Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against Ondo Perps+0.357%7-day average — · you sell dearer than you buy

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

Long on Ondo Perps Short on Phemex

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

The price spread pays, funding is against you. Phemex is 0.357% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.357% now, against zero (this spread has no 7-day history yet)): +$36 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 24 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MRNA-USD.P	173.64	0.0050	pay 0.0006% / 1h	47m 45s	$43K	$35K	5x
Short	Phemex MRNAUSDT	174.26	0	get 0.0000% / 8h	3h 47m	$1.6M	$642K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.357%Rate

Funding earned: −$10.58
Price spread: +0.357% → 0.000%: $35.71
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: $8.12
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Phemex: live order book, 5 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 Phemex live order book, 5 min ago	3.74 bp	36.6 bp −$37	doesn't fit	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
Aster MRNAUSDT	0.0000%	8h	174.23	+0.339%	$28K	$82K	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	174.34	+0.403%	$950K	$615K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	174.35	+0.409%	$1.3M	$5.3M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	174.14	+0.288%	$1.1M	$2.6M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	174.02	+0.219%	$869K	$996K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	174.26	+0.357%	$2.8M	$10.5M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	173.87	+0.132%	$49K	$89K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.83	+0.110%	$17	$147K	10x	as long as short
HTX MRNA-USDT	0.0000%	8h	174.11	+0.273%	$14K	$431K	20x	as long as short
Phemex MRNAUSDTshort	0.0000%	8h	174.26	+0.357%	$1.6M	$642K	20x

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MRNAUSDT	+0.0022%	8h	174.42	+0.449%	$2.2M	$11.3M	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.650%	$18K	$8K	12x	as long as short
BloFin MRNA-USDT	+0.0034%	8h	173.81	+0.098%	$45K	$29K	20x	as long as short
Arcus MRNA-USD	+0.0040%	1h	173.86	+0.127%	$2K	$63K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	174.18	+0.311%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	174.26	+0.357%	$2.7M	$4.5M	10x	as long as short
Ondo Perps MRNA-USD.Plong	+0.0050%	1h	173.64	long leg	$43K	$35K	5x
Lighter MRNA	+0.0184%	1h	174.20	+0.323%	$158K	$1.1M	10x	as long as short
Phoenix MRNA	+0.0277%	1h	173.93	+0.167%	$5K	$191K	10x	as long as short
SoDEX MRNA-USD	+0.0572%	1h	174.26	+0.357%	$40K	$56K	10x	as long as short
edgeX MRNAUSDC	+0.0601%	4h	173.88	+0.139%	$3K	$246K	10x	as long as short