Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h −0.024%

Price spread now: QFEX against Orderly+0.167%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on QFEX

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—needs both histories

The price spread pays, funding is against you. QFEX is 0.167% dearer against Orderly than usual: you sell high and buy low (spread +0.167% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_NATGAS_USDC_mythos	3.0000	0.0100	pay 0.0100% / 8h	3h 48m	$3K	$544	10x
Short	QFEX NATGAS-USD	3.0050	0.0009	get 0.0001% / 1h	48m 01s	$669K	$91K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Orderly. 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 OrderlybpFee QFEXbpOrdersPrice spread, now +0.167%Rate

Funding earned: −$19.17
Price spread: +0.167% → 0.000%: $16.67
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$18.5
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; QFEX: live order book, 47 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 Orderly no order-book sample	—	—	—	—	—
Sell QFEX live order book, 47 min ago	3.33 bp	8.3 bp −$8	8.3 bp −$83	11.9 bp −$1,191	doesn't fit

Orderly: 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
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8456	−5.147%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0082	+0.273%	$2K	$2.4M	20x	as long as short
QFEX NATGAS-USDshort	+0.0009%	1h	3.0050	+0.167%	$669K	$91K	20x
Lighter NATGAS	+0.0032%	1h	3.0038	+0.127%	$621K	$494K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0028	+0.094%	$110K	$404K	5x	as long as short
Hotstuff NATGAS-PERP	+0.0032%	1h	3.0041	+0.137%	$35K	—	20x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0030	+0.100%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0030	+0.100%	$82K	$26K	10x	as long as short
Paradex NG-USD-PERP	+0.0067%	8h	3.0080	+0.266%	$5K	—	5x	as long as short
tradeXYZ xyz:NATGAS	+0.0093%	1h	3.0044	+0.147%	$6.0M	$5.7M	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica NATGAS	+0.0100%	1h	3.0031	+0.103%	$68K	$33K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	0.000%	$37K	$217K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythoslong	+0.0100%	8h	3.0000	long leg	$3K	$544	10x
Phemex NGUSDT	+0.0100%	4h	3.0060	+0.200%	$1.5M	$93K	10x	as long as short
KuCoin NATGASUSDTM	+0.0330%	4h	3.0050	+0.167%	$1.0M	$1.0M	20x	as long as short
Aster NATGASUSDT	+0.0368%	4h	3.0078	+0.260%	$265K	$73K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0470% / S −0.0411%	1h	3.0065	+0.217%	$92K	—	45x	as long as short
Gate NG_USDT	+0.0524%	8h	3.0090	+0.300%	$1.5M	$191K	100x	as long as short
GRVT NATGAS_USDT_Perp	+0.0546%	4h	3.0030	+0.100%	$25K	$218K	25x	as long as short
OKX NG-USDT-SWAP	+0.0547%	8h	3.0050	+0.167%	$861K	$1.7M	50x	as long as short
Variational Omni NATGAS	+0.0561%	4h	3.0040	+0.132%	$317K	$449K	—	as long as short
HTX NATGAS-USDT	+0.0565%	4h	3.0081	+0.270%	$107K	$214K	75x	as long as short
BloFin NG-USDT	+0.0575%	8h	3.0020	+0.067%	$81K	$191K	20x	as long as short
edgeX NATGASUSDC	+0.0587%	4h	3.0040	+0.132%	$85K	$212K	20x	as long as short
Binance NATGASUSDT	+0.0591%	4h	3.0062	+0.208%	$10.2M	$28.4M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.0855%	1h	3.0071	+0.236%	$54K	$33K	20x	as long as short
Bitget NATGASUSDT	+0.0982%	4h	3.0020	+0.067%	$9.9M	$3.2M	100x	as long as short