Funding arb · Price arb /

MRNA

RWAall MRNA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Ondo Perps against Bybit+0.058%47s7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 5 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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and Ondo Perps is 0.058% dearer against Bybit than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MRNAUSDT	173.31	0	get 0.0000% / 8h	7h 23m	$940K	$1.0M	25x
Short	Ondo Perps MRNA-USD.P	173.41	0.0050	get 0.0006% / 1h	23m 45s	$43K	$40K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Bybit. 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 BybitbpFee Ondo PerpsbpOrdersPrice spread, now +0.058%Rate

Funding earned: $10.58
Price spread: +0.058% → 0.000%: $5.77
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: $0.35
Costs to cover: 0.160%
Break-even: 6.8 days

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	6.05 bp	37.8 bp −$38	429.3 bp −$4,293	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
edgeX MRNAUSDC	−0.0532%	4h	173.51	+0.113%	$3K	$244K	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	173.21	−0.060%	$29K	$81K	20x	as long as short
Bybit MRNAUSDTlong	0.0000%	8h	173.31	long leg	$940K	$1.0M	25x
OKX MRNA-USDT-SWAP	0.0000%	8h	173.25	−0.035%	$1.3M	$5.2M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	173.13	−0.104%	$1.1M	$2.7M	10x	as long as short
Gate MRNA_USDT	0.0000%	8h	173.28	−0.017%	$870K	$1.1M	20x	as long as short
Bitget MRNAUSDT	0.0000%	8h	173.14	−0.098%	$2.6M	$10.5M	20x	as long as short
HTX MRNA-USDT	0.0000%	8h	173.30	−0.007%	$12K	$429K	20x	as long as short
Phemex MRNAUSDT	0.0000%	8h	173.33	+0.012%	$1.6M	$648K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−8.476%	$18K	$8K	12x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus MRNA-USD	+0.0040%	1h	173.41	+0.058%	$2K	$65K	10x	as long as short
Extended MRNA-USD	+0.0048%	1h	173.18	−0.076%	$32K	$32K	10x	as long as short
tradeXYZ xyz:MRNA	+0.0050%	1h	173.19	−0.069%	$2.6M	$4.3M	10x	as long as short
Ondo Perps MRNA-USD.Pshort	+0.0050%	1h	173.41	+0.058%	$43K	$40K	5x
Variational Omni MRNA	+0.0125%	8h	173.49	+0.102%	$49K	$89K	—	as long as short
BloFin MRNA-USDT	+0.0174%	8h	173.40	+0.052%	$44K	$29K	20x	as long as short
Binance MRNAUSDT	+0.0185%	8h	173.23	−0.044%	$2.2M	$11.5M	20x	as long as short
Phoenix MRNA	+0.0231%	1h	173.59	+0.162%	$5K	$193K	10x	as long as short
SoDEX MRNA-USD	+0.1077%	1h	173.25	−0.035%	$40K	$66K	10x	as long as short
Lighter MRNA	+0.1344%	1h	173.45	+0.081%	$123K	$1.0M	10x	as long as short
GRVT MRNA_USDT_Perp	+0.2231%	8h	173.51	+0.116%	$291	$158K	10x	as long as short