Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0231%/8h= +25.3% APRpaid last 24h +0.089%

Price spread now: Phoenix against OKX−0.482%7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$680.675% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.542%+$54 on $10k

Price spread, last 3 days (all we have)+0.494%+$49 · spread now −0.482%, 7d avg +0.053%

Together, before fees+1.036%+$104 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.536% cheaper against OKX than usual: you would sell low and buy high (spread −0.482% now, against its 7-day average of +0.053%). If the spread goes back, that is −$54 on $10k: about 7.7 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MRNA-USDT-SWAP	174.24	0	get 0.0000% / 8h	7h 47m	$1.4M	$5.3M	20x
Short	Phoenix MRNA	173.40	0.0231	get 0.0029% / 1h	47m 02s	$5K	$193K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.482%Rate

Funding earned: $48.54
Price spread: −0.482% → +0.053%: −$53.55
Slippage, 4 orders: −$50.52
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$72.54
Costs to cover: 0.675%
Break-even: 17.5 days

Slippage from OKX: live order book, 1 min ago; Phoenix: live order book, 20 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, 1 min ago	2.30 bp	16.3 bp −$16	123.6 bp −$1,236	doesn't fit	doesn't fit
Sell Phoenix live order book, 20 min ago	2.88 bp	19.0 bp −$19	58.0 bp −$580	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	−0.0168%	4h	173.60	−0.370%	$3K	$245K	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	173.57	−0.382%	$29K	$81K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	174.11	−0.073%	$2.2M	$11.4M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	174.22	−0.011%	$946K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAPlong	0.0000%	8h	174.24	long leg	$1.4M	$5.3M	20x
QFEX MRNA-USD	0.0000%	1h	173.92	−0.184%	$1.1M	$2.7M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	173.98	−0.149%	$877K	$1.1M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.95	−0.166%	$2.7M	$10.5M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	173.43	−0.466%	$49K	$89K	—	as long as short
HTX MRNA-USDT	0.0000%	8h	174.36	+0.068%	$12K	$428K	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	174.16	−0.046%	$1.6M	$647K	20x	as long as short
BloFin MRNA-USDT	+0.0020%	8h	173.88	−0.207%	$44K	$29K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.965%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	173.41	−0.476%	$2K	$65K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.34	−0.517%	$43K	$38K	5x	as long as short
Phoenix MRNAshort	+0.0231%	1h	173.40	−0.482%	$5K	$193K	10x
tradeXYZ xyz:MRNA	+0.0248%	1h	174.19	−0.029%	$2.6M	$4.2M	10x	as long as short
Extended MRNA-USD	+0.0264%	1h	174.02	−0.126%	$32K	$32K	10x	as long as short
GRVT MRNA_USDT_Perp	+0.0903%	8h	173.58	−0.377%	$219	$162K	10x	as long as short
SoDEX MRNA-USD	+0.1042%	1h	173.80	−0.253%	$40K	$66K	10x	as long as short
Lighter MRNA	+0.1152%	1h	173.75	−0.281%	$123K	$1.0M	10x	as long as short