Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0050%/8h= +5.4% APRpaid last 24h +0.009%

Price spread now: Phemex against Ondo Perps−0.160%7-day average — · you buy dearer than you sell

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

Long on Ondo Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.023%−$2 on $10k

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

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

Funding pays, the price is against you. Phemex is 0.160% cheaper against Ondo Perps than usual: you would sell low and buy high (spread −0.160% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 11 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps NATGAS-USD.P	3.0058	0.0050	pay 0.0006% / 1h	10m 20s	$82K	$26K	10x
Short	Phemex NGUSDT	3.0010	0.0100	get 0.0050% / 4h	10m 20s	$1.5M	$90K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Ondo Perps. 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 Ondo PerpsbpFee PhemexbpOrdersPrice spread, now −0.160%Rate

Funding earned: $10.42
Price spread: −0.160% → 0.000%: −$15.97
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$22.55
Costs to cover: 0.170%
Break-even: 22.2 days

Slippage unknown: Ondo Perps: no order-book sample; Phemex: live order book, 3 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	5.00 bp	33.9 bp −$34	doesn't fit	doesn't fit	doesn't fit

Ondo Perps: 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-PERP	−0.0024%	1h	3.0016	−0.140%	$35K	—	20x	as long as short
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8385	−5.566%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0032	−0.086%	$2K	$2.4M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	3.0027	−0.103%	$117K	$216K	75x	as long as short
QFEX NATGAS-USD	+0.0004%	1h	3.0010	−0.160%	$659K	$96K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0020	−0.126%	$630K	$495K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0010	−0.158%	$109K	$273K	5x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0010	−0.160%	—	$14K	10x	as long as short
GRVT NATGAS_USDT_Perp	+0.0046%	4h	3.0012	−0.154%	$15K	$222K	25x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	3.0016	−0.140%	$6.0M	$5.3M	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps NATGAS-USD.Plong	+0.0050%	1h	3.0058	long leg	$82K	$26K	10x
Paradex NG-USD-PERP	+0.0051%	8h	3.0024	−0.113%	$5K	—	5x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0004	−0.180%	$69K	$32K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.193%	$37K	$215K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.193%	$3K	$544	10x	as long as short
Phemex NGUSDTshort	+0.0100%	4h	3.0010	−0.160%	$1.5M	$90K	10x
KuCoin NATGASUSDTM	+0.0142%	4h	3.0000	−0.193%	$1.0M	$868K	20x	as long as short
Aster NATGASUSDT	+0.0155%	4h	3.0040	−0.060%	$264K	$69K	50x	as long as short
Variational Omni NATGAS	+0.0349%	4h	3.0011	−0.156%	$318K	$390K	—	as long as short
Binance NATGASUSDT	+0.0372%	4h	3.0010	−0.160%	$10.4M	$28.6M	100x	as long as short
edgeX NATGASUSDC	+0.0394%	4h	3.0016	−0.141%	$85K	$213K	20x	as long as short
BloFin NG-USDT	+0.0546%	8h	3.0020	−0.126%	$80K	$198K	20x	as long as short
OKX NG-USDT-SWAP	+0.0559%	8h	3.0000	−0.193%	$802K	$1.8M	50x	as long as short
Gate NG_USDT	+0.0572%	8h	3.0040	−0.060%	$1.5M	$196K	100x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0589% / S −0.0604%	1h	3.0015	−0.143%	$88K	—	45x	as long as short
Bitget NATGASUSDT	+0.0828%	4h	3.0000	−0.193%	$9.9M	$3.0M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.0862%	1h	3.0031	−0.089%	$55K	$35K	20x	as long as short