Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.012%

Price spread now: Arcus against Phemex−0.063%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Arcus is 0.063% cheaper against Phemex than usual: you would sell low and buy high (spread −0.063% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 5.2 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MRNAUSDT	174.29	0	get 0.0000% / 8h	3h 22m	$1.6M	$644K	20x
Short	Arcus MRNA-USD	174.18	0.0040	get 0.0005% / 1h	22m 13s	$1K	$64K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Phemex. 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 PhemexbpFee ArcusbpOrdersPrice spread, now −0.063%Rate

Funding earned: $8.46
Price spread: −0.063% → 0.000%: −$6.31
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$14.35
Costs to cover: 0.165%
Break-even: 18.9 days

Slippage unknown: Phemex: live order book, 1 min ago; Arcus: no order-book sample. Net counts fees only.

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 Phemex live order book, 1 min ago	8.32 bp	47.1 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Arcus no order-book sample	—	—	—	—	—

Arcus: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
edgeX MRNAUSDC	−0.0809%	4h	174.50	+0.118%	$3K	$246K	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	174.05	−0.139%	$28K	$82K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	174.14	−0.085%	$2.2M	$11.3M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	174.19	−0.057%	$950K	$615K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	174.12	−0.098%	$1.3M	$5.3M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	174.14	−0.086%	$1.1M	$2.6M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	174.29	0.000%	$871K	$997K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	174.19	−0.057%	$2.8M	$10.4M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	174.43	+0.082%	$56K	$96K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	174.49	+0.115%	$661	$149K	10x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MRNA-USDT	0.0000%	8h	174.15	−0.079%	$14K	$430K	20x	as long as short
Phemex MRNAUSDTlong	0.0000%	8h	174.29	long leg	$1.6M	$644K	20x
BloFin MRNA-USDT	+0.0011%	8h	174.43	+0.080%	$45K	$29K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.991%	$18K	$8K	12x	as long as short
Arcus MRNA-USDshort	+0.0040%	1h	174.18	−0.063%	$1K	$64K	10x
Extended MRNA-USD	+0.0048%	1h	174.09	−0.113%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	174.11	−0.103%	$2.7M	$4.5M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	174.17	−0.069%	$43K	$35K	5x	as long as short
SoDEX MRNA-USD	+0.0223%	1h	174.19	−0.057%	$40K	$56K	10x	as long as short
Phoenix MRNA	+0.0277%	1h	174.47	+0.103%	$5K	$191K	10x	as long as short
Lighter MRNA	+0.0760%	1h	174.46	+0.098%	$158K	$1.1M	10x	as long as short