Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0324%/8h= +35.5% APRpaid last 24h +0.067%

Price spread now: Phoenix against Variational Omni−0.034%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. Phoenix is 0.034% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.034% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 8 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MRNA	172.84	0	get 0.0000% / 8h	1h 45m	$49K	$98K	—
Short	Phoenix MRNA	172.78	0.0324	get 0.0040% / 1h	45m 09s	$5K	$192K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. 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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now −0.034%Rate

Funding earned: $68.01
Price spread: −0.034% → 0.000%: −$3.39
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $57.62
Costs to cover: 0.070%
Break-even: 1.1 days

Slippage unknown: Variational Omni: 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 Variational Omni no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 32 min ago	2.89 bp	19.0 bp −$19	57.7 bp −$577	doesn't fit	doesn't fit

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
edgeX MRNAUSDC	−0.0403%	4h	172.84	−0.002%	$3K	$244K	10x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.60	−0.138%	$1.1M	$2.6M	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.70	−0.079%	$29K	$81K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.76	−0.046%	$2.2M	$11.3M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.79	−0.028%	$935K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.86	+0.012%	$1.4M	$4.9M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.81	−0.017%	$880K	$1.1M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.71	−0.074%	$2.6M	$10.4M	20x	as long as short
Variational Omni MRNAlong	0.0000%	8h	172.84	long leg	$49K	$98K	—
GRVT MRNA_USDT_Perp	0.0000%	8h	172.82	−0.009%	$33	$169K	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	172.98	+0.080%	$12K	$430K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	172.85	+0.007%	$1.6M	$638K	20x	as long as short
BloFin MRNA-USDT	+0.0012%	8h	172.73	−0.063%	$44K	$29K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.227%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.67	−0.098%	$2K	$65K	10x	as long as short
Ondo Perps MRNA-USD.P	+0.0050%	1h	172.71	−0.074%	$43K	$39K	5x	as long as short
Extended MRNA-USD	+0.0072%	1h	172.55	−0.166%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0074%	1h	172.58	−0.150%	$2.6M	$4.2M	10x	as long as short
Lighter MRNA	+0.0200%	1h	172.74	−0.057%	$124K	$1.0M	10x	as long as short
SoDEX MRNA-USD	+0.0254%	1h	172.71	−0.074%	$40K	$75K	10x	as long as short
Phoenix MRNAshort	+0.0324%	1h	172.78	−0.034%	$5K	$192K	10x