Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0230%/8h= +25.2% APRpaid last 24h +0.068%

Price spread now: Phoenix against Gate+0.121%77s7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as 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−$880.877% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.443%+$44 on $10k

Price spread, last 4 days (all we have)−0.085%−$8 · spread now +0.121%, 7d avg +0.053%

Together, before fees+0.359%+$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.068% dearer against Gate than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.053%. The two prices were read 77 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	Gate MRNA_USDT	173.57	0	get 0.0000% / 8h	4h 12m	$868K	$1.0M	20x
Short	Phoenix MRNA	173.78	0.0230	get 0.0029% / 1h	12m 09s	$5K	$191K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.121%Rate

Funding earned: $48.36
Price spread: +0.121% → +0.053%: $6.77
Slippage, 4 orders: −$65.7
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$32.58
Costs to cover: 0.877%
Break-even: 11.7 days

Slippage from Gate: live order book, 5 min ago; Phoenix: live order book, 39 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 Gate live order book, 5 min ago	12.95 bp	20.7 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 39 min ago	4.03 bp	24.3 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
edgeX MRNAUSDC	−0.0750%	4h	173.77	+0.114%	$3K	$247K	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	173.51	−0.034%	$28K	$82K	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	173.64	+0.040%	$946K	$615K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	173.37	−0.115%	$1.3M	$5.2M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	173.47	−0.058%	$1.1M	$2.6M	10x	as long as short
Gate MRNA_USDTlong	0.0000%	8h	173.57	long leg	$868K	$1.0M	20x
Bitget MRNAUSDT	0.0000%	8h	173.61	+0.023%	$2.8M	$10.6M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	173.70	+0.078%	$49K	$89K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.81	+0.138%	$229	$146K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	173.44	−0.074%	$14K	$431K	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	173.55	−0.012%	$1.6M	$640K	20x	as long as short
BloFin MRNA-USDT	+0.0017%	8h	173.78	+0.121%	$45K	$29K	20x	as long as short
Binance MRNAUSDT	+0.0027%	8h	173.53	−0.023%	$2.2M	$11.2M	20x	as long as short
Lighter MRNA	+0.0032%	1h	173.69	+0.069%	$157K	$1.1M	10x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.613%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	173.52	−0.029%	$2K	$63K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	173.51	−0.034%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	173.53	−0.023%	$2.7M	$4.4M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.38	−0.109%	$43K	$35K	5x	as long as short
Phoenix MRNAshort	+0.0230%	1h	173.78	+0.121%	$5K	$191K	10x
SoDEX MRNA-USD	+0.0348%	1h	173.54	−0.017%	$40K	$56K	10x	as long as short