MRNA

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0279%/8h= +30.5% APRnext payment +$0.35 per $10,000 · paid last 24h +0.086%

Price spread now: Phoenix against QFEX+0.023%52s7-day average +0.269% · you sell dearer than you buy

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

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

costs, in and out, $10k−$630.629% of the position

Long on QFEX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.176%+$18 on $10k

Price spread, last 4 days (all we have)+0.379%+$38 · spread now +0.023%, 7d avg +0.269%

Together, before fees+0.555%+$55 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.245% cheaper against QFEX than usual: you would sell low and buy high (spread +0.023% now, against its 7-day average of +0.269%). If the spread goes back, that is −$25 on $10k: about 2.9 days of funding at the current rate (+$8 a day). The two prices were read 52 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	QFEX MRNA-USD	172.28	0.0000	get 0.0000% / 1h	44m 28s	$1.2M	$2.7M	10x
Short	Phoenix MRNA	172.32	0.0279	get 0.0035% / 1h	44m 28s	$5K	$193K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against QFEX. 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 QFEXbpFee PhoenixbpOrdersPrice spread, now +0.023%Rate

Funding earned: $58.56
Price spread: +0.023% → +0.269%: −$24.54
Slippage, 4 orders: −$45.87
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$28.85
Costs to cover: 0.629%
Break-even: 10.4 days

Slippage from QFEX: live order book, 3 min ago; Phoenix: live order book, 17 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 QFEX live order book, 3 min ago	1.16 bp	6.8 bp −$7	15.4 bp −$154	doesn't fit	doesn't fit
Sell Phoenix live order book, 17 min ago	4.07 bp	24.2 bp −$24	77.1 bp −$771	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	−0.0720%	1h	172.35	+0.041%	$109K	$1.1M	10x	as long as short
edgeX MRNAUSDC	−0.0121%	4h	172.37	+0.054%	$3K	$246K	10x	as long as short
QFEX MRNA-USDlong	0.0000%	1h	172.28	long leg	$1.2M	$2.7M	10x
Aster MRNAUSDT	0.0000%	8h	172.30	+0.014%	$28K	$81K	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.28	0.000%	$934K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.38	+0.058%	$1.3M	$5.2M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.25	−0.017%	$862K	$1.0M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.23	−0.029%	$2.6M	$10.6M	20x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.41	+0.078%	$12K	$428K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	172.29	+0.006%	$1.6M	$648K	20x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−7.929%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.25	−0.017%	$2K	$65K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	172.21	−0.040%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	172.23	−0.029%	$2.6M	$4.4M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.20	−0.046%	$43K	$39K	5x	as long as short
SoDEX MRNA-USD	+0.0053%	1h	172.21	−0.041%	$40K	$66K	10x	as long as short
Variational Omni MRNA	+0.0099%	8h	172.39	+0.063%	$49K	$89K	—	as long as short
GRVT MRNA_USDT_Perp	+0.0114%	8h	172.43	+0.085%	$400	$153K	10x	as long as short
Binance MRNAUSDT	+0.0127%	8h	172.38	+0.060%	$2.1M	$11.5M	20x	as long as short
BloFin MRNA-USDT	+0.0133%	8h	172.49	+0.122%	$45K	$29K	20x	as long as short
Phoenix MRNAshort	+0.0279%	1h	172.32	+0.023%	$5K	$193K	10x