Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0233%/8h= +25.5% APRpaid last 24h +0.141%

Price spread now: GMX against Phemex+0.017%7-day average — · you sell dearer than you buy

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NGUSDT	2.9930	0.0100	pay 0.0050% / 4h	41m 44s	$1.5M	$98K	10x
Short	GMX NATGAS/USD [ETH-USDC]	2.9935	L +0.0406% / S −0.0333%	get 0.0042% / 1h	41m 44s	$93K	—	45x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.017%Rate

Funding earned: $48.86
Price spread: +0.017% → 0.000%: $1.67
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $26.53
Costs to cover: 0.240%
Break-even: 3.2 days

Slippage unknown: Phemex: live order book, 1 min ago; GMX: 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, 1 min ago	1.67 bp	30.8 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	2.8281	−5.510%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	2.9951	+0.070%	$2K	$2.6M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	2.9943	+0.043%	$98K	$214K	75x	as long as short
QFEX NATGAS-USD	+0.0030%	1h	2.9920	−0.033%	$657K	$86K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	2.9946	+0.053%	$619K	$416K	10x	as long as short
Hotstuff NATGAS-PERP	+0.0040%	1h	2.9924	−0.020%	$35K	—	20x	as long as short
Vest NG-PERP	+0.0046%	1h	2.9930	0.000%	—	$378	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	2.9925	−0.017%	$5.9M	$6.0M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	2.9920	−0.033%	$84K	$43K	10x	as long as short
Paradex NG-USD-PERP	+0.0079%	8h	2.9930	0.000%	$5K	—	5x	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	2.9927	−0.011%	$68K	$33K	10x	as long as short
KuCoin NATGASUSDTM	+0.0100%	4h	2.9930	0.000%	$1.0M	$1.2M	20x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	2.9900	−0.100%	$36K	$217K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	2.9900	−0.100%	$3K	$544	10x	as long as short
Phemex NGUSDTlong	+0.0100%	4h	2.9930	long leg	$1.5M	$98K	10x
GRVT NATGAS_USDT_Perp	+0.0106%	4h	2.9930	0.000%	$13K	$238K	25x	as long as short
Extended XNG-USD	+0.0152%	1h	2.9922	−0.028%	$110K	$471K	5x	as long as short
Gate NG_USDT	+0.0196%	8h	2.9960	+0.100%	$1.5M	$284K	100x	as long as short
OKX NG-USDT-SWAP	+0.0207%	8h	2.9930	0.000%	$856K	$1.7M	50x	as long as short
BloFin NG-USDT	+0.0211%	8h	2.9930	0.000%	$80K	$189K	20x	as long as short
Aster NATGASUSDT	+0.0239%	4h	2.9944	+0.048%	$265K	$105K	50x	as long as short
Variational Omni NATGAS	+0.0298%	4h	2.9931	+0.004%	$311K	$443K	—	as long as short
Binance NATGASUSDT	+0.0353%	4h	2.9930	0.000%	$10.1M	$30.3M	100x	as long as short
edgeX NATGASUSDC	+0.0396%	4h	2.9931	+0.004%	$85K	$213K	20x	as long as short
GMX NATGAS/USD [ETH-USDC]short	L +0.0406% / S −0.0333%	1h	2.9935	+0.017%	$93K	—	45x
Bitget NATGASUSDT	+0.0466%	4h	2.9900	−0.100%	$10.0M	$3.9M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.1218%	1h	2.9945	+0.050%	$52K	$39K	20x	as long as short