Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Bybit against Ondo Perps−0.029%7-day average — · you buy dearer than you sell

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropOndo Perps: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.029% cheaper against Ondo Perps than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MRNA-USD.P	172.60	0.0050	pay 0.0006% / 1h	21m 31s	$43K	$35K	5x
Short	Bybit MRNAUSDT	172.55	0	get 0.0000% / 8h	21m 31s	$937K	$600K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. 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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$10.58
Price spread: −0.029% → 0.000%: −$2.9
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$29.48
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 44 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 44 min ago	6.05 bp	35.2 bp −$35	1098.4 bp −$11.0K	doesn't fit	doesn't fit

Ondo Perps: 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	−0.0986%	4h	172.68	+0.045%	$3K	$250K	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.67	+0.042%	$26K	$82K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.73	+0.075%	$2.1M	$11.2M	20x	as long as short
Bybit MRNAUSDTshort	0.0000%	8h	172.55	−0.029%	$937K	$600K	25x
OKX MRNA-USDT-SWAP	0.0000%	8h	172.54	−0.035%	$1.3M	$5.4M	20x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.70	+0.058%	$881K	$984K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.67	+0.041%	$2.6M	$10.5M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	172.67	+0.042%	$57K	$92K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	172.74	+0.081%	$373	$141K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	172.65	+0.030%	$14K	$430K	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	172.71	+0.064%	$1.6M	$637K	20x	as long as short
QFEX MRNA-USD	+0.0001%	1h	172.53	−0.041%	$1.1M	$2.5M	10x	as long as short
BloFin MRNA-USDT	+0.0003%	8h	172.66	+0.035%	$45K	$29K	20x	as long as short
Lighter MRNA	+0.0032%	1h	172.94	+0.197%	$155K	$1.2M	10x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.100%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.64	+0.023%	$2K	$65K	10x	as long as short
Ondo Perps MRNA-USD.Plong	+0.0050%	1h	172.60	long leg	$43K	$35K	5x
Extended MRNA-USD	+0.0080%	1h	172.53	−0.039%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0088%	1h	172.61	+0.006%	$2.5M	$4.3M	10x	as long as short
SoDEX MRNA-USD	+0.0096%	1h	172.63	+0.017%	$40K	$55K	10x	as long as short
Phoenix MRNA	+0.0230%	1h	172.56	−0.023%	$5K	$191K	10x	as long as short