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: OKX against Phemex+0.035%7-day average −0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$1051.048% of the position

Long on Phemex Short on OKX

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)−0.138%−$14 · spread now +0.035%, 7d avg −0.049%

Together, before fees−0.138%−$14 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: OKX is 0.084% dearer against Phemex than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MRNAUSDT	173.68	0	get 0.0000% / 8h	5h 50m	$1.6M	$645K	20x
Short	OKX MRNA-USDT-SWAP	173.74	0	get 0.0000% / 8h	5h 50m	$1.3M	$5.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.035%Rate

Funding earned: $0
Price spread: +0.035% → −0.049%: $8.37
Slippage, 4 orders: −$82.77
Fee Phemex: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$96.4
Costs to cover: 1.048%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; OKX: live order book, 2 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, 2 min ago	2.59 bp	35.2 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	3.74 bp	19.0 bp −$19	88.3 bp −$883	doesn't fit	doesn't fit

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
Aster MRNAUSDT	0.0000%	8h	173.63	−0.031%	$28K	$81K	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	173.75	+0.040%	$943K	$661K	25x	as long as short
OKX MRNA-USDT-SWAPshort	0.0000%	8h	173.74	+0.035%	$1.3M	$5.3M	20x
QFEX MRNA-USD	0.0000%	1h	173.51	−0.098%	$1.1M	$2.7M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	173.56	−0.069%	$865K	$1.0M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.64	−0.023%	$2.7M	$10.5M	20x	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.69	+0.006%	$313	$150K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	173.71	+0.018%	$12K	$430K	20x	as long as short
Phemex MRNAUSDTlong	0.0000%	8h	173.68	long leg	$1.6M	$645K	20x
Variational Omni MRNA	+0.0029%	8h	173.70	+0.012%	$49K	$89K	—	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.671%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	173.45	−0.132%	$2K	$64K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.46	−0.127%	$43K	$35K	5x	as long as short
Binance MRNAUSDT	+0.0078%	8h	173.69	+0.006%	$2.1M	$11.3M	20x	as long as short
Extended MRNA-USD	+0.0088%	1h	173.60	−0.048%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0089%	1h	173.61	−0.040%	$2.6M	$4.4M	10x	as long as short
Phoenix MRNA	+0.0185%	1h	173.14	−0.311%	$5K	$189K	10x	as long as short
edgeX MRNAUSDC	+0.0344%	4h	173.72	+0.023%	$3K	$244K	10x	as long as short
SoDEX MRNA-USD	+0.0838%	1h	173.64	−0.023%	$40K	$56K	10x	as long as short
Lighter MRNA	+0.1544%	1h	173.64	−0.023%	$104K	$1.1M	10x	as long as short