Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.010%

Price spread now: Bybit against Injective+8.933%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 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 pays, funding is against you. Bybit is 8.933% dearer against Injective than usual: you sell high and buy low (spread +8.933% now, against zero (this spread has no 7-day history yet)): +$893 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about years.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MRNA/USDC PERP	158.62	0.0033	pay 0.0004% / 1h	45m 27s	$18K	$8K	12x
Short	Bybit MRNAUSDT	172.79	0	get 0.0000% / 8h	1h 45m	$935K	$1.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now +8.933%Rate

Funding earned: −$7
Price spread: +8.933% → 0.000%: $893.33
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $875.31
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 5 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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	4.63 bp	41.2 bp −$41	1111.2 bp −$11.1K	doesn't fit	doesn't fit

Injective: 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
edgeX MRNAUSDC	−0.0403%	4h	172.84	+8.962%	$3K	$244K	10x	as long as short
BloFin MRNA-USDT	−0.0022%	8h	172.97	+9.047%	$44K	$29K	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.60	+8.814%	$1.1M	$2.6M	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.71	+8.885%	$29K	$81K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.74	+8.903%	$2.2M	$11.3M	20x	as long as short
Bybit MRNAUSDTshort	0.0000%	8h	172.79	+8.933%	$935K	$1.0M	25x
OKX MRNA-USDT-SWAP	0.0000%	8h	172.86	+8.977%	$1.4M	$4.9M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.81	+8.946%	$880K	$1.1M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.71	+8.883%	$2.6M	$10.4M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	172.84	+8.964%	$49K	$98K	—	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MRNA_USDT_Perp	0.0000%	8h	172.82	+8.955%	$33	$169K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.75	+8.906%	$12K	$430K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	172.76	+8.914%	$1.6M	$637K	20x	as long as short
Injective MRNA/USDC PERPlong	+0.0033%	1h	158.62	long leg	$18K	$8K	12x
Arcus MRNA-USD	+0.0040%	1h	172.67	+8.858%	$2K	$65K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.71	+8.883%	$43K	$39K	5x	as long as short
tradeXYZ xyz:MRNA	+0.0074%	1h	172.58	+8.801%	$2.6M	$4.2M	10x	as long as short
Extended MRNA-USD	+0.0080%	1h	172.67	+8.859%	$32K	$32K	10x	as long as short
Lighter MRNA	+0.0200%	1h	172.77	+8.921%	$124K	$1.0M	10x	as long as short
SoDEX MRNA-USD	+0.0247%	1h	172.70	+8.877%	$40K	$75K	10x	as long as short
Phoenix MRNA	+0.0324%	1h	172.78	+8.927%	$5K	$192K	10x	as long as short