Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0597%/8h= +65.4% APRpaid last 24h +0.109%

Price spread now: Binance against QFEX−0.033%7-day average +0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on QFEX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.138%+$14 on $10k

Price spread, last 4 days (all we have)+0.857%+$86 · spread now −0.033%, 7d avg +0.042%

Together, before fees+0.995%+$99 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.075% cheaper against QFEX than usual: you would sell low and buy high (spread −0.033% now, against its 7-day average of +0.042%). If the spread goes back, that is −$7 on $10k: about 10 hours of funding at the current rate (+$18 a day). At the pace of the last 4 days (+0.138% in total) that is about 46 hours.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.138% in total (about 14.2% 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	QFEX NATGAS-USD	3.0000	0.0019	pay 0.0002% / 1h	5m 02s	$658K	$85K	20x
Short	Binance NATGASUSDT	2.9990	0.0617	get 0.0308% / 4h	1h 05m	$10.2M	$28.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against QFEX. 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 QFEXbpFee BinancebpOrdersPrice spread, now −0.033%Rate

Funding earned: $125.47
Price spread: −0.033% → +0.042%: −$7.5
Slippage, 4 orders: −$9.88
Fee QFEX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $88.09
Costs to cover: 0.299%
Break-even: 2.1 days

Slippage from QFEX: live order book, 44 min ago; Binance: live order book, 6 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 QFEX live order book, 44 min ago	1.67 bp	9.9 bp −$10	10.0 bp −$100	14.8 bp −$1,481	doesn't fit
Sell Binance live order book, 6 min ago	1.67 bp	6.7 bp −$7	10.8 bp −$108	38.0 bp −$3,800	131.1 bp −$65.6K

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	2.8429	−5.237%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0022	+0.073%	$2K	$2.4M	20x	as long as short
QFEX NATGAS-USDlong	+0.0019%	1h	3.0000	long leg	$658K	$85K	20x
Hotstuff NATGAS-PERP	+0.0024%	1h	3.0002	+0.007%	$35K	—	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0002	+0.007%	$618K	$494K	10x	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	+0.0061%	8h	3.0011	+0.037%	$5K	—	5x	as long as short
tradeXYZ xyz:NATGAS	+0.0091%	1h	2.9995	−0.017%	$6.0M	$5.9M	10x	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9989	−0.037%	$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 NGUSDT	+0.0100%	4h	3.0010	+0.033%	$1.5M	$95K	10x	as long as short
Extended XNG-USD	+0.0136%	1h	2.9985	−0.050%	$110K	$445K	5x	as long as short
HTX NATGAS-USDT	+0.0242%	4h	3.0018	+0.060%	$105K	$216K	75x	as long as short
GRVT NATGAS_USDT_Perp	+0.0384%	4h	3.0000	0.000%	$25K	$227K	25x	as long as short
KuCoin NATGASUSDTM	+0.0384%	4h	2.9980	−0.067%	$1.1M	$1.1M	20x	as long as short
Aster NATGASUSDT	+0.0407%	4h	2.9995	−0.016%	$265K	$73K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0441% / S −0.0380%	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	+0.0465%	8h	3.0000	0.000%	$81K	$188K	20x	as long as short
OKX NG-USDT-SWAP	+0.0473%	8h	2.9990	−0.033%	$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	+0.0612%	4h	2.9998	−0.006%	$85K	$212K	20x	as long as short
Binance NATGASUSDTshort	+0.0617%	4h	2.9990	−0.033%	$10.2M	$28.9M	100x
Bitget NATGASUSDT	+0.0988%	4h	2.9960	−0.133%	$9.9M	$3.4M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.1110%	1h	3.0015	+0.051%	$53K	$34K	20x	as long as short