Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0118%/8h= +13.0% APRpaid last 24h +0.065%

Price spread now: SoDEX against Phemex−0.123%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 SoDEX

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. SoDEX is 0.123% cheaper against Phemex than usual: you would sell low and buy high (spread −0.123% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 3.5 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MRNAUSDT	171.29	0	get 0.0000% / 8h	5h 43m	$1.5M	$683K	20x
Short	SoDEX MRNA-USD	171.08	0.0118	get 0.0015% / 1h	43m 05s	$40K	$55K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.123%Rate

Funding earned: $24.87
Price spread: −0.123% → 0.000%: −$12.26
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$7.39
Costs to cover: 0.200%
Break-even: 9.1 days

Slippage unknown: Phemex: live order book, 3 min ago; SoDEX: 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, 3 min ago	4.38 bp	42.9 bp −$43	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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 21 exchanges

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
BloFin MRNA-USDT	−0.0013%	8h	171.23	−0.035%	$46K	$30K	20x	as long as short
Aster MRNAUSDT	0.0000%	8h	171.06	−0.134%	$26K	$81K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	171.18	−0.067%	$2.1M	$11.9M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	171.30	+0.006%	$926K	$621K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	171.13	−0.093%	$1.2M	$5.5M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	170.90	−0.228%	$1.1M	$2.3M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	171.15	−0.082%	$885K	$998K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	171.06	−0.134%	$2.6M	$11.1M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	171.15	−0.084%	$59K	$91K	—	as long as short
HTX MRNA-USDT	0.0000%	8h	171.21	−0.047%	$13K	$434K	20x	as long as short

Show all 21 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex MRNAUSDTlong	0.0000%	8h	171.29	long leg	$1.5M	$683K	20x
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−7.397%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	170.85	−0.257%	$2K	$65K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0053%	1h	171.07	−0.128%	$2.7M	$4.7M	10x	as long as short
Extended MRNA-USD	+0.0064%	1h	171.05	−0.143%	$31K	$32K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0078%	1h	170.82	−0.274%	$42K	$39K	5x	as long as short
SoDEX MRNA-USDshort	+0.0118%	1h	171.08	−0.123%	$40K	$55K	10x
Lighter MRNA	+0.0184%	1h	171.23	−0.035%	$243K	$1.5M	10x	as long as short
Phoenix MRNA	+0.0278%	1h	171.14	−0.088%	$5K	$205K	10x	as long as short
edgeX MRNAUSDC	+0.0460%	4h	171.17	−0.067%	$3K	$257K	10x	as long as short
GRVT MRNA_USDT_Perp	+0.0462%	8h	171.31	+0.012%	$815	$128K	10x	as long as short