Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0224%/8h= −24.5% APRpaid last 24h −0.060%

Price spread now: BloFin against Phoenix+0.069%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 pays, funding is against you. BloFin is 0.069% dearer against Phoenix than usual: you sell high and buy low (spread +0.069% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MRNA	173.40	0.0231	pay 0.0029% / 1h	47m 43s	$5K	$193K	10x
Short	BloFin MRNA-USDT	173.52	0.0007	get 0.0007% / 8h	7h 47m	$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 +0.069%Rate

Funding earned: −$46.97
Price spread: +0.069% → 0.000%: $6.92
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$59.05
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 19 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, 19 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	−0.0168%	4h	173.60	+0.113%	$3K	$245K	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	173.50	+0.060%	$29K	$81K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	173.84	+0.255%	$2.2M	$11.4M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	173.91	+0.294%	$944K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	173.97	+0.329%	$1.4M	$5.2M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	173.92	+0.300%	$1.1M	$2.7M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	173.85	+0.260%	$877K	$1.1M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.73	+0.190%	$2.6M	$10.4M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	173.43	+0.016%	$49K	$89K	—	as long as short
HTX MRNA-USDT	0.0000%	8h	173.89	+0.281%	$12K	$428K	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	173.87	+0.271%	$1.6M	$647K	20x	as long as short
BloFin MRNA-USDTshort	+0.0007%	8h	173.52	+0.069%	$44K	$29K	20x
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.524%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	173.41	+0.006%	$2K	$65K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	173.34	−0.035%	$43K	$38K	5x	as long as short
Phoenix MRNAlong	+0.0231%	1h	173.40	long leg	$5K	$193K	10x
tradeXYZ xyz:MRNA	+0.0267%	1h	173.77	+0.213%	$2.6M	$4.2M	10x	as long as short
Extended MRNA-USD	+0.0296%	1h	173.94	+0.312%	$32K	$32K	10x	as long as short
GRVT MRNA_USDT_Perp	+0.0360%	8h	173.23	−0.097%	$440	$163K	10x	as long as short
SoDEX MRNA-USD	+0.0889%	1h	173.65	+0.144%	$40K	$66K	10x	as long as short
Lighter MRNA	+0.1152%	1h	173.65	+0.144%	$123K	$1.0M	10x	as long as short