Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0205%/8h= +22.4% APRpaid last 24h +0.052%

Price spread now: Phoenix against BloFin−0.127%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 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. Phoenix is 0.127% cheaper against BloFin than usual: you would sell low and buy high (spread −0.127% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 2.1 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MRNA-USDT	172.95	−0.0019	get 0.0019% / 8h	2h 00m	$44K	$29K	20x
Short	Phoenix MRNA	172.73	0.0185	get 0.0023% / 1h	0m 33s	$5K	$192K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now −0.127%Rate

Funding earned: $42.99
Price spread: −0.127% → 0.000%: −$12.72
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $11.27
Costs to cover: 0.190%
Break-even: 5.2 days

Slippage unknown: BloFin: no order-book sample; Phoenix: live order book, 16 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 BloFin no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 16 min ago	2.89 bp	19.0 bp −$19	57.7 bp −$577	doesn't fit	doesn't fit

BloFin: 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
BloFin MRNA-USDTlong	−0.0019%	8h	172.95	long leg	$44K	$29K	20x
Aster MRNAUSDT	0.0000%	8h	173.04	+0.050%	$29K	$81K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	173.03	+0.046%	$2.2M	$11.3M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	173.01	+0.035%	$936K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.92	−0.017%	$1.4M	$4.9M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.80	−0.087%	$1.1M	$2.6M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.87	−0.046%	$882K	$1.1M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.91	−0.023%	$2.6M	$10.4M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	172.92	−0.019%	$30K	$79K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.02	+0.041%	$3	$172K	10x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MRNA-USDT	0.0000%	8h	173.03	+0.049%	$12K	$429K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	173.02	+0.040%	$1.6M	$637K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.286%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.83	−0.069%	$2K	$65K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.74	−0.121%	$43K	$39K	5x	as long as short
edgeX MRNAUSDC	+0.0111%	4h	173.04	+0.050%	$3K	$243K	10x	as long as short
Lighter MRNA	+0.0120%	1h	172.96	+0.006%	$125K	$1.0M	10x	as long as short
Extended MRNA-USD	+0.0152%	1h	172.80	−0.087%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0159%	1h	172.92	−0.017%	$2.6M	$4.2M	10x	as long as short
Phoenix MRNAshort	+0.0185%	1h	172.73	−0.127%	$5K	$192K	10x
SoDEX MRNA-USD	+0.0435%	1h	172.85	−0.058%	$40K	$75K	10x	as long as short