Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0251%/8h= +27.5% APRpaid last 24h +0.056%

Price spread now: Phoenix against BloFin−0.075%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 0.075% cheaper against BloFin than usual: you would sell low and buy high (spread −0.075% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 24 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MRNA-USDT	174.01	0.0026	pay 0.0026% / 8h	3h 14m	$45K	$29K	20x
Short	Phoenix MRNA	173.88	0.0277	get 0.0035% / 1h	14m 06s	$5K	$191K	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 −0.075%Rate

Funding earned: $52.69
Price spread: −0.075% → 0.000%: −$7.47
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $26.22
Costs to cover: 0.190%
Break-even: 3.5 days

Slippage unknown: BloFin: no order-book sample; Phoenix: live order book, 32 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, 32 min ago	4.01 bp	24.2 bp −$24	77.0 bp −$770	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
Aster MRNAUSDT	0.0000%	8h	173.89	−0.067%	$28K	$82K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	174.02	+0.006%	$2.2M	$11.3M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	173.88	−0.075%	$948K	$614K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	173.83	−0.103%	$1.3M	$5.2M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	173.80	−0.121%	$1.1M	$2.6M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	173.93	−0.046%	$869K	$999K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.90	−0.063%	$2.8M	$10.4M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	174.09	+0.046%	$56K	$96K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	174.01	+0.002%	$270	$149K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	173.95	−0.034%	$14K	$429K	20x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex MRNAUSDT	0.0000%	8h	174.01	0.000%	$1.6M	$644K	20x	as long as short
BloFin MRNA-USDTlong	+0.0026%	8h	174.01	long leg	$45K	$29K	20x
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.844%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	173.88	−0.075%	$2K	$65K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	173.76	−0.144%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	173.79	−0.126%	$2.7M	$4.5M	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.68	−0.190%	$43K	$35K	5x	as long as short
SoDEX MRNA-USD	+0.0186%	1h	173.91	−0.057%	$40K	$56K	10x	as long as short
Phoenix MRNAshort	+0.0277%	1h	173.88	−0.075%	$5K	$191K	10x
edgeX MRNAUSDC	+0.0513%	4h	173.98	−0.016%	$3K	$248K	10x	as long as short
Lighter MRNA	+0.0536%	1h	174.13	+0.069%	$158K	$1.1M	10x	as long as short