Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0187%/8h= −20.5% APRpaid last 24h −0.083%

Price spread now: Phemex against SoDEX+0.052%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. Phemex is 0.052% dearer against SoDEX than usual: you sell high and buy low (spread +0.052% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX MRNA-USD	172.52	0.0187	pay 0.0023% / 1h	10m 24s	$40K	$56K	10x
Short	Phemex MRNAUSDT	172.61	0	get 0.0000% / 8h	2h 10m	$1.6M	$654K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now +0.052%Rate

Funding earned: −$39.35
Price spread: +0.052% → 0.000%: $5.22
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$54.13
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Phemex: live order book, 3 min ago. 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 SoDEX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	6.08 bp	41.3 bp −$41	doesn't fit	doesn't fit	doesn't fit

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 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
Lighter MRNA	−0.1128%	1h	172.72	+0.116%	$156K	$1.2M	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.56	+0.024%	$26K	$83K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.63	+0.065%	$2.1M	$11.4M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.53	+0.006%	$937K	$621K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.45	−0.041%	$1.3M	$5.4M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.48	−0.023%	$861K	$999K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.59	+0.041%	$2.6M	$10.5M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	172.60	+0.049%	$56K	$96K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	172.24	−0.163%	$2	$148K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.55	+0.018%	$13K	$431K	20x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex MRNAUSDTshort	0.0000%	8h	172.61	+0.052%	$1.6M	$654K	20x
QFEX MRNA-USD	0.0000%	1h	172.38	−0.081%	$1.1M	$2.5M	10x	as long as short
BloFin MRNA-USDT	+0.0013%	8h	172.42	−0.058%	$45K	$29K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.057%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.33	−0.110%	$2K	$65K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	172.54	+0.012%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	172.57	+0.029%	$2.5M	$4.5M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.33	−0.110%	$43K	$35K	5x	as long as short
Phoenix MRNA	+0.0185%	1h	172.18	−0.197%	$5K	$191K	10x	as long as short
SoDEX MRNA-USDlong	+0.0187%	1h	172.52	long leg	$40K	$56K	10x
edgeX MRNAUSDC	+0.0591%	4h	172.44	−0.048%	$3K	$247K	10x	as long as short