Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.026%

Price spread now: Phemex against Bitget+0.121%46s7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$121as 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−$1141.145% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 4 days (all we have)+0.185%+$18 · spread now +0.121%, 7d avg +0.025%

Together, before fees+0.116%+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.096% dearer against Bitget than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.025%. The two prices were read 46 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	173.71	0	get 0.0000% / 8h	5h 26m	$2.7M	$10.6M	20x
Short	Phemex MRNAUSDT	173.92	0	get 0.0000% / 8h	5h 26m	$1.6M	$640K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.121%Rate

Funding earned: $0
Price spread: +0.121% → +0.025%: $9.64
Slippage, 4 orders: −$90.47
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$104.84
Costs to cover: 1.145%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Phemex: live order book, 2 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, 2 min ago	4.61 bp	15.4 bp −$15	30.4 bp −$304	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.16 bp	43.9 bp −$44	doesn't fit	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	−0.0039%	4h	173.86	+0.087%	$3K	$244K	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	173.76	+0.026%	$28K	$81K	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	173.86	+0.086%	$944K	$662K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	173.77	+0.035%	$1.3M	$5.3M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	173.79	+0.046%	$1.1M	$2.7M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	173.89	+0.104%	$869K	$1.0M	20x	as long as short
Bitget MRNAUSDTlong	0.0000%	8h	173.71	long leg	$2.7M	$10.6M	20x
GRVT MRNA_USDT_Perp	0.0000%	8h	173.92	+0.121%	$296	$148K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	173.78	+0.041%	$14K	$434K	20x	as long as short
Phemex MRNAUSDTshort	0.0000%	8h	173.92	+0.121%	$1.6M	$640K	20x

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MRNA	+0.0001%	8h	173.85	+0.080%	$49K	$89K	—	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.687%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	173.73	+0.012%	$2K	$64K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.77	+0.035%	$43K	$35K	5x	as long as short
Binance MRNAUSDT	+0.0060%	8h	173.89	+0.104%	$2.2M	$11.2M	20x	as long as short
BloFin MRNA-USDT	+0.0064%	8h	173.83	+0.069%	$45K	$29K	20x	as long as short
tradeXYZ xyz:MRNA	+0.0087%	1h	173.79	+0.046%	$2.6M	$4.4M	10x	as long as short
Extended MRNA-USD	+0.0088%	1h	173.77	+0.032%	$32K	$32K	10x	as long as short
Phoenix MRNA	+0.0185%	1h	173.92	+0.121%	$5K	$189K	10x	as long as short
SoDEX MRNA-USD	+0.0372%	1h	173.83	+0.069%	$40K	$56K	10x	as long as short
Lighter MRNA	+0.1640%	1h	173.93	+0.127%	$104K	$1.1M	10x	as long as short