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

Net, funding: paid 7d − costs−$99as 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 Lighter Short on GRVT

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 airdropLighter: Season 3 · GRVT: Active · farm board−$67 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and GRVT is 0.220% cheaper against Lighter than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.163%). Swap the legs. 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	Lighter NATGAS	2.9965	0.0032	pay 0.0004% / 1h	18m 08s	$616K	$419K	10x
Short	GRVT NATGAS_USDT_Perp	2.9948	0	get 0.0000% / 4h	18m 08s	$13K	$238K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Lighter. 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 LighterbpFee GRVTbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$6.72
Price spread: −0.057% → +0.163%: −$22.05
Slippage, 4 orders: −$21.63
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$59.39
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from Lighter: live order book, 52 min ago; GRVT: live order book, 59 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 Lighter live order book, 52 min ago	0.50 bp	8.4 bp −$8	15.3 bp −$153	73.6 bp −$7,364	doesn't fit
Sell GRVT live order book, 59 min ago	1.67 bp	9.5 bp −$10	16.7 bp −$167	doesn't fit	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	−0.060%	$35K	—	20x	as long as short
GRVT NATGAS_USDT_Perpshort	0.0000%	4h	2.9948	−0.057%	$13K	$238K	25x
SunX NATGAS-USDT	0.0000%	4h	2.9972	+0.023%	$2K	$2.6M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	2.9987	+0.073%	$98K	$212K	75x	as long as short
QFEX NATGAS-USD	+0.0030%	1h	2.9950	−0.050%	$657K	$86K	20x	as long as short
Lighter NATGASlong	+0.0032%	1h	2.9965	long leg	$616K	$419K	10x
Vest NG-PERP	+0.0046%	1h	2.9950	−0.050%	—	$378	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	2.9947	−0.060%	$5.9M	$6.0M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	2.9940	−0.083%	$84K	$43K	10x	as long as short
Extended XNG-USD	+0.0064%	1h	2.9938	−0.091%	$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	−0.050%	$5K	—	5x	as long as short
Aster NATGASUSDT	+0.0074%	4h	2.9960	−0.017%	$265K	$73K	50x	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9948	−0.057%	$68K	$33K	10x	as long as short
KuCoin NATGASUSDTM	+0.0100%	4h	2.9950	−0.050%	$1.0M	$1.2M	20x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	2.9900	−0.217%	$36K	$217K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	+0.117%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	2.9960	−0.017%	$1.5M	$97K	10x	as long as short
BloFin NG-USDT	+0.0113%	8h	2.9940	−0.083%	$80K	$189K	20x	as long as short
Variational Omni NATGAS	+0.0115%	4h	2.9951	−0.047%	$311K	$443K	—	as long as short
OKX NG-USDT-SWAP	+0.0136%	8h	2.9960	−0.017%	$856K	$1.7M	50x	as long as short
Gate NG_USDT	+0.0174%	8h	2.9980	+0.050%	$1.5M	$285K	100x	as long as short
Binance NATGASUSDT	+0.0202%	4h	2.9950	−0.050%	$10.1M	$30.0M	100x	as long as short
edgeX NATGASUSDC	+0.0252%	4h	2.9951	−0.048%	$85K	$212K	20x	as long as short
Bitget NATGASUSDT	+0.0292%	4h	2.9930	−0.117%	$10.0M	$3.7M	100x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0406% / S −0.0333%	1h	2.9955	−0.033%	$93K	—	45x	as long as short
Kraken Futures PF_NATGASUSD	+0.1217%	1h	2.9970	+0.017%	$52K	$39K	20x	as long as short