Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0705%/8h= +77.2% APRpaid last 24h +0.111%

Price spread now: edgeX against Extended−0.062%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$630.633% of the position

Long on Extended Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.164%+$16 on $10k

Price spread, last 3 days (all we have)+0.076%+$8 · spread now −0.062%, 7d avg +0.009%

Together, before fees+0.240%+ Points / potential airdropExtended: Active · edgeX: Active · farm board+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.071% cheaper against Extended than usual: you would sell low and buy high (spread −0.062% now, against its 7-day average of +0.009%). If the spread goes back, that is −$7 on $10k: about 8 hours of funding at the current rate (+$21 a day). At the pace of the last 7 days (+0.164% in total) that is about 3.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.164% in total (about 8.6% 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	Extended XNG-USD	2.9910	0.0192	pay 0.0024% / 1h	49m 29s	$113K	$1.2M	5x
Short	edgeX NATGASUSDC	2.9891	0.0897	get 0.0449% / 4h	1h 49m	$85K	$213K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Extended. 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 ExtendedbpFee edgeXbpOrdersPrice spread, now −0.062%Rate

Funding earned: $148.07
Price spread: −0.062% → +0.009%: −$7.11
Slippage, 4 orders: −$49.28
Fee Extended: 2.5 bp × 2 orders: −$5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $77.67
Costs to cover: 0.633%
Break-even: 3.3 days

Slippage from Extended: live order book, 4 min ago; edgeX: live order book, 32 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 Extended live order book, 4 min ago	1.17 bp	4.0 bp −$4	7.2 bp −$72	doesn't fit	doesn't fit
Sell edgeX live order book, 32 min ago	13.37 bp	24.3 bp −$24	32.7 bp −$327	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
Hotstuff NATGAS-PERP	−0.0064%	1h	2.9921	+0.038%	$35K	—	20x	as long as short
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8281	−5.446%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	2.9922	+0.041%	$2K	$2.6M	20x	as long as short
Lighter NATGAS	+0.0032%	1h	2.9910	+0.001%	$618K	$410K	10x	as long as short
Vest NG-PERP	+0.0046%	1h	2.9920	+0.034%	—	$378	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	2.9908	−0.006%	$6.0M	$5.9M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	2.9874	−0.120%	$84K	$49K	10x	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9897	−0.043%	$68K	$34K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	2.9900	−0.033%	$36K	$216K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	2.9900	−0.033%	$3K	$544	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex NGUSDT	+0.0100%	4h	2.9900	−0.033%	$1.5M	$102K	10x	as long as short
QFEX NATGAS-USD	+0.0160%	1h	2.9910	+0.001%	$657K	$86K	20x	as long as short
Paradex NG-USD-PERP	+0.0187%	8h	2.9917	+0.023%	$5K	—	5x	as long as short
Extended XNG-USDlong	+0.0192%	1h	2.9910	long leg	$113K	$1.2M	5x
Gate NG_USDT	+0.0225%	8h	2.9940	+0.101%	$1.5M	$306K	100x	as long as short
BloFin NG-USDT	+0.0406%	8h	2.9880	−0.100%	$84K	$189K	20x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0415% / S −0.0333%	1h	2.9915	+0.018%	$93K	—	25x	as long as short
OKX NG-USDT-SWAP	+0.0417%	8h	2.9880	−0.100%	$897K	$1.7M	50x	as long as short
KuCoin NATGASUSDTM	+0.0434%	4h	2.9900	−0.033%	$1.0M	$1.2M	20x	as long as short
Kraken Futures PF_NATGASUSD	+0.0515%	1h	2.9927	+0.056%	$52K	$51K	20x	as long as short
HTX NATGAS-USDT	+0.0631%	4h	2.9921	+0.038%	$97K	$216K	75x	as long as short
GRVT NATGAS_USDT_Perp	+0.0762%	4h	2.9898	−0.040%	$13K	$246K	25x	as long as short
Aster NATGASUSDT	+0.0802%	4h	2.9917	+0.026%	$265K	$105K	50x	as long as short
Variational Omni NATGAS	+0.0831%	4h	2.9892	−0.058%	$310K	$446K	—	as long as short
Binance NATGASUSDT	+0.0863%	4h	2.9907	−0.011%	$10.1M	$32.2M	100x	as long as short
edgeX NATGASUSDCshort	+0.0897%	4h	2.9891	−0.062%	$85K	$213K	20x
Bitget NATGASUSDT	+0.1080%	4h	2.9890	−0.066%	$10.0M	$4.0M	100x	as long as short