Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0244%/8h= +26.7% APRpaid last 24h +0.004%

Price spread now: Orderly against Hotstuff−0.043%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hotstuff Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Orderly is 0.043% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.043% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 14 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff NATGAS-PERP	3.0013	−0.0144	get 0.0018% / 1h	28m 48s	$35K	—	20x
Short	Orderly PERP_NATGAS_USDC_mythos	3.0000	0.0100	get 0.0100% / 8h	7h 28m	$3K	$544	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Hotstuff. 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 HotstuffbpFee OrderlybpOrdersPrice spread, now −0.043%Rate

Funding earned: $51.24
Price spread: −0.043% → 0.000%: −$4.33
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $35.91
Costs to cover: 0.110%
Break-even: 2.1 days

Slippage unknown: Hotstuff: no order-book sample; Orderly: no order-book sample. Net counts fees only.

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 Hotstuff no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Hotstuff and Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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-PERPlong	−0.0144%	1h	3.0013	long leg	$35K	—	20x
QFEX NATGAS-USD	0.0000%	1h	3.0010	−0.010%	$658K	$96K	20x	as long as short
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8375	−5.458%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0041	+0.093%	$2K	$2.3M	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0014	+0.003%	$631K	$483K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0005	−0.026%	$109K	$253K	5x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0010	−0.010%	—	$14K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	3.0009	−0.013%	$6.0M	$5.2M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	2.9978	−0.117%	$82K	$28K	10x	as long as short
Paradex NG-USD-PERP	+0.0050%	8h	3.0016	+0.011%	$5K	—	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica NATGAS	+0.0100%	1h	2.9990	−0.077%	$69K	$30K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.043%	$37K	$214K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythosshort	+0.0100%	8h	3.0000	−0.043%	$3K	$544	10x
Phemex NGUSDT	+0.0100%	4h	3.0030	+0.057%	$1.5M	$90K	10x	as long as short
KuCoin NATGASUSDTM	+0.0150%	4h	3.0010	−0.010%	$1.1M	$843K	20x	as long as short
HTX NATGAS-USDT	+0.0167%	4h	3.0037	+0.080%	$118K	$221K	75x	as long as short
Aster NATGASUSDT	+0.0181%	4h	3.0030	+0.057%	$264K	$69K	50x	as long as short
Gate NG_USDT	+0.0246%	8h	3.0040	+0.090%	$1.5M	$193K	100x	as long as short
GRVT NATGAS_USDT_Perp	+0.0248%	4h	3.0010	−0.010%	$20K	$221K	25x	as long as short
Variational Omni NATGAS	+0.0346%	4h	3.0030	+0.057%	$318K	$391K	—	as long as short
edgeX NATGASUSDC	+0.0372%	4h	3.0028	+0.051%	$85K	$213K	20x	as long as short
Binance NATGASUSDT	+0.0377%	4h	3.0026	+0.045%	$10.4M	$29.0M	100x	as long as short
BloFin NG-USDT	+0.0477%	8h	3.0000	−0.043%	$76K	$197K	20x	as long as short
OKX NG-USDT-SWAP	+0.0501%	8h	3.0020	+0.023%	$802K	$1.9M	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0587% / S −0.0602%	1h	3.0025	+0.040%	$88K	—	45x	as long as short
Kraken Futures PF_NATGASUSD	+0.0685%	1h	3.0007	−0.022%	$53K	$37K	20x	as long as short
Bitget NATGASUSDT	+0.0850%	4h	3.0000	−0.043%	$9.9M	$3.0M	100x	as long as short