Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0185%/8h= −20.2% APRpaid last 24h −0.064%

Price spread now: Variational Omni against Phoenix+0.113%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 Variational Omni

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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.113% dearer against Phoenix than usual: you sell high and buy low (spread +0.113% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MRNA	172.83	0.0185	pay 0.0023% / 1h	53m 29s	$5K	$191K	10x
Short	Variational Omni MRNA	173.02	0	get 0.0000% / 8h	2h 53m	$55K	$96K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.113%Rate

Funding earned: −$38.79
Price spread: +0.113% → 0.000%: $11.27
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$34.53
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 53 min ago; Variational Omni: 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, 53 min ago	4.01 bp	22.4 bp −$22	91.4 bp −$914	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: 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	−0.1032%	1h	173.28	+0.260%	$156K	$1.2M	10x	as long as short
BloFin MRNA-USDT	−0.0004%	8h	172.99	+0.093%	$45K	$29K	20x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.77	−0.034%	$27K	$83K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.99	+0.092%	$2.1M	$11.4M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	173.03	+0.116%	$940K	$620K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.97	+0.081%	$1.3M	$5.3M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.87	+0.023%	$863K	$998K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.04	+0.122%	$2.7M	$10.4M	20x	as long as short
Variational Omni MRNAshort	0.0000%	8h	173.02	+0.113%	$55K	$96K	—
GRVT MRNA_USDT_Perp	0.0000%	8h	173.02	+0.112%	$242	$148K	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	172.62	−0.123%	$13K	$430K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	172.93	+0.058%	$1.6M	$650K	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.77	−0.035%	$1.1M	$2.6M	10x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.222%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.84	+0.006%	$2K	$65K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	172.81	−0.011%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	172.90	+0.041%	$2.6M	$4.5M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.77	−0.035%	$42K	$35K	5x	as long as short
SoDEX MRNA-USD	+0.0124%	1h	172.88	+0.029%	$40K	$56K	10x	as long as short
edgeX MRNAUSDC	+0.0163%	4h	172.99	+0.092%	$3K	$247K	10x	as long as short
Phoenix MRNAlong	+0.0185%	1h	172.83	long leg	$5K	$191K	10x