Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0185%/8h= +20.3% APRpaid last 24h +0.086%

Price spread now: Phoenix against Bybit−0.046%85s7-day average +0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$166as 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−$2202.197% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.540%+$54 on $10k

Price spread, last 4 days (all we have)+0.166%+$17 · spread now −0.046%, 7d avg +0.041%

Together, before fees+0.706%+$71 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.087% cheaper against Bybit than usual: you would sell low and buy high (spread −0.046% now, against its 7-day average of +0.041%). If the spread goes back, that is −$9 on $10k: about 38 hours of funding at the current rate (+$6 a day). The two prices were read 85 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	Bybit MRNAUSDT	173.96	0	get 0.0000% / 8h	5h 12m	$945K	$660K	25x
Short	Phoenix MRNA	173.88	0.0185	get 0.0023% / 1h	12m 03s	$5K	$189K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.046%Rate

Funding earned: $38.88
Price spread: −0.046% → +0.041%: −$8.74
Slippage, 4 orders: −$201.68
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$189.54
Costs to cover: 2.197%
Break-even: 41.1 days

Slippage from Bybit: live order book, 13 min ago; Phoenix: live order book, 44 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 Bybit live order book, 13 min ago	4.60 bp	94.9 bp −$95	1052.5 bp −$10.5K	doesn't fit	doesn't fit
Sell Phoenix live order book, 44 min ago	4.04 bp	24.3 bp −$24	77.2 bp −$772	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	173.85	−0.061%	$28K	$82K	20x	as long as short
Bybit MRNAUSDTlong	0.0000%	8h	173.96	long leg	$945K	$660K	25x
OKX MRNA-USDT-SWAP	0.0000%	8h	173.97	+0.006%	$1.3M	$5.3M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	173.81	−0.086%	$1.1M	$2.7M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	173.96	0.000%	$870K	$1.0M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.73	−0.132%	$2.7M	$10.5M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	174.02	+0.032%	$49K	$89K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.96	−0.003%	$623	$148K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	173.82	−0.080%	$14K	$434K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	173.99	+0.017%	$1.6M	$641K	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	−8.818%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	173.80	−0.092%	$2K	$64K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.85	−0.063%	$43K	$35K	5x	as long as short
Binance MRNAUSDT	+0.0054%	8h	174.00	+0.023%	$2.2M	$11.3M	20x	as long as short
BloFin MRNA-USDT	+0.0055%	8h	174.02	+0.034%	$45K	$29K	20x	as long as short
tradeXYZ xyz:MRNA	+0.0118%	1h	173.84	−0.069%	$2.6M	$4.4M	10x	as long as short
Extended MRNA-USD	+0.0120%	1h	173.83	−0.077%	$32K	$32K	10x	as long as short
Phoenix MRNAshort	+0.0185%	1h	173.88	−0.046%	$5K	$189K	10x
SoDEX MRNA-USD	+0.0358%	1h	173.96	0.000%	$40K	$56K	10x	as long as short
edgeX MRNAUSDC	+0.0833%	4h	173.98	+0.014%	$3K	$246K	10x	as long as short
Lighter MRNA	+0.1392%	1h	173.98	+0.011%	$104K	$1.1M	10x	as long as short