Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.020%

Price spread now: Phemex against Lighter−0.027%7-day average +0.125% · you buy dearer than you sell

Net, funding: paid 7d − costs−$140as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$790.789% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.613%−$61 on $10k

Price spread, last 3 days (all we have)0.000%$0 · spread now −0.027%, 7d avg +0.125%

Together, before fees−0.612%+ Points / potential airdropLighter: Season 3 · farm board−$61 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.152% cheaper against Lighter than usual: you would sell low and buy high (spread −0.027% now, against its 7-day average of +0.125%). If the spread goes back, that is −$15 on $10k: about 7.4 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.613%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NATGAS	2.9968	0.0032	pay 0.0004% / 1h	15m 30s	$616K	$419K	10x
Short	Phemex NGUSDT	2.9960	0.0100	get 0.0050% / 4h	15m 30s	$1.5M	$97K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.027%Rate

Funding earned: $14.28
Price spread: −0.027% → +0.125%: −$15.19
Slippage, 4 orders: −$66.91
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$79.81
Costs to cover: 0.789%
Break-even: 46.1 days

Slippage from Lighter: live order book, 55 min ago; Phemex: live order book, 2 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, 55 min ago	0.50 bp	8.4 bp −$8	15.3 bp −$153	73.6 bp −$7,364	doesn't fit
Sell Phemex live order book, 2 min ago	1.67 bp	32.4 bp −$32	doesn't fit	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
GRVT NATGAS_USDT_Perp	0.0000%	4h	2.9948	−0.066%	$13K	$238K	25x	as long as short
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8306	−5.546%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	2.9971	+0.010%	$2K	$2.6M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	2.9987	+0.063%	$98K	$212K	75x	as long as short
QFEX NATGAS-USD	+0.0030%	1h	2.9950	−0.060%	$657K	$86K	20x	as long as short
Lighter NATGASlong	+0.0032%	1h	2.9968	long leg	$616K	$419K	10x
Vest NG-PERP	+0.0046%	1h	2.9950	−0.060%	—	$378	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	2.9947	−0.070%	$5.9M	$6.0M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	2.9973	+0.017%	$84K	$43K	10x	as long as short
Extended XNG-USD	+0.0056%	1h	2.9943	−0.083%	$110K	$453K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff NATGAS-PERP	+0.0056%	1h	2.9952	−0.053%	$35K	—	20x	as long as short
Aster NATGASUSDT	+0.0058%	4h	2.9960	−0.027%	$265K	$73K	50x	as long as short
Paradex NG-USD-PERP	+0.0066%	8h	2.9953	−0.050%	$5K	—	5x	as long as short
Variational Omni NATGAS	+0.0080%	4h	2.9951	−0.058%	$311K	$443K	—	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9951	−0.057%	$68K	$33K	10x	as long as short
KuCoin NATGASUSDTM	+0.0100%	4h	2.9950	−0.060%	$1.0M	$1.2M	20x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	2.9900	−0.227%	$36K	$217K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	+0.107%	$3K	$544	10x	as long as short
Phemex NGUSDTshort	+0.0100%	4h	2.9960	−0.027%	$1.5M	$97K	10x
OKX NG-USDT-SWAP	+0.0127%	8h	2.9960	−0.027%	$856K	$1.7M	50x	as long as short
BloFin NG-USDT	+0.0168%	8h	2.9940	−0.093%	$80K	$189K	20x	as long as short
Gate NG_USDT	+0.0171%	8h	2.9980	+0.040%	$1.5M	$285K	100x	as long as short
Binance NATGASUSDT	+0.0182%	4h	2.9950	−0.060%	$10.1M	$29.9M	100x	as long as short
edgeX NATGASUSDC	+0.0208%	4h	2.9951	−0.058%	$85K	$213K	20x	as long as short
Bitget NATGASUSDT	+0.0274%	4h	2.9930	−0.127%	$10.0M	$3.7M	100x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0406% / S −0.0333%	1h	2.9955	−0.043%	$93K	—	45x	as long as short
Kraken Futures PF_NATGASUSD	+0.1217%	1h	2.9971	+0.009%	$52K	$39K	20x	as long as short