Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0893%/8h= +97.8% APRpaid last 24h +0.176%

Price spread now: Kraken Futures against Phemex+0.057%58s7-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 Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.501%+$50 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$27 a day on $10k at the current rate, and Kraken Futures is 0.057% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.501% in total (about 26.1% a year). A funding rate is set anew for every payment. 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	3.0050	0.0100	pay 0.0050% / 4h	35m 24s	$1.5M	$94K	10x
Short	Kraken Futures PF_NATGASUSD	3.0067	0.0993	get 0.0124% / 1h	35m 24s	$54K	$34K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.057%Rate

Funding earned: $187.53
Price spread: +0.057% → 0.000%: $5.73
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $171.25
Costs to cover: 0.220%
Break-even: 0.6 days

Slippage unknown: Phemex: live order book, 3 min ago; Kraken Futures: 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, 3 min ago	3.33 bp	34.0 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: 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	2.8470	−5.258%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0072	+0.073%	$2K	$2.4M	20x	as long as short
QFEX NATGAS-USD	+0.0022%	1h	3.0040	−0.033%	$659K	$85K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0048	−0.007%	$619K	$494K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0037	−0.044%	$110K	$433K	5x	as long as short
Hotstuff NATGAS-PERP	+0.0040%	1h	3.0053	+0.010%	$35K	—	20x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0050	0.000%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0040	−0.033%	$83K	$26K	10x	as long as short
Paradex NG-USD-PERP	+0.0056%	8h	3.0061	+0.036%	$5K	—	5x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0045	−0.017%	$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	−0.166%	$37K	$216K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	3.0000	−0.166%	$3K	$544	10x	as long as short
Phemex NGUSDTlong	+0.0100%	4h	3.0050	long leg	$1.5M	$94K	10x
tradeXYZ xyz:NATGAS	+0.0112%	1h	3.0050	0.000%	$6.0M	$5.9M	10x	as long as short
HTX NATGAS-USDT	+0.0215%	4h	3.0074	+0.080%	$105K	$212K	75x	as long as short
GRVT NATGAS_USDT_Perp	+0.0348%	4h	3.0041	−0.029%	$25K	$227K	25x	as long as short
KuCoin NATGASUSDTM	+0.0370%	4h	3.0040	−0.033%	$1.1M	$1.0M	20x	as long as short
Aster NATGASUSDT	+0.0407%	4h	3.0046	−0.015%	$266K	$73K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0453% / S −0.0392%	1h	3.0055	+0.017%	$92K	—	45x	as long as short
Gate NG_USDT	+0.0455%	8h	3.0080	+0.100%	$1.5M	$192K	100x	as long as short
BloFin NG-USDT	+0.0466%	8h	3.0050	0.000%	$80K	$189K	20x	as long as short
OKX NG-USDT-SWAP	+0.0487%	8h	3.0050	0.000%	$855K	$1.7M	50x	as long as short
Variational Omni NATGAS	+0.0601%	4h	3.0050	−0.001%	$312K	$444K	—	as long as short
edgeX NATGASUSDC	+0.0623%	4h	3.0051	+0.002%	$85K	$212K	20x	as long as short
Binance NATGASUSDT	+0.0623%	4h	3.0050	0.000%	$10.2M	$28.6M	100x	as long as short
Kraken Futures PF_NATGASUSDshort	+0.0993%	1h	3.0067	+0.057%	$54K	$34K	20x
Bitget NATGASUSDT	+0.1002%	4h	3.0020	−0.100%	$9.9M	$3.3M	100x	as long as short