Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h 0.000%

Price spread now: QFEX against Phemex−0.087%7-day average −0.257% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$960.964% of the position

Long on Phemex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.049%−$5 · spread now −0.087%, 7d avg −0.257%

Together, before fees−0.049%−$5 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: QFEX is 0.170% dearer against Phemex than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.257%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MRNAUSDT	172.72	0	get 0.0000% / 8h	13m 01s	$1.6M	$636K	20x
Short	QFEX MRNA-USD	172.57	0.0001	get 0.0000% / 1h	13m 01s	$1.1M	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.087%Rate

Funding earned: $0.2
Price spread: −0.087% → −0.257%: $17.03
Slippage, 4 orders: −$74.41
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$79.18
Costs to cover: 0.964%
Break-even: 2756.3 days

Slippage from Phemex: live order book, 5 min ago; QFEX: live order book, 5 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, 5 min ago	2.32 bp	41.2 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	2.03 bp	9.2 bp −$9	15.1 bp −$151	doesn't fit	doesn't fit

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	−0.0056%	1h	172.92	+0.116%	$155K	$1.2M	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.62	−0.059%	$26K	$82K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.71	−0.008%	$2.1M	$11.2M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.70	−0.012%	$938K	$600K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.62	−0.058%	$1.3M	$5.4M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.71	−0.006%	$881K	$984K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.65	−0.041%	$2.6M	$10.5M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	172.73	+0.005%	$57K	$92K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	172.69	−0.020%	$97	$142K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.78	+0.036%	$14K	$431K	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	172.72	long leg	$1.6M	$636K	20x
QFEX MRNA-USDshort	+0.0001%	1h	172.57	−0.087%	$1.1M	$2.5M	10x
BloFin MRNA-USDT	+0.0007%	8h	172.76	+0.023%	$45K	$29K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.164%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.58	−0.081%	$2K	$65K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.57	−0.087%	$43K	$35K	5x	as long as short
tradeXYZ xyz:MRNA	+0.0082%	1h	172.64	−0.046%	$2.5M	$4.3M	10x	as long as short
Extended MRNA-USD	+0.0088%	1h	172.63	−0.052%	$32K	$32K	10x	as long as short
SoDEX MRNA-USD	+0.0097%	1h	172.65	−0.041%	$40K	$55K	10x	as long as short
edgeX MRNAUSDC	+0.0153%	4h	172.62	−0.058%	$3K	$251K	10x	as long as short
Phoenix MRNA	+0.0230%	1h	172.70	−0.012%	$5K	$191K	10x	as long as short