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 0.000%

Price spread now: Bybit against Phemex−0.012%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$163as in the Funding arb table

Net, price: spread back to 7d avg − costs−$160as in the Price arb table

costs, in and out, $10k−$1631.629% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 3 days (all we have)−0.087%−$9 · spread now −0.012%, 7d avg −0.042%

Together, before fees−0.087%−$9 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: Bybit is 0.031% dearer against Phemex than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MRNAUSDT	173.33	0	get 0.0000% / 8h	7h 24m	$1.6M	$648K	20x
Short	Bybit MRNAUSDT	173.31	0	get 0.0000% / 8h	7h 24m	$940K	$1.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now −0.012%Rate

Funding earned: $0
Price spread: −0.012% → −0.042%: $3.07
Slippage, 4 orders: −$139.86
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$159.79
Costs to cover: 1.629%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Bybit: live order book, 1 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 Phemex live order book, 4 min ago	1.44 bp	39.5 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	6.05 bp	50.2 bp −$50	517.8 bp −$5,178	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	−0.0532%	4h	173.51	+0.102%	$3K	$244K	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	173.22	−0.062%	$29K	$81K	20x	as long as short
Bybit MRNAUSDTshort	0.0000%	8h	173.31	−0.012%	$940K	$1.0M	25x
OKX MRNA-USDT-SWAP	0.0000%	8h	173.25	−0.046%	$1.3M	$5.2M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	173.13	−0.115%	$1.1M	$2.7M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	173.31	−0.012%	$870K	$1.1M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.14	−0.110%	$2.6M	$10.5M	20x	as long as short
HTX MRNA-USDT	0.0000%	8h	173.30	−0.018%	$12K	$429K	20x	as long as short
Phemex MRNAUSDTlong	0.0000%	8h	173.33	long leg	$1.6M	$648K	20x
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.487%	$18K	$8K	12x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus MRNA-USD	+0.0040%	1h	173.41	+0.046%	$2K	$65K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	173.20	−0.076%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	173.24	−0.052%	$2.6M	$4.3M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.41	+0.046%	$43K	$40K	5x	as long as short
Variational Omni MRNA	+0.0125%	8h	173.49	+0.090%	$49K	$89K	—	as long as short
BloFin MRNA-USDT	+0.0174%	8h	173.40	+0.040%	$44K	$29K	20x	as long as short
Binance MRNAUSDT	+0.0185%	8h	173.29	−0.023%	$2.2M	$11.5M	20x	as long as short
Phoenix MRNA	+0.0231%	1h	173.59	+0.150%	$5K	$193K	10x	as long as short
SoDEX MRNA-USD	+0.1077%	1h	173.25	−0.046%	$40K	$66K	10x	as long as short
Lighter MRNA	+0.1344%	1h	173.45	+0.069%	$123K	$1.0M	10x	as long as short
GRVT MRNA_USDT_Perp	+0.2231%	8h	173.51	+0.104%	$291	$158K	10x	as long as short