0.000%	$1.6M	$647K	20x	as long as short
Variational Omni MRNA	+0.0027%	8h	173.27	−0.281%	$49K	$89K	—	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	−8.713%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	173.45	−0.178%	$2K	$64K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.46	−0.173%	$43K	$35K	5x	as long as short
Extended MRNA-USD	+0.0056%	1h	173.63	−0.078%	$32K	$32K	10x	as long as short
Binance MRNAUSDT	+0.0078%	8h	173.70	−0.035%	$2.1M	$11.3M	20x	as long as short
tradeXYZ xyz:MRNA	+0.0087%	1h	173.60	−0.092%	$2.6M	$4.4M	10x	as long as short
Phoenix MRNA	+0.0185%	1h	173.14	−0.357%	$5K	$189K	10x	as long as short
edgeX MRNAUSDC	+0.0344%	4h	173.72	−0.023%	$3K	$244K	10x	as long as short
SoDEX MRNA-USD	+0.0832%	1h	173.69	−0.040%	$40K	$56K	10x	as long as short
Lighter MRNA	+0.1480%	1h	173.62	−0.081%	$104K	$1.1M	10x	as long as short