Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.016%

Price spread now: Lighter against GRVT+0.057%78s7-day average −0.163% · you sell dearer than you buy

Net, funding: paid 7d − costs+$38as 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−$310.306% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.688%+$69 on $10k

Price spread, last 3 days (all we have)−0.014%−$1 · spread now +0.057%, 7d avg −0.163%

Together, before fees+0.674%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board+$67 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter is 0.221% dearer against GRVT than usual: you sell high and buy low: +$22 more if the spread goes back to its 7-day average of −0.163%. The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT NATGAS_USDT_Perp	2.9948	0	get 0.0000% / 4h	18m 10s	$13K	$238K	25x
Short	Lighter NATGAS	2.9965	0.0032	get 0.0004% / 1h	18m 10s	$616K	$419K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now +0.057%Rate

Funding earned: $6.72
Price spread: +0.057% → −0.163%: $22.05
Slippage, 4 orders: −$21.63
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$1.85
Costs to cover: 0.306%
Break-even: 8.9 days

Slippage from GRVT: live order book, 59 min ago; Lighter: live order book, 52 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 GRVT live order book, 59 min ago	1.67 bp	9.0 bp −$9	20.5 bp −$205	doesn't fit	doesn't fit
Sell Lighter live order book, 52 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
Hotstuff NATGAS-PERP	−0.0024%	1h	2.9947	−0.003%	$35K	—	20x	as long as short
GRVT NATGAS_USDT_Perplong	0.0000%	4h	2.9948	long leg	$13K	$238K	25x
SunX NATGAS-USDT	0.0000%	4h	2.9972	+0.081%	$2K	$2.6M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	2.9987	+0.131%	$98K	$212K	75x	as long as short
QFEX NATGAS-USD	+0.0030%	1h	2.9950	+0.007%	$657K	$86K	20x	as long as short
Lighter NATGASshort	+0.0032%	1h	2.9965	+0.057%	$616K	$419K	10x
Vest NG-PERP	+0.0046%	1h	2.9950	+0.007%	—	$378	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	2.9947	−0.003%	$5.9M	$6.0M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	2.9940	−0.026%	$84K	$43K	10x	as long as short
Extended XNG-USD	+0.0064%	1h	2.9937	−0.035%	$110K	$453K	5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex NG-USD-PERP	+0.0067%	8h	2.9950	+0.007%	$5K	—	5x	as long as short
Aster NATGASUSDT	+0.0074%	4h	2.9960	+0.041%	$265K	$73K	50x	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9948	0.000%	$68K	$33K	10x	as long as short
KuCoin NATGASUSDTM	+0.0100%	4h	2.9950	+0.007%	$1.0M	$1.2M	20x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	2.9900	−0.160%	$36K	$217K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	+0.174%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	2.9960	+0.041%	$1.5M	$97K	10x	as long as short
BloFin NG-USDT	+0.0113%	8h	2.9940	−0.026%	$80K	$189K	20x	as long as short
Variational Omni NATGAS	+0.0115%	4h	2.9951	+0.010%	$311K	$443K	—	as long as short
OKX NG-USDT-SWAP	+0.0136%	8h	2.9960	+0.041%	$856K	$1.7M	50x	as long as short
Gate NG_USDT	+0.0174%	8h	2.9980	+0.107%	$1.5M	$285K	100x	as long as short
Binance NATGASUSDT	+0.0202%	4h	2.9956	+0.027%	$10.1M	$30.0M	100x	as long as short
edgeX NATGASUSDC	+0.0252%	4h	2.9951	+0.009%	$85K	$212K	20x	as long as short
Bitget NATGASUSDT	+0.0292%	4h	2.9930	−0.060%	$10.0M	$3.7M	100x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0406% / S −0.0333%	1h	2.9955	+0.024%	$93K	—	45x	as long as short
Kraken Futures PF_NATGASUSD	+0.1217%	1h	2.9970	+0.074%	$52K	$39K	20x	as long as short