Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0353%/8h= −38.7% APRpaid last 24h −0.077%

Price spread now: QFEX against KuCoin+0.100%56s7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$1091.092% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.127%−$13 on $10k

Price spread, last 4 days (all we have)−0.122%−$12 · spread now +0.100%, 7d avg +0.020%

Together, before fees−0.249%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.080% dearer against KuCoin than usual: you sell high and buy low (spread +0.100% now, against its 7-day average of +0.020%): +$8 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 4 days (−0.127% in total) that is about 2.3 days. The two prices were read 56 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 4 days it paid -0.127% in total (about -12.8% 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	KuCoin NATGASUSDTM	3.0020	0.0362	pay 0.0181% / 4h	3h 14m	$1.0M	$989K	20x
Short	QFEX NATGAS-USD	3.0050	0.0009	get 0.0001% / 1h	14m 43s	$659K	$96K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now +0.100%Rate

Funding earned: −$74.19
Price spread: +0.100% → +0.020%: $8.03
Slippage, 4 orders: −$87.2
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$175.36
Costs to cover: 1.092%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; QFEX: live order book, 15 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 KuCoin live order book, 5 min ago	1.66 bp	48.2 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 15 min ago	3.33 bp	8.3 bp −$8	8.3 bp −$83	12.4 bp −$1,240	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	2.8451	−5.227%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0082	+0.207%	$2K	$2.4M	20x	as long as short
QFEX NATGAS-USDshort	+0.0009%	1h	3.0050	+0.100%	$659K	$96K	20x
Hotstuff NATGAS-PERP	+0.0024%	1h	3.0057	+0.123%	$35K	—	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0050	+0.100%	$629K	$503K	10x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0050	+0.100%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0047	+0.090%	$83K	$26K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0091%	1h	3.0048	+0.093%	$6.0M	$5.7M	10x	as long as short
Paradex NG-USD-PERP	+0.0093%	8h	3.0075	+0.184%	$5K	—	5x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0052	+0.107%	$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	−0.067%	$37K	$218K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.067%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0070	+0.167%	$1.5M	$92K	10x	as long as short
Extended XNG-USD	+0.0200%	1h	3.0037	+0.058%	$110K	$365K	5x	as long as short
KuCoin NATGASUSDTMlong	+0.0362%	4h	3.0020	long leg	$1.0M	$989K	20x
Aster NATGASUSDT	+0.0420%	4h	3.0060	+0.133%	$264K	$74K	50x	as long as short
GRVT NATGAS_USDT_Perp	+0.0474%	4h	3.0050	+0.101%	$13K	$223K	25x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0486% / S −0.0429%	1h	3.0065	+0.150%	$92K	—	45x	as long as short
HTX NATGAS-USDT	+0.0539%	4h	3.0069	+0.163%	$106K	$211K	75x	as long as short
Gate NG_USDT	+0.0554%	8h	3.0100	+0.266%	$1.5M	$193K	100x	as long as short
BloFin NG-USDT	+0.0572%	8h	3.0060	+0.133%	$82K	$195K	20x	as long as short
OKX NG-USDT-SWAP	+0.0595%	8h	3.0060	+0.133%	$867K	$1.7M	50x	as long as short
Variational Omni NATGAS	+0.0627%	4h	3.0060	+0.132%	$312K	$444K	—	as long as short
edgeX NATGASUSDC	+0.0646%	4h	3.0052	+0.107%	$85K	$213K	20x	as long as short
Binance NATGASUSDT	+0.0652%	4h	3.0064	+0.146%	$10.3M	$28.2M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.0854%	1h	3.0078	+0.193%	$56K	$35K	20x	as long as short
Bitget NATGASUSDT	+0.1018%	4h	3.0010	−0.033%	$9.9M	$3.2M	100x	as long as short