Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0185%/8h= −20.2% APRpaid last 24h −0.052%

Price spread now: Binance against Phoenix+0.122%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$740.740% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.511%−$51 on $10k

Price spread, last 4 days (all we have)−0.103%−$10 · spread now +0.122%, 7d avg +0.001%

Together, before fees−0.613%−$61 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.121% dearer against Phoenix than usual: you sell high and buy low (spread +0.122% now, against its 7-day average of +0.001%): +$12 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MRNA	172.83	0.0185	pay 0.0023% / 1h	52m 45s	$5K	$191K	10x
Short	Binance MRNAUSDT	173.04	0	get 0.0000% / 8h	2h 52m	$2.1M	$11.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now +0.122%Rate

Funding earned: −$38.79
Price spread: +0.122% → +0.001%: $12.08
Slippage, 4 orders: −$57.04
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$100.75
Costs to cover: 0.740%
Break-even: never at this rate

Slippage from Phoenix: live order book, 54 min ago; Binance: live order book, 2 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 Phoenix live order book, 54 min ago	4.01 bp	22.4 bp −$22	91.4 bp −$914	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.87 bp	16.9 bp −$17	46.4 bp −$464	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	−0.0976%	1h	173.24	+0.237%	$156K	$1.2M	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.82	−0.008%	$27K	$83K	20x	as long as short
Binance MRNAUSDTshort	0.0000%	8h	173.04	+0.122%	$2.1M	$11.4M	20x
Bybit MRNAUSDT	0.0000%	8h	173.05	+0.127%	$940K	$620K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.97	+0.081%	$1.3M	$5.3M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.89	+0.035%	$864K	$998K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.04	+0.122%	$2.7M	$10.4M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	173.02	+0.113%	$55K	$96K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.02	+0.112%	$242	$148K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.85	+0.013%	$13K	$430K	20x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex MRNAUSDT	0.0000%	8h	172.99	+0.093%	$1.6M	$650K	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.77	−0.035%	$1.1M	$2.6M	10x	as long as short
BloFin MRNA-USDT	+0.0010%	8h	173.07	+0.139%	$45K	$29K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.222%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.84	+0.006%	$2K	$65K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	172.88	+0.030%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	172.92	+0.052%	$2.6M	$4.5M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.77	−0.035%	$42K	$35K	5x	as long as short
edgeX MRNAUSDC	+0.0163%	4h	172.99	+0.092%	$3K	$247K	10x	as long as short
Phoenix MRNAlong	+0.0185%	1h	172.83	long leg	$5K	$191K	10x
SoDEX MRNA-USD	+0.0201%	1h	172.93	+0.058%	$40K	$56K	10x	as long as short