Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0145%/8h= −15.9% APRpaid last 24h −0.057%

Price spread now: Binance against Phoenix−0.017%85s7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$126as 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−$750.754% 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)+0.093%+$9 · spread now −0.017%, 7d avg +0.002%

Together, before fees−0.417%−$42 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.002%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. The two prices were read 85 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	173.93	0.0185	pay 0.0023% / 1h	2m 06s	$5K	$189K	10x
Short	Binance MRNAUSDT	173.90	0.0040	get 0.0040% / 8h	5h 02m	$2.2M	$11.3M	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 −0.017%Rate

Funding earned: −$30.48
Price spread: −0.017% → +0.002%: −$1.87
Slippage, 4 orders: −$58.38
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$107.73
Costs to cover: 0.754%
Break-even: never at this rate

Slippage from Phoenix: live order book, 54 min ago; Binance: live order book, 8 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	4.04 bp	22.0 bp −$22	91.5 bp −$915	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	1.44 bp	15.0 bp −$15	38.2 bp −$382	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
Aster MRNAUSDT	0.0000%	8h	173.77	−0.091%	$28K	$82K	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	173.87	−0.034%	$944K	$658K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	173.77	−0.092%	$1.3M	$5.3M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	173.76	−0.098%	$1.1M	$2.7M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	173.86	−0.040%	$869K	$1.0M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.69	−0.138%	$2.7M	$10.5M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	173.96	+0.015%	$49K	$89K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.99	+0.037%	$592	$148K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	173.39	−0.312%	$13K	$433K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	173.95	+0.011%	$1.6M	$641K	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	−8.802%	$18K	$8K	12x	as long as short
Binance MRNAUSDTshort	+0.0040%	8h	173.90	−0.017%	$2.2M	$11.3M	20x
Arcus MRNA-USD	+0.0040%	1h	173.79	−0.080%	$2K	$63K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.60	−0.190%	$43K	$35K	5x	as long as short
BloFin MRNA-USDT	+0.0069%	8h	173.88	−0.029%	$45K	$29K	20x	as long as short
Extended MRNA-USD	+0.0088%	1h	173.71	−0.128%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0088%	1h	173.72	−0.121%	$2.6M	$4.4M	10x	as long as short
Phoenix MRNAlong	+0.0185%	1h	173.93	long leg	$5K	$189K	10x
SoDEX MRNA-USD	+0.0303%	1h	173.88	−0.029%	$40K	$56K	10x	as long as short
edgeX MRNAUSDC	+0.0597%	4h	173.96	+0.019%	$3K	$245K	10x	as long as short
Lighter MRNA	+0.1232%	1h	173.93	0.000%	$104K	$1.1M	10x	as long as short