Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0342%/8h= +37.4% APRpaid last 24h +0.025%

Price spread now: HTX against QFEX+0.070%7-day average +0.073% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on QFEX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.012%+$1 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now +0.070%, 7d avg +0.073%

Together, before fees+0.034%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.073%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.012% in total (about 1.3% 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	3.0050	0.0033	pay 0.0004% / 1h	45m 28s	$660K	$96K	20x
Short	HTX NATGAS-USDT	3.0071	0.0375	get 0.0188% / 4h	2h 45m	$107K	$212K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.070%Rate

Funding earned: $71.77
Price spread: +0.070% → +0.073%: −$0.31
Slippage, 4 orders: −$15.29
Fee QFEX: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: $34.17
Costs to cover: 0.373%
Break-even: 3.7 days

Slippage from QFEX: live order book, 44 min ago; HTX: live order book, 1 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	3.33 bp	8.3 bp −$8	8.3 bp −$83	12.4 bp −$1,236	doesn't fit
Sell HTX live order book, 1 min ago	4.16 bp	10.5 bp −$10	21.3 bp −$213	doesn't fit	doesn't fit

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	2.8446	−5.338%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0072	+0.073%	$2K	$2.4M	20x	as long as short
Lighter NATGAS	+0.0032%	1h	3.0052	+0.007%	$629K	$503K	10x	as long as short
QFEX NATGAS-USDlong	+0.0033%	1h	3.0050	long leg	$660K	$96K	20x
Vest NG-PERP	+0.0046%	1h	3.0060	+0.033%	—	$14K	10x	as long as short
Extended XNG-USD	+0.0048%	1h	3.0051	+0.002%	$110K	$364K	5x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0042	−0.027%	$82K	$26K	10x	as long as short
Paradex NG-USD-PERP	+0.0080%	8h	3.0076	+0.085%	$5K	—	5x	as long as short
Hotstuff NATGAS-PERP	+0.0096%	1h	3.0062	+0.040%	$35K	—	20x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0034	−0.053%	$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	$218K	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 NGUSDT	+0.0100%	4h	3.0060	+0.033%	$1.5M	$92K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0130%	1h	3.0058	+0.027%	$6.0M	$5.6M	10x	as long as short
HTX NATGAS-USDTshort	+0.0375%	4h	3.0071	+0.070%	$107K	$212K	75x
KuCoin NATGASUSDTM	+0.0380%	4h	3.0050	0.000%	$1.0M	$974K	20x	as long as short
GRVT NATGAS_USDT_Perp	+0.0390%	4h	3.0045	−0.016%	$13K	$224K	25x	as long as short
Aster NATGASUSDT	+0.0429%	4h	3.0053	+0.011%	$264K	$74K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0503% / S −0.0448%	1h	3.0055	+0.017%	$92K	—	45x	as long as short
Gate NG_USDT	+0.0578%	8h	3.0100	+0.166%	$1.5M	$193K	100x	as long as short
Variational Omni NATGAS	+0.0637%	4h	3.0050	−0.001%	$317K	$449K	—	as long as short
BloFin NG-USDT	+0.0643%	8h	3.0050	0.000%	$82K	$195K	20x	as long as short
OKX NG-USDT-SWAP	+0.0643%	8h	3.0060	+0.033%	$869K	$1.7M	50x	as long as short
Binance NATGASUSDT	+0.0662%	4h	3.0060	+0.033%	$10.3M	$28.2M	100x	as long as short
edgeX NATGASUSDC	+0.0682%	4h	3.0050	−0.001%	$85K	$213K	20x	as long as short
Bitget NATGASUSDT	+0.1030%	4h	3.0030	−0.067%	$9.9M	$3.2M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.1182%	1h	3.0059	+0.030%	$56K	$35K	20x	as long as short