Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.012%

Price spread now: Phemex against Arcus+0.076%7-day average — · you sell dearer than you buy

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

Long on Arcus Short on Phemex

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. Phemex is 0.076% dearer against Arcus than usual: you sell high and buy low (spread +0.076% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MRNA-USD	172.16	0.0040	pay 0.0005% / 1h	27m 02s	$2K	$65K	10x
Short	Phemex MRNAUSDT	172.29	0	get 0.0000% / 8h	2h 27m	$1.6M	$653K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Arcus. 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 ArcusbpFee PhemexbpOrdersPrice spread, now +0.076%Rate

Funding earned: −$8.46
Price spread: +0.076% → 0.000%: $7.55
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$17.41
Costs to cover: 0.165%
Break-even: never at this rate

Slippage unknown: Arcus: no order-book sample; Phemex: live order book, 1 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 Arcus no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	2.61 bp	42.4 bp −$42	doesn't fit	doesn't fit	doesn't fit

Arcus: 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	−0.1192%	1h	172.43	+0.157%	$156K	$1.2M	10x	as long as short
edgeX MRNAUSDC	−0.0570%	4h	172.28	+0.069%	$3K	$247K	10x	as long as short
BloFin MRNA-USDT	−0.0004%	8h	172.16	0.000%	$45K	$29K	20x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.09	−0.042%	$26K	$83K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.19	+0.015%	$2.1M	$11.4M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.17	+0.006%	$936K	$620K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.13	−0.017%	$1.3M	$5.3M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.36	+0.116%	$861K	$999K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.20	+0.023%	$2.6M	$10.5M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	172.49	+0.191%	$55K	$96K	—	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	172.33	+0.097%	$546	$147K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.19	+0.019%	$14K	$431K	20x	as long as short
Phemex MRNAUSDTshort	0.0000%	8h	172.29	+0.076%	$1.6M	$653K	20x
QFEX MRNA-USD	0.0000%	1h	172.01	−0.087%	$1.1M	$2.5M	10x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−7.865%	$18K	$8K	12x	as long as short
Arcus MRNA-USDlong	+0.0040%	1h	172.16	long leg	$2K	$65K	10x
Extended MRNA-USD	+0.0048%	1h	172.00	−0.094%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	172.01	−0.087%	$2.5M	$4.6M	10x	as long as short
SoDEX MRNA-USD	+0.0050%	1h	172.16	0.000%	$40K	$56K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.20	+0.023%	$42K	$35K	5x	as long as short
Phoenix MRNA	+0.0185%	1h	172.25	+0.052%	$5K	$191K	10x	as long as short