Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0507%/8h= −55.6% APRpaid last 24h −0.117%

Price spread now: Lighter against Binance+0.004%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs+$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$250.255% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.471%+$47 on $10k

Price spread, last 2 days (all we have)−0.126%−$13 · spread now +0.004%, 7d avg −0.026%

Together, before fees+0.345%+ Points / potential airdropLighter: Season 3 · farm board+$34 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.029% dearer against Binance than usual: you sell high and buy low (spread +0.004% now, against its 7-day average of −0.026%): +$3 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 5 hours. Mind the row above: over the last 7 days funding on this pair paid +0.471%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance NATGASUSDT	2.9935	0.0539	pay 0.0270% / 4h	1h 04m	$10.1M	$30.5M	100x
Short	Lighter NATGAS	2.9936	0.0032	get 0.0004% / 1h	4m 32s	$619K	$411K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$106.57
Price spread: +0.004% → −0.026%: $2.94
Slippage, 4 orders: −$15.46
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$129.09
Costs to cover: 0.255%
Break-even: never at this rate

Slippage from Binance: live order book, 7 min ago; Lighter: live order book, 6 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 Binance live order book, 7 min ago	1.67 bp	6.7 bp −$7	13.2 bp −$132	37.2 bp −$3,721	134.0 bp −$67.0K
Sell Lighter live order book, 6 min ago	0.50 bp	3.7 bp −$4	18.0 bp −$180	91.8 bp −$9,179	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	2.9952	+0.057%	$2K	$2.6M	20x	as long as short
Lighter NATGASshort	+0.0032%	1h	2.9936	+0.004%	$619K	$411K	10x
Vest NG-PERP	+0.0046%	1h	2.9930	−0.016%	—	$378	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	2.9950	+0.051%	$84K	$45K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0057%	1h	2.9920	−0.050%	$5.9M	$6.0M	10x	as long as short
Paradex NG-USD-PERP	+0.0098%	8h	2.9930	−0.015%	$5K	—	5x	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9916	−0.062%	$68K	$34K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	2.9900	−0.116%	$36K	$216K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	2.9900	−0.116%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	2.9930	−0.016%	$1.5M	$99K	10x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NATGASUSDTM	+0.0106%	4h	2.9920	−0.050%	$1.0M	$1.2M	20x	as long as short
HTX NATGAS-USDT	+0.0144%	4h	2.9954	+0.064%	$98K	$215K	75x	as long as short
QFEX NATGAS-USD	+0.0160%	1h	2.9930	−0.016%	$657K	$86K	20x	as long as short
Hotstuff NATGAS-PERP	+0.0184%	1h	2.9928	−0.023%	$35K	—	20x	as long as short
Gate NG_USDT	+0.0221%	8h	2.9960	+0.084%	$1.5M	$307K	100x	as long as short
OKX NG-USDT-SWAP	+0.0278%	8h	2.9930	−0.016%	$856K	$1.7M	50x	as long as short
GRVT NATGAS_USDT_Perp	+0.0286%	4h	2.9938	+0.010%	$13K	$246K	25x	as long as short
BloFin NG-USDT	+0.0308%	8h	2.9930	−0.016%	$80K	$189K	20x	as long as short
Extended XNG-USD	+0.0320%	1h	2.9915	−0.067%	$110K	$471K	5x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0406% / S −0.0333%	1h	2.9935	+0.001%	$93K	—	45x	as long as short
Aster NATGASUSDT	+0.0442%	4h	2.9940	+0.017%	$265K	$105K	50x	as long as short
Variational Omni NATGAS	+0.0478%	4h	2.9931	−0.013%	$311K	$444K	—	as long as short
Kraken Futures PF_NATGASUSD	+0.0515%	1h	2.9949	+0.047%	$52K	$42K	20x	as long as short
Binance NATGASUSDTlong	+0.0539%	4h	2.9935	long leg	$10.1M	$30.5M	100x
edgeX NATGASUSDC	+0.0579%	4h	2.9931	−0.013%	$85K	$212K	20x	as long as short
Bitget NATGASUSDT	+0.0700%	4h	2.9900	−0.116%	$10.0M	$3.9M	100x	as long as short