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 Phemex−0.132%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 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

Funding pays, the price is against you. Ondo Perps is 0.132% cheaper against Phemex than usual: you would sell low and buy high (spread −0.132% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 8.7 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	174.42	0	get 0.0000% / 8h	7h 45m	$1.6M	$647K	20x
Short	Ondo Perps MRNA-USD.P	174.19	0.0050	get 0.0006% / 1h	45m 09s	$44K	$39K	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 −0.132%Rate

Funding earned: $10.58
Price spread: −0.132% → 0.000%: −$13.19
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: −$19.6
Costs to cover: 0.170%
Break-even: 20.0 days

Slippage unknown: Phemex: live order book, 3 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, 3 min ago	2.59 bp	34.3 bp −$34	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
edgeX MRNAUSDC	−0.0168%	4h	173.60	−0.472%	$3K	$245K	10x	as long as short
Aster MRNAUSDT	0.0000%	8h	173.76	−0.376%	$29K	$81K	20x	as long as short
Binance MRNAUSDT	0.0000%	8h	174.48	+0.034%	$2.2M	$11.4M	20x	as long as short
Bybit MRNAUSDT	0.0000%	8h	174.47	+0.029%	$947K	$1.0M	25x	as long as short
OKX MRNA-USDT-SWAP	0.0000%	8h	174.40	−0.011%	$1.4M	$5.3M	20x	as long as short
QFEX MRNA-USD	0.0000%	1h	174.54	+0.069%	$1.1M	$2.7M	10x	as long as short
Bitget MRNAUSDT	0.0000%	8h	174.30	−0.069%	$2.7M	$10.5M	20x	as long as short
Variational Omni MRNA	0.0000%	8h	174.46	+0.022%	$49K	$89K	—	as long as short
HTX MRNA-USDT	0.0000%	8h	174.51	+0.052%	$12K	$429K	20x	as long as short
Phemex MRNAUSDTlong	0.0000%	8h	174.42	long leg	$1.6M	$647K	20x

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin MRNA-USDT	+0.0011%	8h	174.52	+0.057%	$44K	$29K	20x	as long as short
Injective MRNA/USDC PERP	+0.0033%	1h	158.62	−9.059%	$18K	$8K	12x	as long as short
Arcus MRNA-USD	+0.0040%	1h	173.74	−0.390%	$2K	$65K	10x	as long as short
Ondo Perps MRNA-USD.Pshort	+0.0050%	1h	174.19	−0.132%	$44K	$39K	5x
Gate MRNA_USDT	+0.0066%	8h	174.28	−0.080%	$879K	$1.1M	20x	as long as short
tradeXYZ xyz:MRNA	+0.0180%	1h	174.42	0.000%	$2.6M	$4.2M	10x	as long as short
Extended MRNA-USD	+0.0200%	1h	174.39	−0.017%	$32K	$32K	10x	as long as short
Phoenix MRNA	+0.0231%	1h	174.52	+0.057%	$5K	$193K	10x	as long as short
GRVT MRNA_USDT_Perp	+0.0903%	8h	173.58	−0.480%	$219	$162K	10x	as long as short
Lighter MRNA	+0.1520%	1h	174.21	−0.120%	$123K	$1.0M	10x	as long as short
SoDEX MRNA-USD	+0.1533%	1h	174.22	−0.115%	$40K	$66K	10x	as long as short