Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0057%/8h= −6.2% APRpaid last 24h −0.110%

Price spread now: Phemex against BloFin−0.033%7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$128as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$880.881% of the position

Long on BloFin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.395%−$39 on $10k

Price spread, last 3 days (all we have)+0.066%+$7 · spread now −0.033%, 7d avg +0.031%

Together, before fees−0.329%−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.064% cheaper against BloFin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.031%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin NG-USDT	2.9960	0.0157	pay 0.0157% / 8h	14m 57s	$80K	$189K	20x
Short	Phemex NGUSDT	2.9950	0.0100	get 0.0050% / 4h	14m 57s	$1.5M	$97K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against BloFin. 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 BloFinbpFee PhemexbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$11.93
Price spread: −0.033% → +0.031%: −$6.41
Slippage, 4 orders: −$64.15
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$106.48
Costs to cover: 0.881%
Break-even: never at this rate

Slippage from BloFin: live order book, 55 min ago; Phemex: live order book, 3 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 BloFin live order book, 55 min ago	3.34 bp	9.3 bp −$9	15.8 bp −$158	64.2 bp −$6,424	doesn't fit
Sell Phemex live order book, 3 min ago	1.67 bp	32.4 bp −$32	doesn't fit	doesn't fit	doesn't fit

NATGAS on 27 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
GRVT NATGAS_USDT_Perp	0.0000%	4h	2.9948	−0.039%	$13K	$238K	25x	as long as short
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8306	−5.521%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	2.9947	−0.043%	$2K	$2.6M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	2.9987	+0.090%	$98K	$212K	75x	as long as short
QFEX NATGAS-USD	+0.0030%	1h	2.9950	−0.033%	$657K	$86K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	2.9968	+0.027%	$616K	$419K	10x	as long as short
Vest NG-PERP	+0.0046%	1h	2.9950	−0.033%	—	$378	10x	as long as short
Extended XNG-USD	+0.0048%	1h	2.9943	−0.056%	$110K	$453K	5x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	2.9947	−0.043%	$5.9M	$6.0M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	2.9973	+0.043%	$84K	$43K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff NATGAS-PERP	+0.0056%	1h	2.9952	−0.027%	$35K	—	20x	as long as short
Aster NATGASUSDT	+0.0058%	4h	2.9960	0.000%	$265K	$73K	50x	as long as short
Paradex NG-USD-PERP	+0.0066%	8h	2.9953	−0.023%	$5K	—	5x	as long as short
Variational Omni NATGAS	+0.0080%	4h	2.9951	−0.031%	$311K	$443K	—	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9951	−0.030%	$68K	$33K	10x	as long as short
KuCoin NATGASUSDTM	+0.0100%	4h	2.9950	−0.033%	$1.0M	$1.2M	20x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	2.9900	−0.200%	$36K	$217K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	+0.134%	$3K	$544	10x	as long as short
Phemex NGUSDTshort	+0.0100%	4h	2.9950	−0.033%	$1.5M	$97K	10x
OKX NG-USDT-SWAP	+0.0127%	8h	2.9960	0.000%	$856K	$1.7M	50x	as long as short
BloFin NG-USDTlong	+0.0157%	8h	2.9960	long leg	$80K	$189K	20x
Gate NG_USDT	+0.0171%	8h	2.9980	+0.067%	$1.5M	$285K	100x	as long as short
Binance NATGASUSDT	+0.0182%	4h	2.9955	−0.016%	$10.1M	$29.9M	100x	as long as short
edgeX NATGASUSDC	+0.0208%	4h	2.9951	−0.031%	$85K	$213K	20x	as long as short
Bitget NATGASUSDT	+0.0274%	4h	2.9930	−0.100%	$10.0M	$3.7M	100x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0406% / S −0.0333%	1h	2.9955	−0.017%	$93K	—	45x	as long as short
Kraken Futures PF_NATGASUSD	+0.1217%	1h	2.9970	+0.034%	$52K	$39K	20x	as long as short