Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0231%/8h= +25.3% APRpaid last 24h +0.056%

Price spread now: Phoenix against Bitget−0.029%69s7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as 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−$640.643% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.477%+$48 on $10k

Price spread, last 3 days (all we have)+0.051%+$5 · spread now −0.029%, 7d avg +0.023%

Together, before fees+0.528%+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.052% cheaper against Bitget than usual: you would sell low and buy high (spread −0.029% now, against its 7-day average of +0.023%). If the spread goes back, that is −$5 on $10k: about 18 hours of funding at the current rate (+$7 a day). The two prices were read 69 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	Bitget MRNAUSDT	172.94	0	get 0.0000% / 8h	3h 30m	$2.7M	$10.3M	20x
Short	Phoenix MRNA	172.89	0.0231	get 0.0029% / 1h	30m 20s	$5K	$191K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now −0.029%Rate

Funding earned: $48.55
Price spread: −0.029% → +0.023%: −$5.21
Slippage, 4 orders: −$45.33
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$20.99
Costs to cover: 0.643%
Break-even: 10.0 days

Slippage from Bitget: live order book, 4 min ago; Phoenix: live order book, 13 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 Bitget live order book, 4 min ago	2.03 bp	14.4 bp −$14	22.0 bp −$220	doesn't fit	doesn't fit
Sell Phoenix live order book, 13 min ago	3.48 bp	20.8 bp −$21	64.8 bp −$648	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
BloFin MRNA-USDT	−0.0024%	8h	172.90	−0.023%	$44K	$28K	20x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.94	−0.001%	$30K	$80K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	173.07	+0.075%	$2.2M	$11.0M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.91	−0.017%	$937K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.97	+0.017%	$1.4M	$4.9M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.88	−0.035%	$1.1M	$2.5M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.91	−0.017%	$882K	$1.1M	20x	as long as short
Bitget MRNAUSDTlong	0.0000%	8h	172.94	long leg	$2.7M	$10.3M	20x
Variational Omni MRNA	0.0000%	8h	172.90	−0.022%	$35K	$70K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	172.86	−0.046%	$50	$171K	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	173.00	+0.036%	$12K	$427K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	173.03	+0.052%	$1.6M	$615K	20x	as long as short
Lighter MRNA	+0.0032%	1h	172.97	+0.017%	$126K	$1.0M	10x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.280%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.82	−0.069%	$2K	$65K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	172.89	−0.030%	$47K	$16K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	172.91	−0.017%	$2.6M	$4.1M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.94	0.000%	$42K	$38K	5x	as long as short
SoDEX MRNA-USD	+0.0161%	1h	172.99	+0.029%	$73	$55K	10x	as long as short
Phoenix MRNAshort	+0.0231%	1h	172.89	−0.029%	$5K	$191K	10x
edgeX MRNAUSDC	+0.0799%	4h	172.90	−0.023%	$3K	$241K	10x	as long as short