Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0091%/8h= +10.0% APRpaid last 24h +0.024%

Price spread now: Orderly against QFEX−0.100%46s7-day average — · you buy dearer than you sell

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

Long on QFEX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding pays, the price is against you. Orderly is 0.100% cheaper against QFEX than usual: you would sell low and buy high (spread −0.100% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 3.6 days of funding at the current rate (+$3 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX NATGAS-USD	3.0030	0.0009	pay 0.0001% / 1h	46m 33s	$669K	$91K	20x
Short	Orderly PERP_NATGAS_USDC_mythos	3.0000	0.0100	get 0.0100% / 8h	3h 46m	$3K	$544	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.100%Rate

Funding earned: $19.17
Price spread: −0.100% → 0.000%: −$9.99
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$6.82
Costs to cover: 0.160%
Break-even: 9.5 days

Slippage unknown: QFEX: live order book, 48 min ago; Orderly: 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 QFEX live order book, 48 min ago	3.33 bp	8.3 bp −$8	8.3 bp −$83	12.1 bp −$1,210	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	2.8414	−5.381%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0062	+0.107%	$2K	$2.4M	20x	as long as short
QFEX NATGAS-USDlong	+0.0009%	1h	3.0030	long leg	$669K	$91K	20x
Lighter NATGAS	+0.0032%	1h	3.0005	−0.083%	$626K	$501K	10x	as long as short
Extended XNG-USD	+0.0032%	1h	3.0002	−0.094%	$110K	$395K	5x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0020	−0.033%	—	$14K	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0030	0.000%	$82K	$26K	10x	as long as short
Paradex NG-USD-PERP	+0.0076%	8h	3.0050	+0.065%	$5K	—	5x	as long as short
tradeXYZ xyz:NATGAS	+0.0089%	1h	3.0011	−0.063%	$6.0M	$5.7M	10x	as long as short
Pacifica NATGAS	+0.0100%	1h	2.9990	−0.133%	$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	−0.100%	$37K	$217K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythosshort	+0.0100%	8h	3.0000	−0.100%	$3K	$544	10x
Phemex NGUSDT	+0.0100%	4h	3.0030	0.000%	$1.5M	$93K	10x	as long as short
Hotstuff NATGAS-PERP	+0.0144%	1h	3.0015	−0.050%	$35K	—	20x	as long as short
KuCoin NATGASUSDTM	+0.0326%	4h	3.0020	−0.033%	$1.0M	$1.0M	20x	as long as short
Aster NATGASUSDT	+0.0374%	4h	3.0030	0.000%	$264K	$74K	50x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0470% / S −0.0412%	1h	3.0025	−0.017%	$92K	—	45x	as long as short
Gate NG_USDT	+0.0523%	8h	3.0060	+0.100%	$1.5M	$192K	100x	as long as short
BloFin NG-USDT	+0.0527%	8h	3.0050	+0.067%	$81K	$192K	20x	as long as short
OKX NG-USDT-SWAP	+0.0549%	8h	3.0030	0.000%	$863K	$1.7M	50x	as long as short
Variational Omni NATGAS	+0.0561%	4h	3.0040	+0.032%	$317K	$449K	—	as long as short
HTX NATGAS-USDT	+0.0581%	4h	3.0055	+0.083%	$107K	$214K	75x	as long as short
edgeX NATGASUSDC	+0.0588%	4h	3.0049	+0.063%	$85K	$213K	20x	as long as short
Binance NATGASUSDT	+0.0598%	4h	3.0027	−0.011%	$10.2M	$28.4M	100x	as long as short
GRVT NATGAS_USDT_Perp	+0.0622%	4h	3.0040	+0.033%	$25K	$218K	25x	as long as short
Kraken Futures PF_NATGASUSD	+0.0856%	1h	3.0035	+0.017%	$54K	$33K	20x	as long as short
Bitget NATGASUSDT	+0.0984%	4h	2.9990	−0.133%	$9.9M	$3.2M	100x	as long as short