Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.076%

Price spread now: SoDEX against Bybit−0.046%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on SoDEX

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

Funding pays, the price is against you. SoDEX is 0.046% cheaper against Bybit than usual: you would sell low and buy high (spread −0.046% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 3.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MRNAUSDT	172.47	0	get 0.0000% / 8h	5m 55s	$937K	$600K	25x
Short	SoDEX MRNA-USD	172.39	0.0050	get 0.0006% / 1h	5m 55s	$40K	$55K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.046%Rate

Funding earned: $10.5
Price spread: −0.046% → 0.000%: −$4.64
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$13.14
Costs to cover: 0.190%
Break-even: 15.8 days

Slippage unknown: Bybit: live order book, 59 min ago; SoDEX: no order-book sample. 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 Bybit live order book, 59 min ago	6.05 bp	97.6 bp −$98	632.7 bp −$6,327	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

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 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	−0.0144%	1h	172.67	+0.116%	$155K	$1.2M	10x	as long as short
BloFin MRNA-USDT	−0.0021%	8h	172.51	+0.023%	$45K	$29K	20x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.40	−0.042%	$26K	$82K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.40	−0.041%	$2.1M	$11.2M	20x	as long as short
Bybit MRNAUSDTlong	0.0000%	8h	172.47	long leg	$937K	$600K	25x
OKX MRNA-USDT-SWAP	0.0000%	8h	172.22	−0.145%	$1.3M	$5.4M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.50	+0.017%	$880K	$984K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.33	−0.081%	$2.6M	$10.5M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	172.54	+0.043%	$57K	$92K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	172.61	+0.081%	$91	$142K	10x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MRNA-USDT	0.0000%	8h	172.38	−0.050%	$14K	$430K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	172.44	−0.017%	$1.6M	$636K	20x	as long as short
QFEX MRNA-USD	+0.0001%	1h	172.37	−0.058%	$1.1M	$2.5M	10x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.030%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.42	−0.029%	$2K	$65K	10x	as long as short
SoDEX MRNA-USDshort	+0.0050%	1h	172.39	−0.046%	$40K	$55K	10x
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.28	−0.110%	$43K	$35K	5x	as long as short
Extended MRNA-USD	+0.0056%	1h	172.34	−0.074%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0056%	1h	172.33	−0.081%	$2.5M	$4.3M	10x	as long as short
Phoenix MRNA	+0.0230%	1h	172.54	+0.041%	$5K	$191K	10x	as long as short
edgeX MRNAUSDC	+0.0374%	4h	172.54	+0.042%	$3K	$250K	10x	as long as short