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 −0.071%

Price spread now: Gate against Phoenix+0.046%77s7-day average −0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$166as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1211.214% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.445%−$45 on $10k

Price spread, last 3 days (all we have)−0.049%−$5 · spread now +0.046%, 7d avg −0.055%

Together, before fees−0.494%−$49 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.101% dearer against Phoenix than usual: you sell high and buy low (spread +0.046% now, against its 7-day average of −0.055%): +$10 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 35 hours. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MRNA	173.22	0.0231	pay 0.0029% / 1h	49m 58s	$5K	$193K	10x
Short	Gate MRNA_USDT	173.30	0	get 0.0000% / 8h	7h 49m	$873K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Phoenix. 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 PhoenixbpFee GatebpOrdersPrice spread, now +0.046%Rate

Funding earned: −$48.54
Price spread: +0.046% → −0.055%: $10.13
Slippage, 4 orders: −$99.43
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$159.84
Costs to cover: 1.214%
Break-even: never at this rate

Slippage from Phoenix: live order book, 17 min ago; Gate: 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 Phoenix live order book, 17 min ago	2.88 bp	17.5 bp −$17	68.8 bp −$688	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	19.04 bp	58.2 bp −$58	1728.5 bp −$17.3K	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
Aster MRNAUSDT	0.0000%	8h	173.30	+0.045%	$29K	$81K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	173.54	+0.187%	$2.2M	$11.4M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	173.55	+0.191%	$942K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	173.44	+0.127%	$1.3M	$5.2M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	173.33	+0.064%	$1.1M	$2.7M	10x	as long as short
Gate MRNA_USDTshort	0.0000%	8h	173.30	+0.046%	$873K	$1.1M	20x
Bitget MRNAUSDT	0.0000%	8h	173.38	+0.092%	$2.6M	$10.4M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	173.43	+0.120%	$49K	$89K	—	as long as short
HTX MRNA-USDT	0.0000%	8h	173.21	−0.008%	$12K	$429K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	173.51	+0.167%	$1.6M	$647K	20x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin MRNA-USDT	+0.0009%	8h	173.44	+0.127%	$44K	$29K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.429%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	173.20	−0.012%	$2K	$65K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.22	0.000%	$43K	$38K	5x	as long as short
edgeX MRNAUSDC	+0.0188%	4h	173.28	+0.033%	$3K	$244K	10x	as long as short
Phoenix MRNAlong	+0.0231%	1h	173.22	long leg	$5K	$193K	10x
tradeXYZ xyz:MRNA	+0.0354%	1h	173.51	+0.167%	$2.6M	$4.2M	10x	as long as short
GRVT MRNA_USDT_Perp	+0.0360%	8h	173.23	+0.007%	$440	$163K	10x	as long as short
Extended MRNA-USD	+0.0392%	1h	173.51	+0.168%	$32K	$32K	10x	as long as short
SoDEX MRNA-USD	+0.0739%	1h	173.46	+0.139%	$40K	$66K	10x	as long as short
Lighter MRNA	+0.1040%	1h	173.42	+0.115%	$123K	$1.0M	10x	as long as short