Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0278%/8h= +30.5% APRpaid last 24h +0.069%

Price spread now: Phoenix against OKX+0.256%76s7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as 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−$950.948% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.539%+$54 on $10k

Price spread, last 4 days (all we have)−0.200%−$20 · spread now +0.256%, 7d avg +0.053%

Together, before fees+0.339%+$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phoenix is 0.203% dearer against OKX than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.053%. The two prices were read 76 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	OKX MRNA-USDT-SWAP	172.02	0	get 0.0000% / 8h	5h 52m	$1.2M	$5.5M	20x
Short	Phoenix MRNA	172.46	0.0278	get 0.0035% / 1h	52m 13s	$5K	$205K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.256%Rate

Funding earned: $58.46
Price spread: +0.256% → +0.053%: $20.28
Slippage, 4 orders: −$77.81
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$16.07
Costs to cover: 0.948%
Break-even: 8.9 days

Slippage from OKX: live order book, 4 min ago; Phoenix: live order book, 54 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 OKX live order book, 4 min ago	1.45 bp	18.0 bp −$18	114.2 bp −$1,142	doesn't fit	doesn't fit
Sell Phoenix live order book, 54 min ago	4.12 bp	24.2 bp −$24	77.2 bp −$772	doesn't fit	doesn't fit

MRNA on 21 exchanges

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	171.44	−0.337%	$26K	$81K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	171.98	−0.022%	$2.1M	$11.8M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.05	+0.017%	$930K	$621K	25x	as long as short
OKX MRNA-USDT-SWAPlong	0.0000%	8h	172.02	long leg	$1.2M	$5.5M	20x
QFEX MRNA-USD	0.0000%	1h	171.81	−0.122%	$1.1M	$2.3M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.05	+0.017%	$890K	$998K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	171.80	−0.128%	$2.6M	$11.1M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	171.98	−0.025%	$59K	$91K	—	as long as short
HTX MRNA-USDT	0.0000%	8h	172.10	+0.047%	$13K	$433K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	172.06	+0.023%	$1.5M	$679K	20x	as long as short

Show all 21 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin MRNA-USDT	+0.0011%	8h	172.47	+0.262%	$45K	$30K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−7.790%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	171.10	−0.535%	$2K	$65K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0225%	1h	172.05	+0.017%	$42K	$40K	5x	as long as short
tradeXYZ xyz:MRNA	+0.0272%	1h	171.91	−0.064%	$2.7M	$4.7M	10x	as long as short
Phoenix MRNAshort	+0.0278%	1h	172.46	+0.256%	$5K	$205K	10x
Extended MRNA-USD	+0.0288%	1h	171.86	−0.090%	$32K	$32K	10x	as long as short
GRVT MRNA_USDT_Perp	+0.0340%	8h	172.10	+0.044%	$694	$127K	10x	as long as short
Lighter MRNA	+0.0424%	1h	172.04	+0.012%	$255K	$1.5M	10x	as long as short
SoDEX MRNA-USD	+0.0647%	1h	172.04	+0.012%	$40K	$55K	10x	as long as short
edgeX MRNAUSDC	+0.0666%	4h	171.96	−0.038%	$3K	$255K	10x	as long as short