Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.010%

Price spread now: Injective against Phemex−8.703%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Injective

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

Funding pays, the price is against you. Injective is 8.703% cheaper against Phemex than usual: you would sell low and buy high (spread −8.703% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$870 on $10k: about years of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MRNAUSDT	173.74	0	get 0.0000% / 8h	5h 52m	$1.6M	$647K	20x
Short	Injective MRNA/USDC PERP	158.62	0.0033	get 0.0004% / 1h	52m 26s	$18K	$8K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −8.703%Rate

Funding earned: $7
Price spread: −8.703% → 0.000%: −$870.27
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$875.29
Costs to cover: 0.120%
Break-even: 882.3 days

Slippage unknown: Phemex: live order book, 1 min ago; Injective: no order-book sample. 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 Phemex live order book, 1 min ago	2.59 bp	35.2 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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 20 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	−0.0521%	4h	173.15	−0.340%	$3K	$244K	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	173.66	−0.043%	$28K	$81K	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	173.78	+0.023%	$944K	$661K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	173.77	+0.017%	$1.3M	$5.3M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	173.56	−0.104%	$1.1M	$2.7M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	173.60	−0.081%	$865K	$1.0M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.66	−0.046%	$2.7M	$10.5M	20x	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.12	−0.357%	$312	$150K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	173.80	+0.037%	$12K	$430K	20x	as long as short
Phemex MRNAUSDTlong	0.0000%	8h	173.74	long leg	$1.6M	$647K	20x

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MRNA	+0.0027%	8h	173.27	−0.270%	$49K	$89K	—	as long as short
Injective MRNA/USDC PERPshort	+0.0033%	1h	158.62	−8.703%	$18K	$8K	12x
Arcus MRNA-USD	+0.0040%	1h	173.36	−0.219%	$2K	$64K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	173.63	−0.066%	$32K	$32K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.30	−0.253%	$43K	$35K	5x	as long as short
tradeXYZ xyz:MRNA	+0.0071%	1h	173.65	−0.052%	$2.6M	$4.4M	10x	as long as short
Binance MRNAUSDT	+0.0076%	8h	173.81	+0.040%	$2.1M	$11.2M	20x	as long as short
Phoenix MRNA	+0.0185%	1h	173.14	−0.345%	$5K	$189K	10x	as long as short
SoDEX MRNA-USD	+0.0696%	1h	173.56	−0.104%	$40K	$56K	10x	as long as short
Lighter MRNA	+0.1352%	1h	173.51	−0.132%	$104K	$1.1M	10x	as long as short