Funding you earn now, next payment 08:00 UTC+0.0279%/8h= +30.6% APRnext payment +$1.40 per $10,000 · paid last 24h +0.098%
Price spread now: Binance against Phemex−0.033%7-day average +0.026% · you buy dearer than you sell
Net, funding: paid 7d − costs−$64as in the Funding arb table
Net, price: spread back to 7d avg − costs−$86as in the Price arb table
costs, in and out, $10k−$800.798% of the position
Funding, last 7 days+0.154%+$15 on $10k
+Price spread, last 4 days (all we have)+0.138%+$14 · spread now −0.033%, 7d avg +0.026%
=Funding pays, the price is against you. Binance is 0.059% cheaper against Phemex than usual: you would sell low and buy high (spread −0.033% now, against its 7-day average of +0.026%). If the spread goes back, that is −$6 on $10k: about 17 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.154% in total) that is about 2.7 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.154% in total (about 8.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.40 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex NGUSDT | 3.0020 | 0.0100 | pay 0.0050% / 4h | 13m 13s | $1.5M | $90K | 10x |
| Short | Binance NATGASUSDT | 3.0010 | 0.0379 | get 0.0190% / 4h | 13m 13s | $10.4M | $28.6M | 100x |
Phemex NGUSDT
Binance NATGASUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $58.61
- Price spread: −0.033% → +0.026%
- −$5.92
- Slippage, 4 orders
- −$57.81
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$27.12
- Costs to cover
- 0.798%
- Break-even
- 10.2 days
Slippage from Phemex: live order book, 5 min ago; Binance: live order book, 13 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 Phemex live order book, 5 min ago | 5.00 bp | 34.4 bp −$34 | doesn't fit | doesn't fit | doesn't fit |
| Sell Binance live order book, 13 min ago | 1.66 bp | 6.7 bp −$7 | 6.7 bp −$67 | 30.7 bp −$3,073 | 119.4 bp −$59.7K |
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 | 2.8384 | −5.450% | — | — | — | as long as short |
| SunX NATGAS-USDT | 0.0000% | 4h | 3.0032 | +0.040% | $2K | $2.4M | 20x | as long as short |
| HTX NATGAS-USDT | 0.0000% | 4h | 3.0025 | +0.017% | $117K | $216K | 75x | as long as short |
| QFEX NATGAS-USD | +0.0004% | 1h | 3.0010 | −0.033% | $659K | $96K | 20x | as long as short |
| Lighter NATGAS | +0.0032% | 1h | 3.0026 | +0.020% | $631K | $495K | 10x | as long as short |
| Extended XNG-USD | +0.0032% | 1h | 3.0012 | −0.027% | $109K | $275K | 5x | as long as short |
| Vest NG-PERP | +0.0046% | 1h | 3.0010 | −0.033% | — | $14K | 10x | as long as short |
| GRVT NATGAS_USDT_Perp | +0.0048% | 4h | 3.0019 | −0.002% | $15K | $222K | 25x | as long as short |
| Hotstuff NATGAS-PERP | +0.0048% | 1h | 3.0019 | −0.003% | $35K | — | 20x | as long as short |
| tradeXYZ xyz:NATGAS | +0.0050% | 1h | 3.0012 | −0.027% | $6.0M | $5.3M | 10x | as long as short |
gTrade (Gains Network) NATGAS/USD
SunX NATGAS-USDT
HTX NATGAS-USDT
QFEX NATGAS-USD
Lighter NATGAS
Extended XNG-USD
Vest NG-PERP
GRVT NATGAS_USDT_Perp
Hotstuff NATGAS-PERP
tradeXYZ xyz:NATGASShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Ondo Perps NATGAS-USD.P | +0.0050% | 1h | 3.0058 | +0.127% | $82K | $26K | 10x | as long as short |
| Paradex NG-USD-PERP | +0.0051% | 8h | 3.0024 | +0.014% | $5K | — | 5x | as long as short |
| Pacifica NATGAS | +0.0100% | 1h | 3.0009 | −0.035% | $69K | $32K | 10x | as long as short |
| ApeX Omni NATGASUSDT | +0.0100% | 1h | 3.0000 | −0.067% | $37K | $215K | 50x | as long as short |
| Orderly PERP_NATGAS_USDC_mythos | +0.0100% | 8h | 3.0000 | −0.067% | $3K | $544 | 10x | as long as short |
| Phemex NGUSDTlong | +0.0100% | 4h | 3.0020 | long leg | $1.5M | $90K | 10x | |
| KuCoin NATGASUSDTM | +0.0144% | 4h | 3.0010 | −0.033% | $1.0M | $869K | 20x | as long as short |
| Aster NATGASUSDT | +0.0163% | 4h | 3.0040 | +0.067% | $264K | $69K | 50x | as long as short |
| Variational Omni NATGAS | +0.0356% | 4h | 3.0020 | +0.001% | $318K | $390K | — | as long as short |
| Binance NATGASUSDTshort | +0.0379% | 4h | 3.0010 | −0.033% | $10.4M | $28.6M | 100x | |
| edgeX NATGASUSDC | +0.0394% | 4h | 3.0016 | −0.014% | $85K | $213K | 20x | as long as short |
| OKX NG-USDT-SWAP | +0.0565% | 8h | 3.0000 | −0.067% | $802K | $1.8M | 50x | as long as short |
| BloFin NG-USDT | +0.0573% | 8h | 3.0020 | 0.000% | $80K | $198K | 20x | as long as short |
| Gate NG_USDT | +0.0575% | 8h | 3.0040 | +0.067% | $1.5M | $196K | 100x | as long as short |
| GMX NATGAS/USD [ETH-USDC] | L +0.0587% / S −0.0601% | 1h | 3.0035 | +0.050% | $88K | — | 45x | as long as short |
| Bitget NATGASUSDT | +0.0834% | 4h | 2.9990 | −0.100% | $9.9M | $3.0M | 100x | as long as short |
| Kraken Futures PF_NATGASUSD | +0.0862% | 1h | 3.0030 | +0.034% | $55K | $35K | 20x | as long as short |
Ondo Perps NATGAS-USD.P
Paradex NG-USD-PERP
Pacifica NATGAS
ApeX Omni NATGASUSDT
Orderly PERP_NATGAS_USDC_mythos
KuCoin NATGASUSDTM
Aster NATGASUSDT
Variational Omni NATGAS
edgeX NATGASUSDC
OKX NG-USDT-SWAP
BloFin NG-USDT
Gate NG_USDT
GMX NATGAS/USD [ETH-USDC]
Bitget NATGASUSDT
Kraken Futures PF_NATGASUSD