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 +0.015%

Price spread now: Ondo Perps against Phemex−0.063%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Ondo Perps

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

Funding pays, the price is against you. Ondo Perps is 0.063% cheaper against Phemex than usual: you would sell low and buy high (spread −0.063% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 4.2 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MRNAUSDT	173.80	0	get 0.0000% / 8h	1h 13m	$1.6M	$646K	20x
Short	Ondo Perps MRNA-USD.P	173.69	0.0050	get 0.0006% / 1h	13m 03s	$43K	$35K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Phemex. 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 PhemexbpFee Ondo PerpsbpOrdersPrice spread, now −0.063%Rate

Funding earned: $10.58
Price spread: −0.063% → 0.000%: −$6.33
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$12.75
Costs to cover: 0.170%
Break-even: 15.4 days

Slippage unknown: Phemex: live order book, 5 min ago; Ondo Perps: 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 Phemex live order book, 5 min ago	7.77 bp	42.4 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

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
BloFin MRNA-USDT	−0.0023%	8h	173.71	−0.052%	$45K	$30K	20x	as long as short
Aster MRNAUSDT	0.0000%	8h	173.65	−0.089%	$27K	$83K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	173.82	+0.012%	$2.1M	$11.3M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	173.83	+0.017%	$944K	$608K	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	173.81	+0.006%	$1.3M	$5.5M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	173.58	−0.127%	$1.1M	$2.5M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	173.70	−0.058%	$867K	$997K	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.66	−0.081%	$2.6M	$10.5M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	173.65	−0.084%	$58K	$96K	—	as long as short
GRVT MRNA_USDT_Perp	0.0000%	8h	173.60	−0.113%	$486	$146K	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	173.63	−0.097%	$14K	$431K	20x	as long as short
Phemex MRNAUSDTlong	0.0000%	8h	173.80	long leg	$1.6M	$646K	20x
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.734%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	173.19	−0.351%	$2K	$65K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	173.71	−0.053%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	173.73	−0.040%	$2.6M	$4.6M	10x	as long as short
Ondo Perps MRNA-USD.Pshort	+0.0050%	1h	173.69	−0.063%	$43K	$35K	5x
Lighter MRNA	+0.0224%	1h	173.90	+0.058%	$157K	$1.2M	10x	as long as short
Phoenix MRNA	+0.0232%	1h	173.70	−0.058%	$5K	$191K	10x	as long as short
SoDEX MRNA-USD	+0.0298%	1h	173.74	−0.035%	$40K	$56K	10x	as long as short
edgeX MRNAUSDC	+0.0892%	4h	173.64	−0.094%	$3K	$250K	10x	as long as short