Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −11.0% APRpaid last 24h −0.030%

Price spread now: gTrade (Gains Network) against Phemex−5.247%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 5.247% cheaper against Phemex than usual: you would sell low and buy high (−$525 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NGUSDT	3.0000	0.0100	pay 0.0050% / 4h	1h 02m	$1.5M	$95K	10x
Short	gTrade (Gains Network) NATGAS/USD	2.8426	L 0.0000% / S 0.0000%	pay 0.0000% / 1h	2m 51s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Phemex. 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 PhemexbpFee gTrade (Gains Network)bpOrdersPrice spread, now −5.247%Rate

Funding earned: −$21.04
Price spread: −5.247% → 0.000%: −$524.67
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$567.71
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; gTrade (Gains Network): no order-book sample. 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 Phemex live order book, 5 min ago	3.33 bp	39.7 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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/USDshort	L 0.0000% / S 0.0000%	1h	2.8426	−5.247%	—	—	—
SunX NATGAS-USDT	0.0000%	4h	3.0021	+0.070%	$2K	$2.4M	20x	as long as short
QFEX NATGAS-USD	+0.0019%	1h	3.0000	0.000%	$658K	$85K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0002	+0.007%	$618K	$494K	10x	as long as short
Hotstuff NATGAS-PERP	+0.0032%	1h	3.0003	+0.010%	$35K	—	20x	as long as short
Vest NG-PERP	+0.0046%	1h	2.9990	−0.033%	—	$378	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	2.9990	−0.033%	$82K	$26K	10x	as long as short
Paradex NG-USD-PERP	+0.0060%	8h	3.0011	+0.037%	$5K	—	5x	as long as short
tradeXYZ xyz:NATGAS	+0.0092%	1h	3.0003	+0.010%	$6.0M	$5.9M	10x	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9978	−0.073%	$68K	$33K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0000	0.000%	$37K	$215K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	0.000%	$3K	$544	10x	as long as short
Phemex NGUSDTlong	+0.0100%	4h	3.0000	long leg	$1.5M	$95K	10x
Extended XNG-USD	+0.0128%	1h	2.9991	−0.028%	$110K	$445K	5x	as long as short
HTX NATGAS-USDT	+0.0241%	4h	3.0016	+0.053%	$105K	$216K	75x	as long as short
GRVT NATGAS_USDT_Perp	+0.0384%	4h	2.9997	−0.011%	$25K	$227K	25x	as long as short
KuCoin NATGASUSDTM	+0.0386%	4h	2.9990	−0.033%	$1.1M	$1.1M	20x	as long as short
Aster NATGASUSDT	+0.0408%	4h	3.0000	0.000%	$265K	$73K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0442% / S −0.0381%	1h	3.0005	+0.017%	$92K	—	45x	as long as short
Gate NG_USDT	+0.0458%	8h	3.0040	+0.133%	$1.5M	$211K	100x	as long as short
BloFin NG-USDT	+0.0475%	8h	2.9990	−0.033%	$80K	$188K	20x	as long as short
OKX NG-USDT-SWAP	+0.0477%	8h	3.0000	0.000%	$852K	$1.7M	50x	as long as short
Variational Omni NATGAS	+0.0586%	4h	2.9999	−0.003%	$311K	$444K	—	as long as short
edgeX NATGASUSDC	+0.0617%	4h	2.9999	−0.003%	$85K	$213K	20x	as long as short
Binance NATGASUSDT	+0.0619%	4h	3.0013	+0.043%	$10.2M	$28.9M	100x	as long as short
Bitget NATGASUSDT	+0.0994%	4h	2.9980	−0.067%	$9.9M	$3.4M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.1110%	1h	3.0015	+0.052%	$53K	$34K	20x	as long as short