Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0050%/8h= −5.4% APRpaid last 24h −0.009%

Price spread now: Ondo Perps against Phemex+0.027%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 Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

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

Together, before fees—+ Points / potential airdropOndo Perps: Active · farm boardneeds both histories

The price spread pays, funding is against you. Ondo Perps is 0.027% dearer against Phemex than usual: you sell high and buy low (spread +0.027% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 43 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NGUSDT	2.9950	0.0100	pay 0.0050% / 4h	38m 44s	$1.5M	$97K	10x
Short	Ondo Perps NATGAS-USD.P	2.9958	0.0050	get 0.0006% / 1h	38m 44s	$84K	$43K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$10.42
Price spread: +0.027% → 0.000%: $2.67
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$24.74
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 4 min ago; Ondo Perps: 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, 4 min ago	1.67 bp	30.8 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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 26 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
Hotstuff NATGAS-PERP	−0.0056%	1h	2.9930	−0.067%	$35K	—	20x	as long as short
SunX NATGAS-USDT	0.0000%	4h	2.9961	+0.037%	$2K	$2.6M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	2.9960	+0.033%	$98K	$214K	75x	as long as short
QFEX NATGAS-USD	+0.0030%	1h	2.9930	−0.067%	$657K	$86K	20x	as long as short
Lighter NATGAS	+0.0032%	1h	2.9947	−0.010%	$619K	$416K	10x	as long as short
Vest NG-PERP	+0.0046%	1h	2.9940	−0.033%	—	$378	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	2.9931	−0.063%	$5.9M	$6.0M	10x	as long as short
Ondo Perps NATGAS-USD.Pshort	+0.0050%	1h	2.9958	+0.027%	$84K	$43K	10x
Paradex NG-USD-PERP	+0.0077%	8h	2.9940	−0.032%	$5K	—	5x	as long as short
GRVT NATGAS_USDT_Perp	+0.0082%	4h	2.9933	−0.057%	$13K	$238K	25x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica NATGAS	+0.0100%	1h	2.9932	−0.060%	$68K	$33K	10x	as long as short
KuCoin NATGASUSDTM	+0.0100%	4h	2.9930	−0.067%	$1.0M	$1.2M	20x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	2.9900	−0.167%	$36K	$216K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythos	+0.0100%	8h	2.9900	−0.167%	$3K	$544	10x	as long as short
Phemex NGUSDTlong	+0.0100%	4h	2.9950	long leg	$1.5M	$97K	10x
Extended XNG-USD	+0.0136%	1h	2.9922	−0.092%	$110K	$471K	5x	as long as short
Gate NG_USDT	+0.0194%	8h	2.9960	+0.033%	$1.5M	$285K	100x	as long as short
OKX NG-USDT-SWAP	+0.0200%	8h	2.9930	−0.067%	$857K	$1.7M	50x	as long as short
Aster NATGASUSDT	+0.0222%	4h	2.9944	−0.021%	$265K	$105K	50x	as long as short
BloFin NG-USDT	+0.0229%	8h	2.9930	−0.067%	$80K	$189K	20x	as long as short
Variational Omni NATGAS	+0.0265%	4h	2.9931	−0.063%	$311K	$443K	—	as long as short
Binance NATGASUSDT	+0.0329%	4h	2.9940	−0.033%	$10.1M	$30.2M	100x	as long as short
edgeX NATGASUSDC	+0.0373%	4h	2.9931	−0.063%	$85K	$211K	20x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0406% / S −0.0333%	1h	2.9945	−0.017%	$93K	—	45x	as long as short
Bitget NATGASUSDT	+0.0426%	4h	2.9910	−0.134%	$10.0M	$3.9M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.1217%	1h	2.9954	+0.015%	$52K	$39K	20x	as long as short