Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.002%

Price spread now: Variational Omni against Ondo Perps−0.148%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 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 · Variational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.148% cheaper against Ondo Perps than usual: you would sell low and buy high (−$15 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	172.50	0.0050	pay 0.0006% / 1h	55m 38s	$43K	$35K	5x
Short	Variational Omni MRNA	172.24	0	get 0.0000% / 8h	1h 55m	$56K	$96K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.148%Rate

Funding earned: −$10.58
Price spread: −0.148% → 0.000%: −$14.79
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$30.37
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Variational Omni: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Variational Omni no order-book sample	—	—	—	—	—

Ondo Perps and 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
Lighter MRNA	−0.0336%	1h	172.61	+0.064%	$156K	$1.2M	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	172.22	−0.161%	$26K	$83K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	172.23	−0.157%	$2.1M	$11.4M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	172.22	−0.162%	$935K	$620K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	172.25	−0.145%	$1.3M	$5.4M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	172.11	−0.226%	$1.1M	$2.5M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	172.31	−0.110%	$861K	$994K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	172.28	−0.128%	$2.6M	$10.6M	20x	as long as short
Variational Omni MRNAshort	0.0000%	8h	172.24	−0.148%	$56K	$96K	—
GRVT MRNA_USDT_Perp	0.0000%	8h	172.33	−0.099%	$605	$147K	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	172.38	−0.069%	$14K	$431K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	172.27	−0.133%	$1.6M	$654K	20x	as long as short
BloFin MRNA-USDT	+0.0018%	8h	172.67	+0.099%	$45K	$29K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.046%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	172.27	−0.133%	$2K	$65K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	172.07	−0.248%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	172.05	−0.261%	$2.5M	$4.5M	10x	as long as short
SoDEX MRNA-USD	+0.0050%	1h	172.24	−0.151%	$40K	$56K	10x	as long as short
Ondo Perps MRNA-USD.Plong	+0.0050%	1h	172.50	long leg	$43K	$35K	5x
Phoenix MRNA	+0.0185%	1h	172.52	+0.012%	$5K	$191K	10x	as long as short
edgeX MRNAUSDC	+0.0961%	4h	172.54	+0.024%	$3K	$247K	10x	as long as short