Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0048%/8h= +5.3% APRpaid last 24h +0.042%

Price spread now: Extended against Phemex−0.067%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 Extended

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Funding pays, the price is against you. Extended is 0.067% cheaper against Phemex than usual: you would sell low and buy high (spread −0.067% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 4.7 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	172.21	0	get 0.0000% / 8h	6h 42m	$1.6M	$649K	20x
Short	Extended MRNA-USD	172.09	0.0048	get 0.0006% / 1h	42m 00s	$32K	$32K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.067%Rate

Funding earned: $10.08
Price spread: −0.067% → 0.000%: −$6.73
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$13.65
Costs to cover: 0.170%
Break-even: 16.5 days

Slippage unknown: Phemex: live order book, 1 min ago; Extended: 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	4.06 bp	42.0 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Extended no order-book sample	—	—	—	—	—

Extended: 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
Lighter MRNA	−0.0704%	1h	172.27	+0.035%	$109K	$1.1M	10x	as long as short
edgeX MRNAUSDC	−0.0121%	4h	172.37	+0.095%	$3K	$246K	10x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.16	−0.029%	$1.2M	$2.7M	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.14	−0.039%	$28K	$81K	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.18	−0.017%	$934K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.09	−0.070%	$1.3M	$5.2M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.21	0.000%	$862K	$1.0M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.09	−0.070%	$2.6M	$10.6M	20x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.08	−0.075%	$12K	$429K	20x	as long as short
Phemex MRNAUSDTlong	0.0000%	8h	172.21	long leg	$1.6M	$649K	20x

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	−7.892%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.24	+0.017%	$2K	$65K	10x	as long as short
Extended MRNA-USDshort	+0.0048%	1h	172.09	−0.067%	$32K	$32K	10x
tradeXYZ xyz:MRNA	+0.0050%	1h	172.09	−0.070%	$2.6M	$4.4M	10x	as long as short
SoDEX MRNA-USD	+0.0050%	1h	172.17	−0.023%	$40K	$66K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.20	−0.006%	$43K	$39K	5x	as long as short
GRVT MRNA_USDT_Perp	+0.0057%	8h	172.26	+0.027%	$224	$154K	10x	as long as short
Variational Omni MRNA	+0.0099%	8h	172.39	+0.104%	$49K	$89K	—	as long as short
Binance MRNAUSDT	+0.0124%	8h	172.16	−0.029%	$2.1M	$11.5M	20x	as long as short
BloFin MRNA-USDT	+0.0133%	8h	172.49	+0.163%	$45K	$29K	20x	as long as short
Phoenix MRNA	+0.0279%	1h	172.32	+0.064%	$5K	$193K	10x	as long as short