Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.010%

Price spread now: Injective against Phemex−8.323%55s7-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 Injective

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. Injective is 8.323% cheaper against Phemex than usual: you would sell low and buy high (spread −8.323% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$832 on $10k: about years of funding at the current rate (+$1 a day). The two prices were read 55 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	Phemex MRNAUSDT	173.02	0	get 0.0000% / 8h	2h 01m	$1.6M	$637K	20x
Short	Injective MRNA/USDC PERP	158.62	0.0033	get 0.0004% / 1h	1m 20s	$18K	$8K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −8.323%Rate

Funding earned: $7
Price spread: −8.323% → 0.000%: −$832.27
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$837.29
Costs to cover: 0.120%
Break-even: 844.3 days

Slippage unknown: Phemex: live order book, 2 min ago; Injective: 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, 2 min ago	3.47 bp	38.8 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Aster MRNAUSDT	0.0000%	8h	172.98	−0.025%	$29K	$81K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.96	−0.034%	$2.2M	$11.3M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.99	−0.017%	$936K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.96	−0.035%	$1.4M	$4.9M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.70	−0.185%	$1.1M	$2.6M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.88	−0.081%	$882K	$1.1M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.78	−0.139%	$2.6M	$10.4M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	172.92	−0.059%	$30K	$79K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.02	+0.001%	$3	$172K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	173.11	+0.053%	$12K	$429K	20x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex MRNAUSDTlong	0.0000%	8h	173.02	long leg	$1.6M	$637K	20x
BloFin MRNA-USDT	+0.0017%	8h	173.08	+0.035%	$44K	$29K	20x	as long as short
Injective MRNA/USDC PERPshort	+0.0033%	1h	158.62	−8.323%	$18K	$8K	12x
Arcus MRNA-USD	+0.0040%	1h	172.78	−0.139%	$2K	$65K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.74	−0.162%	$43K	$39K	5x	as long as short
edgeX MRNAUSDC	+0.0111%	4h	173.04	+0.010%	$3K	$243K	10x	as long as short
Lighter MRNA	+0.0112%	1h	172.94	−0.046%	$125K	$1.0M	10x	as long as short
Extended MRNA-USD	+0.0152%	1h	172.80	−0.127%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0157%	1h	172.79	−0.133%	$2.6M	$4.2M	10x	as long as short
Phoenix MRNA	+0.0185%	1h	172.73	−0.168%	$5K	$192K	10x	as long as short
SoDEX MRNA-USD	+0.0433%	1h	172.88	−0.081%	$40K	$75K	10x	as long as short