Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.010%

Price spread now: Phemex against Injective+8.795%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 8.795% dearer against Injective than usual: you sell high and buy low (spread +8.795% now, against zero (this spread has no 7-day history yet)): +$879 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about years.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MRNA/USDC PERP	158.62	0.0033	pay 0.0004% / 1h	9m 12s	$18K	$8K	12x
Short	Phemex MRNAUSDT	172.57	0	get 0.0000% / 8h	9m 12s	$1.6M	$636K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now +8.795%Rate

Funding earned: −$7
Price spread: +8.795% → 0.000%: $879.46
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: $860.44
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 4 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	5.79 bp	37.4 bp −$37	doesn't fit	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0088%	1h	172.82	+8.952%	$155K	$1.2M	10x	as long as short
BloFin MRNA-USDT	−0.0003%	8h	172.51	+8.757%	$45K	$29K	20x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.58	+8.799%	$26K	$82K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.57	+8.792%	$2.1M	$11.2M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.67	+8.858%	$938K	$600K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.53	+8.769%	$1.3M	$5.4M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.63	+8.832%	$881K	$984K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.51	+8.757%	$2.6M	$10.5M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	172.54	+8.778%	$57K	$92K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	172.61	+8.820%	$91	$142K	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	172.59	+8.810%	$14K	$430K	20x	as long as short
Phemex MRNAUSDTshort	0.0000%	8h	172.57	+8.795%	$1.6M	$636K	20x
QFEX MRNA-USD	+0.0001%	1h	172.51	+8.757%	$1.1M	$2.5M	10x	as long as short
Injective MRNA/USDC PERPlong	+0.0033%	1h	158.62	long leg	$18K	$8K	12x
Arcus MRNA-USD	+0.0040%	1h	172.53	+8.769%	$2K	$65K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.34	+8.650%	$43K	$35K	5x	as long as short
SoDEX MRNA-USD	+0.0052%	1h	172.53	+8.769%	$40K	$55K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0071%	1h	172.51	+8.757%	$2.5M	$4.3M	10x	as long as short
Extended MRNA-USD	+0.0072%	1h	172.50	+8.751%	$32K	$32K	10x	as long as short
Phoenix MRNA	+0.0230%	1h	172.54	+8.776%	$5K	$191K	10x	as long as short
edgeX MRNAUSDC	+0.0374%	4h	172.54	+8.778%	$3K	$250K	10x	as long as short