Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.026%

Price spread now: Bitget against Phemex−0.087%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$1101.100% of the position

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 3 days (all we have)+0.012%+$1 · spread now −0.087%, 7d avg −0.022%

Together, before fees+0.080%+$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.065% cheaper against Phemex than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MRNAUSDT	172.60	0	get 0.0000% / 8h	6h 22m	$1.6M	$648K	20x
Short	Bitget MRNAUSDT	172.45	0	get 0.0000% / 8h	6h 22m	$2.6M	$10.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.087%Rate

Funding earned: $0
Price spread: −0.087% → −0.022%: −$6.51
Slippage, 4 orders: −$86
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$116.51
Costs to cover: 1.100%
Break-even: never at this rate

Slippage from Phemex: live order book, 1 min ago; Bitget: live order book, 1 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 Phemex live order book, 1 min ago	4.35 bp	39.3 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	3.19 bp	16.4 bp −$16	42.5 bp −$425	doesn't fit	doesn't fit

MRNA on 20 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
Lighter MRNA	−0.0728%	1h	172.34	−0.151%	$103K	$1.1M	10x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.24	−0.209%	$1.1M	$2.7M	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.45	−0.090%	$28K	$81K	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.57	−0.017%	$935K	$741K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.55	−0.029%	$1.3M	$5.3M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.39	−0.122%	$862K	$1.0M	20x	as long as short
Bitget MRNAUSDTshort	0.0000%	8h	172.45	−0.087%	$2.6M	$10.6M	20x
GRVT MRNA_USDT_Perp	0.0000%	8h	172.26	−0.199%	$233	$152K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.77	+0.100%	$12K	$428K	20x	as long as short
Phemex MRNAUSDTlong	0.0000%	8h	172.60	long leg	$1.6M	$648K	20x

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.100%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.12	−0.278%	$2K	$64K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	172.42	−0.103%	$31K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	172.58	−0.012%	$2.6M	$4.4M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.22	−0.220%	$42K	$36K	5x	as long as short
SoDEX MRNA-USD	+0.0062%	1h	172.45	−0.087%	$40K	$56K	10x	as long as short
Variational Omni MRNA	+0.0068%	8h	172.21	−0.228%	$49K	$89K	—	as long as short
Binance MRNAUSDT	+0.0102%	8h	172.55	−0.027%	$2.1M	$11.4M	20x	as long as short
edgeX MRNAUSDC	+0.0241%	4h	172.01	−0.342%	$3K	$245K	10x	as long as short
Phoenix MRNA	+0.0279%	1h	172.27	−0.191%	$5K	$193K	10x	as long as short