Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0822%/8h= −90.1% APRpaid last 24h −0.076%

Price spread now: QFEX against Aster−0.033%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$820.822% of the position

Long on Aster Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.079%−$8 on $10k

Price spread, last 4 days (all we have)−0.188%−$19 · spread now −0.033%, 7d avg −0.037%

Together, before fees−0.268%+ Points / potential airdropAster: Stage 5 · farm board−$27 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.037%, so right now this pair is about funding alone: −$25 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.079% in total (about -8.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster NATGASUSDT	2.9940	0.0847	pay 0.0423% / 4h	2h 04m	$265K	$105K	50x
Short	QFEX NATGAS-USD	2.9930	0.0024	get 0.0003% / 1h	4m 02s	$656K	$120K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Aster. 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 AsterbpFee QFEXbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$172.72
Price spread: −0.033% → −0.037%: $0.36
Slippage, 4 orders: −$64.23
Fee Aster: 4 bp × 2 orders: −$8
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$254.59
Costs to cover: 0.822%
Break-even: never at this rate

Slippage from Aster: live order book, 18 min ago; QFEX: live order book, 5 min ago.

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 Aster live order book, 18 min ago	5.01 bp	47.1 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	3.34 bp	8.3 bp −$8	8.3 bp −$83	doesn't fit	doesn't fit

NATGAS on 26 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
SunX NATGAS-USDT	0.0000%	4h	2.9961	+0.070%	$2K	$2.6M	20x	as long as short
QFEX NATGAS-USDshort	+0.0024%	1h	2.9930	−0.033%	$656K	$120K	20x
Lighter NATGAS	+0.0032%	1h	2.9950	+0.033%	$618K	$412K	10x	as long as short
Vest NG-PERP	+0.0046%	1h	2.8310	−5.444%	—	$378	10x	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9945	+0.017%	$68K	$34K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	2.9900	−0.134%	$36K	$215K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	2.9900	−0.134%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	2.9940	0.000%	$1.5M	$104K	10x	as long as short
Paradex NG-USD-PERP	+0.0220%	8h	2.9969	+0.098%	$5K	—	5x	as long as short
Gate NG_USDT	+0.0241%	8h	2.9960	+0.067%	$1.5M	$385K	100x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended XNG-USD	+0.0352%	1h	2.9922	−0.062%	$113K	$1.2M	5x	as long as short
Hotstuff NATGAS-PERP	+0.0400%	1h	2.9955	+0.050%	$35K	—	20x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0416% / S −0.0333%	1h	2.9945	+0.017%	$93K	—	25x	as long as short
BloFin NG-USDT	+0.0423%	8h	2.9920	−0.067%	$84K	$190K	20x	as long as short
OKX NG-USDT-SWAP	+0.0448%	8h	2.9920	−0.067%	$895K	$1.8M	50x	as long as short
tradeXYZ xyz:NATGAS	+0.0474%	1h	2.9952	+0.040%	$5.9M	$6.8M	10x	as long as short
KuCoin NATGASUSDTM	+0.0502%	4h	2.9910	−0.100%	$1.0M	$1.3M	20x	as long as short
Ondo Perps NATGAS-USD.P	+0.0508%	1h	2.9959	+0.063%	$84K	$66K	10x	as long as short
HTX NATGAS-USDT	+0.0750%	4h	2.9967	+0.090%	$98K	$219K	75x	as long as short
GRVT NATGAS_USDT_Perp	+0.0816%	4h	2.9938	−0.005%	$13K	$255K	25x	as long as short
Aster NATGASUSDTlong	+0.0847%	4h	2.9940	long leg	$265K	$105K	50x
Variational Omni NATGAS	+0.0853%	4h	2.9944	+0.012%	$310K	$491K	—	as long as short
edgeX NATGASUSDC	+0.0892%	4h	2.9944	+0.014%	$85K	$212K	20x	as long as short
Binance NATGASUSDT	+0.0912%	4h	2.9940	0.000%	$10.1M	$33.1M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.1128%	1h	2.9965	+0.085%	$52K	$55K	20x	as long as short
Bitget NATGASUSDT	+0.1188%	4h	2.9910	−0.100%	$9.9M	$4.4M	100x	as long as short