Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0324%/8h= −35.5% APRpaid last 24h −0.084%

Price spread now: Bybit against Phoenix−0.041%96s7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$195as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1411.411% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.541%−$54 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now −0.041%, 7d avg −0.045%

Together, before fees−0.551%−$55 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.045%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate. The two prices were read 96 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	Phoenix MRNA	172.76	0.0324	pay 0.0040% / 1h	29m 55s	$5K	$192K	10x
Short	Bybit MRNAUSDT	172.69	0	get 0.0000% / 8h	1h 29m	$934K	$1.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$68.01
Price spread: −0.041% → −0.045%: $0.42
Slippage, 4 orders: −$123.08
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$208.67
Costs to cover: 1.411%
Break-even: never at this rate

Slippage from Phoenix: live order book, 47 min ago; Bybit: live order book, 1 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, 47 min ago	2.89 bp	17.4 bp −$17	68.5 bp −$685	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	6.37 bp	67.0 bp −$67	1085.2 bp −$10.9K	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
edgeX MRNAUSDC	−0.0385%	4h	172.81	+0.029%	$3K	$244K	10x	as long as short
BloFin MRNA-USDT	−0.0019%	8h	172.93	+0.098%	$44K	$29K	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.52	−0.139%	$1.1M	$2.6M	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.80	+0.023%	$29K	$81K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.68	−0.046%	$2.2M	$11.3M	20x	as long as short
Bybit MRNAUSDTshort	0.0000%	8h	172.69	−0.041%	$934K	$1.0M	25x
OKX MRNA-USDT-SWAP	0.0000%	8h	172.59	−0.098%	$1.4M	$4.9M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.65	−0.064%	$879K	$1.1M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.51	−0.145%	$2.6M	$10.4M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	172.77	+0.008%	$49K	$98K	—	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MRNA_USDT_Perp	0.0000%	8h	173.02	+0.150%	$16	$169K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.55	−0.119%	$12K	$430K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	172.69	−0.041%	$1.6M	$641K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.185%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.53	−0.133%	$2K	$65K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.80	+0.023%	$43K	$39K	5x	as long as short
tradeXYZ xyz:MRNA	+0.0069%	1h	172.62	−0.081%	$2.6M	$4.2M	10x	as long as short
Extended MRNA-USD	+0.0088%	1h	172.58	−0.105%	$32K	$32K	10x	as long as short
Lighter MRNA	+0.0224%	1h	172.66	−0.058%	$124K	$1.0M	10x	as long as short
SoDEX MRNA-USD	+0.0284%	1h	172.56	−0.116%	$40K	$75K	10x	as long as short
Phoenix MRNAlong	+0.0324%	1h	172.76	long leg	$5K	$192K	10x