Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0102%/8h= −11.1% APRpaid last 24h −0.060%

Price spread now: BloFin against Phoenix0.000%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on BloFin

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MRNA	173.85	0.0231	pay 0.0029% / 1h	29m 46s	$5K	$193K	10x
Short	BloFin MRNA-USDT	173.85	0.0130	get 0.0130% / 8h	7h 29m	$44K	$29K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$21.33
Price spread: 0.000% → 0.000%: $0
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$40.33
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 37 min ago; BloFin: 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 Phoenix live order book, 37 min ago	2.88 bp	17.5 bp −$17	68.8 bp −$688	doesn't fit	doesn't fit
Sell BloFin no order-book sample	—	—	—	—	—

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
edgeX MRNAUSDC	−0.0283%	4h	174.11	+0.151%	$3K	$245K	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	173.38	−0.269%	$29K	$81K	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	173.62	−0.132%	$942K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	173.54	−0.178%	$1.3M	$5.2M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	173.42	−0.247%	$1.1M	$2.7M	10x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.42	−0.247%	$2.6M	$10.5M	20x	as long as short
HTX MRNA-USDT	0.0000%	8h	173.21	−0.369%	$12K	$429K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	173.49	−0.207%	$1.6M	$647K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.760%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	173.78	−0.040%	$2K	$65K	10x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MRNA-USD	+0.0048%	1h	173.51	−0.196%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	173.59	−0.150%	$2.7M	$4.3M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.55	−0.173%	$43K	$39K	5x	as long as short
Gate MRNA_USDT	+0.0092%	8h	173.51	−0.196%	$871K	$1.1M	20x	as long as short
Variational Omni MRNA	+0.0099%	8h	173.60	−0.142%	$49K	$89K	—	as long as short
BloFin MRNA-USDTshort	+0.0130%	8h	173.85	0.000%	$44K	$29K	20x
Binance MRNAUSDT	+0.0159%	8h	173.48	−0.213%	$2.2M	$11.4M	20x	as long as short
Phoenix MRNAlong	+0.0231%	1h	173.85	long leg	$5K	$193K	10x
SoDEX MRNA-USD	+0.1455%	1h	173.46	−0.224%	$40K	$66K	10x	as long as short
Lighter MRNA	+0.1672%	1h	173.78	−0.040%	$123K	$1.0M	10x	as long as short
GRVT MRNA_USDT_Perp	+0.2606%	8h	174.03	+0.102%	$289	$159K	10x	as long as short