Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.089%

Price spread now: Lighter against OKX−0.035%7-day average +0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$440.445% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.323%+$32 on $10k

Price spread, last 4 days (all we have)+0.086%+$9 · spread now −0.035%, 7d avg +0.073%

Together, before fees+0.409%+ Points / potential airdropLighter: Season 3 · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.108% cheaper against OKX than usual: you would sell low and buy high (spread −0.035% now, against its 7-day average of +0.073%). If the spread goes back, that is −$11 on $10k: about 11 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.323% in total) that is about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MRNA-USDT-SWAP	172.89	0	get 0.0000% / 8h	12m 23s	$1.4M	$5.0M	20x
Short	Lighter MRNA	172.83	0.0032	get 0.0004% / 1h	12m 23s	$124K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.035%Rate

Funding earned: $6.72
Price spread: −0.035% → +0.073%: −$10.77
Slippage, 4 orders: −$34.46
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$48.51
Costs to cover: 0.445%
Break-even: 57.5 days

Slippage from OKX: live order book, 5 min ago; Lighter: live order book, 3 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 OKX live order book, 5 min ago	2.61 bp	18.7 bp −$19	162.0 bp −$1,620	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	2.03 bp	7.7 bp −$8	27.8 bp −$278	183.2 bp −$18.3K	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	−0.0034%	4h	172.80	−0.051%	$3K	$245K	10x	as long as short
BloFin MRNA-USDT	−0.0021%	8h	172.79	−0.058%	$44K	$29K	20x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.71	−0.105%	$29K	$81K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.87	−0.013%	$2.2M	$11.4M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.74	−0.087%	$933K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAPlong	0.0000%	8h	172.89	long leg	$1.4M	$5.0M	20x
QFEX MRNA-USD	0.0000%	1h	172.61	−0.162%	$1.1M	$2.7M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.73	−0.093%	$880K	$1.1M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.75	−0.081%	$2.6M	$10.4M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	172.80	−0.052%	$49K	$89K	—	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MRNA_USDT_Perp	0.0000%	8h	172.73	−0.093%	$579	$164K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.83	−0.036%	$12K	$428K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	172.82	−0.040%	$1.6M	$645K	20x	as long as short
Lighter MRNAshort	+0.0032%	1h	172.83	−0.035%	$124K	$1.0M	10x
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.254%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.64	−0.145%	$2K	$65K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	172.70	−0.109%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	172.73	−0.093%	$2.6M	$4.2M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.77	−0.069%	$43K	$39K	5x	as long as short
SoDEX MRNA-USD	+0.0141%	1h	172.78	−0.064%	$40K	$66K	10x	as long as short
Phoenix MRNA	+0.0232%	1h	172.71	−0.104%	$5K	$191K	10x	as long as short