Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0185%/8h= +20.3% APRpaid last 24h +0.053%

Price spread now: Phoenix against Binance+0.058%65s7-day average −0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$590.593% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.503%+$50 on $10k

Price spread, last 2 days (all we have)−0.102%−$10 · spread now +0.058%, 7d avg −0.030%

Together, before fees+0.401%+$40 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.088% dearer against Binance than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.030%. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MRNAUSDT	172.98	0	get 0.0000% / 8h	2h 10m	$2.2M	$11.2M	20x
Short	Phoenix MRNA	173.08	0.0185	get 0.0023% / 1h	10m 18s	$5K	$192K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.058%Rate

Funding earned: $38.92
Price spread: +0.058% → −0.030%: $8.78
Slippage, 4 orders: −$42.3
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$11.61
Costs to cover: 0.593%
Break-even: 9.1 days

Slippage from Binance: live order book, 15 min ago; Phoenix: live order book, 7 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 Binance live order book, 15 min ago	1.45 bp	15.3 bp −$15	55.4 bp −$554	doesn't fit	doesn't fit
Sell Phoenix live order book, 7 min ago	2.89 bp	19.0 bp −$19	57.7 bp −$577	doesn't fit	doesn't fit

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
Aster MRNAUSDT	0.0000%	8h	172.98	+0.002%	$29K	$81K	20x	as long as short
Binance MRNAUSDTlong	0.0000%	8h	172.98	long leg	$2.2M	$11.2M	20x
Bybit MRNAUSDT	0.0000%	8h	172.99	+0.006%	$936K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.88	−0.058%	$1.4M	$4.9M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.65	−0.191%	$1.1M	$2.6M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.88	−0.058%	$882K	$1.1M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.86	−0.069%	$2.6M	$10.4M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	173.06	+0.044%	$28K	$77K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.14	+0.092%	$2	$172K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.98	−0.002%	$12K	$429K	20x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex MRNAUSDT	0.0000%	8h	172.99	+0.006%	$1.6M	$633K	20x	as long as short
BloFin MRNA-USDT	+0.0017%	8h	172.99	+0.006%	$44K	$29K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.302%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.91	−0.040%	$2K	$65K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.11	+0.075%	$43K	$39K	5x	as long as short
Lighter MRNA	+0.0096%	1h	173.04	+0.035%	$125K	$1.0M	10x	as long as short
edgeX MRNAUSDC	+0.0141%	4h	173.12	+0.080%	$3K	$243K	10x	as long as short
Extended MRNA-USD	+0.0152%	1h	172.94	−0.025%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0155%	1h	172.95	−0.017%	$2.6M	$4.2M	10x	as long as short
Phoenix MRNAshort	+0.0185%	1h	173.08	+0.058%	$5K	$192K	10x
SoDEX MRNA-USD	+0.0472%	1h	172.98	0.000%	$66	$55K	10x	as long as short