Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0328%/8h= −35.9% APRpaid last 24h −0.087%

Price spread now: Phemex against Lighter−0.058%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$890.889% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.320%−$32 on $10k

Price spread, last 3 days (all we have)+0.063%+$6 · spread now −0.058%, 7d avg −0.023%

Together, before fees−0.257%+ Points / potential airdropLighter: Season 3 · farm board−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Phemex is 0.035% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MRNA	172.18	0.0328	pay 0.0041% / 1h	5m 08s	$111K	$1.1M	10x
Short	Phemex MRNAUSDT	172.08	0	get 0.0000% / 8h	7h 05m	$1.5M	$650K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$68.88
Price spread: −0.058% → −0.023%: −$3.52
Slippage, 4 orders: −$76.87
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$161.27
Costs to cover: 0.889%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Phemex: 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 Lighter live order book, 6 min ago	2.90 bp	4.6 bp −$5	33.0 bp −$330	184.6 bp −$18.5K	doesn't fit
Sell Phemex live order book, 3 min ago	4.65 bp	35.7 bp −$36	doesn't fit	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	172.21	+0.019%	$29K	$81K	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.11	−0.041%	$934K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.07	−0.064%	$1.3M	$5.2M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	171.90	−0.163%	$1.1M	$2.7M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.06	−0.070%	$863K	$1.1M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	171.96	−0.128%	$2.6M	$10.6M	20x	as long as short
HTX MRNA-USDT	0.0000%	8h	171.96	−0.128%	$12K	$429K	20x	as long as short
Phemex MRNAUSDTshort	0.0000%	8h	172.08	−0.058%	$1.5M	$650K	20x
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−7.875%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.12	−0.035%	$2K	$65K	10x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MRNA-USD	+0.0048%	1h	171.93	−0.145%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	171.97	−0.122%	$2.7M	$4.4M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.09	−0.052%	$43K	$39K	5x	as long as short
Variational Omni MRNA	+0.0129%	8h	172.08	−0.059%	$49K	$89K	—	as long as short
Binance MRNAUSDT	+0.0177%	8h	172.10	−0.046%	$2.1M	$11.5M	20x	as long as short
BloFin MRNA-USDT	+0.0191%	8h	172.18	0.000%	$45K	$29K	20x	as long as short
Phoenix MRNA	+0.0231%	1h	172.16	−0.012%	$5K	$193K	10x	as long as short
SoDEX MRNA-USD	+0.0313%	1h	172.10	−0.046%	$40K	$66K	10x	as long as short
Lighter MRNAlong	+0.0328%	1h	172.18	long leg	$111K	$1.1M	10x
edgeX MRNAUSDC	+0.0416%	4h	172.14	−0.022%	$3K	$245K	10x	as long as short
GRVT MRNA_USDT_Perp	+0.0965%	8h	172.33	+0.087%	$219	$156K	10x	as long as short