Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0141%/8h= +15.5% APRpaid last 24h +0.160%

Price spread now: SoDEX against Phemex−0.046%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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 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. SoDEX is 0.046% cheaper against Phemex than usual: you would sell low and buy high (spread −0.046% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 26 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MRNAUSDT	172.81	0	get 0.0000% / 8h	15m 20s	$1.6M	$645K	20x
Short	SoDEX MRNA-USD	172.73	0.0141	get 0.0018% / 1h	15m 20s	$40K	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.046%Rate

Funding earned: $29.71
Price spread: −0.046% → 0.000%: −$4.63
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $5.08
Costs to cover: 0.200%
Break-even: 5.8 days

Slippage unknown: Phemex: live order book, 3 min ago; SoDEX: 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, 3 min ago	4.05 bp	40.1 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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
BloFin MRNA-USDT	−0.0015%	8h	172.81	0.000%	$44K	$29K	20x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.66	−0.089%	$29K	$81K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.83	+0.012%	$2.2M	$11.4M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.74	−0.041%	$933K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.75	−0.035%	$1.4M	$5.0M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.60	−0.122%	$1.1M	$2.7M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.69	−0.069%	$880K	$1.1M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.72	−0.052%	$2.6M	$10.4M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	172.80	−0.006%	$49K	$89K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	172.73	−0.046%	$579	$164K	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	172.81	0.000%	$12K	$428K	20x	as long as short
Phemex MRNAUSDTlong	0.0000%	8h	172.81	long leg	$1.6M	$645K	20x
Lighter MRNA	+0.0032%	1h	172.78	−0.017%	$124K	$1.0M	10x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.211%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.57	−0.139%	$2K	$65K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	172.65	−0.092%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	172.65	−0.093%	$2.6M	$4.2M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.77	−0.023%	$43K	$39K	5x	as long as short
SoDEX MRNA-USDshort	+0.0141%	1h	172.73	−0.046%	$40K	$66K	10x
Phoenix MRNA	+0.0232%	1h	172.71	−0.058%	$5K	$191K	10x	as long as short
edgeX MRNAUSDC	+0.0519%	4h	172.75	−0.032%	$3K	$245K	10x	as long as short