Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0315%/8h= +34.5% APRpaid last 24h +0.090%

Price spread now: Variational Omni against Ondo Perps−0.087%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 Variational Omni

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 airdropOndo Perps: Active · Variational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.087% cheaper against Ondo Perps than usual: you would sell low and buy high (spread −0.087% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 22 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps NATGAS-USD.P	3.0036	0.0050	pay 0.0006% / 1h	16m 13s	$82K	$26K	10x
Short	Variational Omni NATGAS	3.0010	0.0365	get 0.0183% / 4h	16m 13s	$318K	$390K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.087%Rate

Funding earned: $66.14
Price spread: −0.087% → 0.000%: −$8.74
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $52.39
Costs to cover: 0.050%
Break-even: 1.5 days

Slippage unknown: Ondo Perps: no order-book sample; Variational Omni: RFQ quote, 23 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 Variational Omni RFQ quote, 23 min ago	4.49 bp	doesn't fit	6.1 bp −$61	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	0.0000%	1h	3.0023	−0.043%	$35K	—	20x	as long as short
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8389	−5.483%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0042	+0.020%	$2K	$2.4M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	3.0028	−0.027%	$117K	$216K	75x	as long as short
QFEX NATGAS-USD	+0.0004%	1h	3.0020	−0.053%	$659K	$96K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0028	−0.027%	$630K	$495K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0016	−0.068%	$111K	$271K	5x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0030	−0.020%	—	$14K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	3.0018	−0.060%	$6.0M	$5.3M	10x	as long as short
GRVT NATGAS_USDT_Perp	+0.0050%	4h	3.0026	−0.035%	$15K	$222K	25x	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	3.0036	long leg	$82K	$26K	10x
Paradex NG-USD-PERP	+0.0051%	8h	3.0029	−0.024%	$5K	—	5x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0020	−0.053%	$69K	$32K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	−0.120%	$37K	$216K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.120%	$3K	$544	10x	as long as short
Phemex NGUSDT	+0.0100%	4h	3.0030	−0.020%	$1.5M	$90K	10x	as long as short
KuCoin NATGASUSDTM	+0.0148%	4h	3.0010	−0.087%	$1.0M	$872K	20x	as long as short
Aster NATGASUSDT	+0.0165%	4h	3.0040	+0.013%	$264K	$69K	50x	as long as short
Variational Omni NATGASshort	+0.0365%	4h	3.0010	−0.087%	$318K	$390K	—
Binance NATGASUSDT	+0.0382%	4h	3.0023	−0.042%	$10.4M	$28.6M	100x	as long as short
edgeX NATGASUSDC	+0.0404%	4h	3.0017	−0.065%	$85K	$213K	20x	as long as short
OKX NG-USDT-SWAP	+0.0571%	8h	2.9990	−0.153%	$838K	$1.8M	50x	as long as short
BloFin NG-USDT	+0.0572%	8h	3.0000	−0.120%	$81K	$198K	20x	as long as short
Gate NG_USDT	+0.0576%	8h	3.0040	+0.013%	$1.5M	$196K	100x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0586% / S −0.0600%	1h	3.0025	−0.037%	$88K	—	45x	as long as short
Bitget NATGASUSDT	+0.0838%	4h	2.9990	−0.153%	$9.9M	$3.0M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.0862%	1h	3.0041	+0.016%	$56K	$35K	20x	as long as short