Question 1

Which exchange has the highest MRNA funding rate right now?

Accepted Answer

TxFlow shows the highest MRNA funding at +10.96% annualized. A high positive rate means shorts get paid, so this is the venue to short MRNA when running a funding-arbitrage pair. Rates change every settlement window — check the live screener for the current value.

Question 2

Which exchange is best to long MRNA for funding?

Accepted Answer

SoDEX has the lowest MRNA funding at -152.30% annualized, which makes the long leg cheapest (or paid). Pair it with the highest-funding venue to capture the spread delta-neutral.

Question 3

What is the best MRNA funding-arbitrage pair?

Accepted Answer

The widest spread is long SoDEX / short TxFlow at about 163.3% APR before costs. Verify it in the ORBIT backtester, which subtracts real fees and slippage, before sizing a position.

Question 4

How often does MRNA funding settle?

Accepted Answer

MRNA funding settles on different schedules by venue (1h, 8h). Longer intervals concentrate the same annualized rate into fewer, larger payments. ORBIT normalizes every venue to a common APR so they are directly comparable.

Question 5

Is MRNA funding positive or negative?

Accepted Answer

MRNA funding is mixed across venues, ranging -152.30% to +10.96% APR — which is exactly what creates the cross-exchange arbitrage opportunity.

Question 6

What is the current MRNA perpetual swap funding rate?

Accepted Answer

The current MRNA perpetual swap funding rate ranges from -152.30% to +10.96% annualized depending on the exchange — SoDEX is lowest and TxFlow is highest right now. There is no single MRNA funding rate: every venue runs its own funding formula and order book, which is why the rate has to be read by exchange rather than as one number.

Question 7

What is the aggregated MRNA funding rate across exchanges?

Accepted Answer

Aggregated across the 26 venues ORBIT tracks, MRNA funding currently spans -152.30% to +10.96% APR, a spread of 163.3 percentage points. An aggregated average hides the part that matters for trading — the gap between the cheapest and dearest venue — so the table above lists each exchange separately.

Question 8

How do I read the MRNA 8h funding rate versus the annualized rate?

Accepted Answer

Venues that settle MRNA every 8 hours quote the per-payment rate, which is charged three times a day. Multiply an 8h rate by 3 to get the daily figure and by 1,095 to annualize it. ORBIT converts every venue — 1h, 4h and 8h alike — to a common APR so an 8h rate and a 1h rate can be compared directly.

Exchange	Funding APR↓	Interval	Open Interest↕	Mark Price↕
TxFlowBest Short	+10.96%	1h	$3K	$197.05
Crypto.com	+5.01%	1h	$1K	$197.02
Arcus	+4.16%	1h	$13K	$197.85
Lighter	+3.51%	1h	$68K	$196.74
BloFin	+1.87%	8h	$48K	$197.07
Bybit	+0.00%	8h	$819K	$197
Bitget	+0.00%	8h	$3.0M	$196.51
Gate.io	+0.00%	8h	$967K	$196.81
HTX	+0.00%	8h	$22K	$196.2695
Aster	+0.00%	8h	$33K	$197.1066
grvt	+0.00%	8h	$1K	$196.9998
Variational	+0.00%	8h	$219K	$196.901
Toobit	+0.00%	8h	$50K	$197.14
LBank	+0.00%	8h	—	$197.04
QFEX	+0.00%	1h	$581K	$197.75
Phemex	+0.00%	8h	$1.7M	$196.99
Hotcoin	-0.41%	8h	$245K	$197
Phoenix	-0.67%	1h	$6K	$197.15
Bitunix	-0.71%	8h	—	$197.09
OKX	-3.12%	8h	$1.3M	$197.16
WEEX	-10.12%	8h	$10K	$197.09
CoinW	-16.76%	8h	—	$196.42
Extended	-42.95%	1h	$8K	$196.9203
trade[XYZ]	-47.22%	1h	$1.3M	$196.83
Ondo	-47.34%	1h	$47K	$196.92
SoDEXBest Long	-152.30%	1h	$0K	$196.97

MRNA Perpetual Swap Funding Rate by Exchange

How MRNA funding actually paid this week

Funding Rates by Exchange

Funding Rates by Exchange

MRNA funding rates explained

Frequently asked questions