NATGAS

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0492%/8h= −53.9% APRnext payment −$2.46 per $10,000 · paid last 24h −0.101%

Price spread now: Phemex against edgeX+0.034%78s7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$141as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1231.233% of the position

Long on edgeX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.176%−$18 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.034%, 7d avg −0.007%

Together, before fees−0.215%+ Points / potential airdropedgeX: Active · farm board−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.041% dearer against edgeX than usual: you sell high and buy low (spread +0.034% now, against its 7-day average of −0.007%): +$4 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.176% in total) that is about 39 hours. The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.176% in total (about -9.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.46 per $10,000. 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	edgeX NATGASUSDC	3.0060	0.0592	pay 0.0296% / 4h	2h 05m	$85K	$212K	20x
Short	Phemex NGUSDT	3.0070	0.0100	get 0.0050% / 4h	2h 05m	$1.5M	$93K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against edgeX. 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 edgeXbpFee PhemexbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$103.3
Price spread: +0.034% → −0.007%: $4.15
Slippage, 4 orders: −$102.34
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$222.49
Costs to cover: 1.233%
Break-even: never at this rate

Slippage from edgeX: live order book, 41 min ago; Phemex: live order book, 2 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 edgeX live order book, 41 min ago	13.32 bp	33.6 bp −$34	42.2 bp −$422	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.33 bp	32.1 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
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8455	−5.339%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0034	−0.086%	$2K	$2.4M	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0061	+0.004%	$629K	$504K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0053	−0.021%	$110K	$333K	5x	as long as short
QFEX NATGAS-USD	+0.0033%	1h	3.0060	+0.001%	$660K	$96K	20x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0070	+0.034%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0089	+0.097%	$83K	$26K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0054%	1h	3.0059	−0.002%	$6.0M	$5.5M	10x	as long as short
Paradex NG-USD-PERP	+0.0062%	8h	3.0074	+0.049%	$5K	—	5x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0063	+0.010%	$68K	$33K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.199%	$37K	$218K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.199%	$3K	$544	10x	as long as short
Phemex NGUSDTshort	+0.0100%	4h	3.0070	+0.034%	$1.5M	$93K	10x
HTX NATGAS-USDT	+0.0118%	4h	3.0082	+0.074%	$107K	$211K	75x	as long as short
GRVT NATGAS_USDT_Perp	+0.0170%	4h	3.0052	−0.025%	$13K	$212K	25x	as long as short
Hotstuff NATGAS-PERP	+0.0208%	1h	3.0076	+0.054%	$35K	—	20x	as long as short
KuCoin NATGASUSDTM	+0.0314%	4h	3.0050	−0.032%	$1.0M	$945K	20x	as long as short
Aster NATGASUSDT	+0.0335%	4h	3.0086	+0.087%	$265K	$75K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0530% / S −0.0531%	1h	3.0065	+0.017%	$88K	—	45x	as long as short
Variational Omni NATGAS	+0.0561%	4h	3.0060	0.000%	$317K	$432K	—	as long as short
Binance NATGASUSDT	+0.0574%	4h	3.0060	+0.001%	$10.3M	$28.5M	100x	as long as short
edgeX NATGASUSDClong	+0.0592%	4h	3.0060	long leg	$85K	$212K	20x
Gate NG_USDT	+0.0615%	8h	3.0100	+0.134%	$1.5M	$196K	100x	as long as short
BloFin NG-USDT	+0.0644%	8h	3.0060	+0.001%	$81K	$195K	20x	as long as short
OKX NG-USDT-SWAP	+0.0653%	8h	3.0060	+0.001%	$868K	$1.7M	50x	as long as short
Bitget NATGASUSDT	+0.0978%	4h	3.0030	−0.099%	$9.9M	$3.2M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.1181%	1h	3.0081	+0.069%	$56K	$35K	20x	as long as short