Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.029%

Price spread now: QFEX against Binance−0.063%7-day average −0.186% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$390.394% of the position

Long on Binance Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.029%−$3 on $10k

Price spread, last 7 days−0.036%−$4 · spread now −0.063%, 7d avg −0.186%

Together, before fees−0.065%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.123% dearer against Binance than usual: you sell high and buy low (spread −0.063% now, against its 7-day average of −0.186%): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MRNAUSDT	173.99	0.0051	pay 0.0051% / 8h	5h 09m	$2.2M	$11.3M	20x
Short	QFEX MRNA-USD	173.88	0	get 0.0000% / 1h	9m 22s	$1.1M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$10.74
Price spread: −0.063% → −0.186%: $12.33
Slippage, 4 orders: −$19.44
Fee Binance: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$37.85
Costs to cover: 0.394%
Break-even: never at this rate

Slippage from Binance: live order book, 16 min ago; QFEX: live order book, 3 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, 16 min ago	2.01 bp	11.3 bp −$11	51.0 bp −$510	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	1.44 bp	6.4 bp −$6	13.1 bp −$131	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	173.90	−0.053%	$28K	$82K	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	174.01	+0.012%	$945K	$658K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	173.84	−0.086%	$1.3M	$5.3M	20x	as long as short
QFEX MRNA-USDshort	0.0000%	1h	173.88	−0.063%	$1.1M	$2.7M	10x
Gate MRNA_USDT	0.0000%	8h	173.90	−0.051%	$869K	$1.0M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.76	−0.132%	$2.7M	$10.5M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	173.96	−0.016%	$49K	$89K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.99	+0.002%	$623	$148K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	173.81	−0.102%	$13K	$434K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	173.99	+0.001%	$1.6M	$642K	20x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.833%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	173.81	−0.103%	$2K	$63K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.71	−0.160%	$43K	$35K	5x	as long as short
Binance MRNAUSDTlong	+0.0051%	8h	173.99	long leg	$2.2M	$11.3M	20x
BloFin MRNA-USDT	+0.0063%	8h	173.89	−0.057%	$45K	$29K	20x	as long as short
Extended MRNA-USD	+0.0112%	1h	173.81	−0.104%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0113%	1h	173.82	−0.097%	$2.6M	$4.4M	10x	as long as short
Phoenix MRNA	+0.0185%	1h	173.88	−0.063%	$5K	$189K	10x	as long as short
SoDEX MRNA-USD	+0.0353%	1h	173.91	−0.045%	$40K	$56K	10x	as long as short
edgeX MRNAUSDC	+0.0648%	4h	173.99	−0.001%	$3K	$244K	10x	as long as short
Lighter MRNA	+0.1336%	1h	173.97	−0.011%	$104K	$1.1M	10x	as long as short